Bipartisan Budget Act of 2018

On February 9th, Congress passed and President Trump signed into law the Bipartisan Budget Act of 2018. There are several tax extenders and other tax-related changes in the Act. Below is a brief summary of what Somerset believes are the most relevant changes and/or extenders applicable to our clients. Non-Extender Changes More favorable rules available

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Tax Reform: Senate Bill Passes

  The Senate has passed its version of the tax bill. The House and Senate Bills will now be going to joint committee. Below is a list of changes that were made in the Senate Bill compared to the initial Senate Markup.  Please refer to the  Initial Senate Markup that was sent out on November

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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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