President Trump Signs 2017 Disaster Relief Bill

Disaster Loss Deductions The Act provides relief in a number of ways to taxpayers that suffer a disaster loss in the following areas: In the Hurricane Harvey disaster on or after Aug. 23, 2017, and which are attributable to Hurricane Harvey; In the Hurricane Irma disaster area on or after Sept. 4, 2017, and which

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Unified Tax Reform Framework

On Wednesday, September 27th, 2017, President Trump announced some of the details of his tax plan. Below is a brief summary of the major tax proposals from his proposed Tax Reform package. Please don’t hesitate to contact your Somerset advisor regarding the potential legislation including how this potential legislation may impact your 2017 year-end tax

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Indiana County Income Tax Rate Changes Effective October 1, 2017

The Indiana Department of Revenue released a notice of Indiana county tax rate changes, effective October 1, 2017. Counties with increases are the following: Allen (county tax rate now 0.0148) Clinton (county tax rate now 0.0225) Fountain (county tax rate now 0.0210) LaGrange (county tax rate now 0.0165) Marion (county tax rate now 0.0202) Sullivan (county

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Tax Reform Update

President Trump and congressional Republicans are now tackling tax reform. Tax staffers are meeting in the House of Representatives and the Senate through the August break to work on legislation that is expected to be unveiled next month. Here are some of the key issues that Congressional staffers and the White House are working on:

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Lower Income Tax Rates Legislation for Flow-Through Entities is Going to Be a Hard Sell

A plan by President Trump and congressional Republicans to slash taxes on pass-through businesses (Sole Proprietors, Partnerships and S-Corporations) is testing lawmakers’ ability to design rules to prevent wealthy people from paying a lower rate meant to help small businesses grow. Businesses ranging in size from the Mom-and-Pop shops to large businesses are called “pass-throughs”

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President Trump Tax Reform Proposal

Below is a brief summary of President Trump’s Tax Proposal announced on April 26, 2017. The proposal was vague on details. As with any major tax legislation proposal, this process will take months to work through the House and the Senate. Some of the below provisions will be enacted in 2017. However, there is a

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IRS Won’t Reject Returns That Are Silent Regarding Affordable Care Act Individual Mandate

New policy on “silent returns.” In light of the recent executive order directing federal agencies to exercise authority and discretion available to them to reduce potential burden, IRS has decided to make changes that would continue to allow electronic and paper returns to be accepted for processing in instances where a taxpayer doesn’t indicate their

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Trump Vows ‘Phenomenal’ Tax Announcement, Offers No Details

Somerset CPAs and Advisors felt it would be a good idea to forward the below announcement that just came out from Reuters. Somerset will be following this very closely and will keep you informed and up to date on this potential legislation over the next few months. WASHINGTON (Reuters) – U.S. President Donald Trump plans

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Business and Other Standard Mileage Rates Decrease for 2017

IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will decrease by 0.5¢ to 53.5¢ per mile for business travel after 2016. This rate can also be used by employers to provide tax-free reimbursements to employees who supply their own autos for business use, under

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Ohio Supreme Court Affirms No Physical Presence Needed for Out of State or Online Retailers to be Subject to the Commercial Activity Tax

Last week, the Ohio Supreme Court issued three decisions upholding commercial activity tax (CAT) assessments on out-of-state retailers with no physical presence in Ohio.  Out-of-state and online retailers, having more than $500,000 in gross receipts in Ohio sales, are deemed to have met the bright-line presence test for nexus with Ohio. The taxpayers argued that

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