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Ashley Davidson of RTC Accounting will explain the 2024 tax changes to Tyrone Area Chamber of Commerce members at their monthly meeting at the Bull Pen Restaurant. Mr. Davidson also shared useful business owner information regarding reporting under the Corporate Transparency Act.Mirror photo: Matt Turella
TYRONE — Artificial intelligence and the Corporate Transparency Act were topics of discussion at the Tyrone District Chamber of Commerce’s monthly meeting on Thursday.
Ashley Davidson, senior accountant at RTC Accounting, spoke at the Bull Pen Restaurant breakfast and said there are many things that impact day-to-day business in an ever-changing world.
He said the Corporate Transparency Act requires small businesses to report ownership information to the federal government or risk hefty fines, and the purpose is to track tax evasion issues. He added that the aim is to reduce money laundering by people who own multiple businesses.
“You shouldn’t say that to your mom friends who say they only have one company and it’s their life. Those multi-company owners are their target,” Davidson said. . “Unfortunately, they decided to get everyone.”
He said it would be a one-time application on the government’s website based on individuals who own businesses or control key business decisions. Future applications will be based solely on changes, such as if your address has changed or your driver’s license has expired.
“We have to legally go in there and change it,” she said. “It’s not hard. They just enforce it (with fines).”
Blair County Commissioner Amy Webster, who attended the breakfast, said she sees the action differently because she is an attorney.
“This seems to me like another way for the government to track what we have and what we’re doing,” Webster said. “They say the purpose is to avoid money laundering, but I don’t believe that at all.”
Davidson said the application is easy and takes only a few minutes to complete.
There are “amazing” benefits to using AI tools like ChatGPT and Claude, Davidson says.
“It’s definitely something to embrace and find a way to use it to your advantage,” she said.
Davidson uses AI to create emails, but the tool can also be used to give managers ideas on how to approach employees who are underperforming. said.
“You can ask almost anything, and based on what you ask, you’ll get more specific questions,” she said, adding that the AI learns information from the user. “The more you use it, the better it will answer your questions,” she said.
Patricia Helbig, a teacher at South Hills School of Business and Technology in State College, said AI can also be a nightmare for teachers because students can use tools to complete assignments.
Teachers can tell from the way students write that the information wasn’t written by them, but using AI could potentially lead to plagiarism.
Davidson said AI algorithms will become more prevalent over time and change the way people use computer software in their daily lives.
“I think three years from now, the changes we’re seeing in everyday software will be amazing. It’s going to be different,” she said.
Mirror Staff writer Matt Churella can be reached at 814-946-7520.
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