Fine-Tuning Your Internal Controls
If your company's internal controls are not up to speed, you're exposing your business to a number of risks. Without adequate internal controls, you may be making decisions based on inaccurate financial information. Moreover, weak internal controls heighten the possibility that your company could fall victim to theft and fraud. Read more...
Indiana Sales/Use Tax and Construction Contracts: Navigating the Minefield Seminar/Webinar
On Thursday, March 22, Jay Feller and Andy Toth will discuss the statute and regulations in Indiana regarding sales and use tax liability. The goal is to provide you with a game plan to follow in determining when Indiana sales/use tax should be paid by the contractor or collected as part of a contract from a customer. Details and registration...
What Work Qualifies for the Domestic Production Activities Deduction?
One attractive tax break available to many construction companies is the domestic production activities deduction (DPAD), which is basically a tax deduction for a percentage of a company's "qualified production activities income" (or taxable income, if less). The applicable deduction percentage is currently 9%. A recent Tax Court decision in favor of a construction firm clarifies some of the issues surrounding the DPAD and provides important guidance in several areas. Read more...
Reimbursing Employees' Temporary Living Expenses
You've landed a large job in a community about eight hours away from your home base. You estimate the project will take three months and will require a half dozen workers and a foreman. Since you can't expect your employees to commute back and forth each day, you've made arrangements for them to live in a motel near the site for the duration of the project. Your question: What is the best way to handle payments for the cost of lodging, food and other expenses for the crew? Read more...
Sizing Up Joint Venture Opportunities
Have you ever considered entering into a joint venture with another construction company? A joint venture may be an opportunity for your firm to leverage its unique capabilities, expertise and resources with another firm to take on one or more projects that would otherwise be difficult, if not impossible, to do alone. Read more...
Developments in Tax and Business
The health care reform law included a new requirement that the cost of employer-sponsored health insurance coverage be reported on Form W-2. The new requirement was to take effect starting in 2011, but the IRS has made it optional for all employers for the 2011 Form W-2. And for eligible small employers, the new requirement will be optional through at least 2012. Read more...
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. Read more...
Somerset Construction & A/E Team News and Events
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...
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Somerset CPAs, P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
News / Seminars
Somerset CPAs, P.C.
3925 River Crossing Pkwy.
Indianapolis, IN 46240