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February 2012

 

Alternative Minimum Tax: Now It’s Personal

The alternative minimum tax (AMT) could be out to get you. This stealth tax, originally aimed at only the highest echelon of taxpayers, is expected to apply to 4 million taxpayers on 2011 returns, according to the Tax Policy Center. Even worse, the number is projected to explode to more than 31 million in 2012, absent any new legislation. If you haven’t taken the AMT “personally” before, now is probably the time. Read more...


Farm Tax Strategies Seminars

At the end of 2012, significant tax benefits are set to expire. There are unprecedented income, estate and inheritance tax planning opportunities that every land owner should understand. Pat Early, Michael Fritton, Dan Dickerson and Larry Dykes are presenting this seminar on several dates at various locations. Read more...


The Work Opportunity Tax Credit: An Employer-Friendly Benefit for Hiring Veterans Most in Need of Employment

Does your company hire veterans? The Work Opportunity Tax Credit (WOTC) could save you a lot of tax dollars. In this article, we have summarized the filing requirements related to the WOTC credit. Any employer that may hire veterans in targeted groups may qualify for the credit. Read more...


How to Maximize Estate Tax Exemptions

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a special federal estate tax break for married couples. Under the recently enacted legislation, the estate-tax exemption may effectively be transferred between spouses. A new IRS notice provides some guidance on making this election. The future remains uncertain. That is good news. But here is some bad news; unless Congress acts again soon, the “portability” provision will expire after 2012. Read more...

 

Somerset Tax Services

As April 15 approaches and filing your 1040 reaches the top of your to-do list, consider hiring a Somerset tax professional this year. The tax law is complex, and our Tax Team is current on the ever-changing tax laws and IRS regulations. The right tax strategies can significantly improve your bottom line--This email address is being protected from spambots. You need JavaScript enabled to view it. to schedule an appointment to review your tax situation. We also welcome and appreciate your referrals.


Mapping Out Business Travel in 2012

The IRS pays extra-close attention to deductions claimed for business travel expenses. As a result, both employers and employees must meet strict record keeping requirements or face the consequences. Fortunately, you can obtain some relief by using IRS-approved per diem allowances in lieu of accounting for every expense. Read more...


Is It Possible to Use a Partnership/LLC to Fund a Buy-Sell Arrangement?

The answer is yes. The first step is to create a partnership/LLC or use an existing partnership/LLC to own and maintain the policies. The policies owned by the partnership/LLC will be used to fund the buy-sell agreement for the primary business which is usually structured as a corporation. The partners in the partnership/LLC are also shareholders in the corporation. Read more...


FASB Update Published

The FASB has published the FASB Update "Financial Statement User Edition." The publication is an update of accounting standard-setting activities that may be of interest to entities. The publication includes: (a) a general standards setting update; (b) recently issued or effective standards; (c) standards soon to be effective; and (d) an update on international convergence activities. It is available online...

 

Somerset News

Doug Fahrnow and Tom Thieme Elected to Somerset’s Management Committee. We are pleased to announce that Douglas C. Fahrnow, CPA and Thomas J. Thieme, CPA/ABV, CMA, principals of Somerset CPAs, were recently elected to the firm’s Management Committee. This committee does long-range planning for Somerset and determines the firm’s philosophy and direction. We also promoted several associates earlier this year. See full details...

Seeking Victory Field Suite Partner for 2012. Somerset is looking for a suite partner for the 2012 Indianapolis Indians season at Victory Field. Ours is a 15-person suite, and it's a great way to host business or family gatherings. There are 72 home games, and first one is Friday, April 13. More details... 

Wherewithal is provided by Somerset for our clients and other interested persons upon request. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review. For additional information on the issues, This email address is being protected from spambots. You need JavaScript enabled to view it. . Somerset provides total financial solutions, including accounting, assurance, information solutions, litigation, valuation & forensic, employee benefit plan consulting, tax, wealth management and management consulting services to entrepreneurs and their businesses. This document is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer.

Somerset CPAs, P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
www.somersetcpas.com
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