Pay Your Bill On Somerset’s Website

Exciting news! Somerset clients can now pay their invoices online! Simply visit our website, somersetcpas.com, and click on the PAY BILL in the top right hand corner. It is simple, safe and secure! Please reach out to us with any questions at 317-472-2200 or at info@somersetcpas.com.  

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State and Local Tax Update – January

States Continue Push towards Economic Nexus for Sales and Use Tax Looking to join Alabama, Louisiana, Oklahoma, South Dakota, and Vermont; 17 states (including Indiana) have introduced legislation in 2017 aimed at enacting economic nexus for out of state sellers. Details Economic nexus is the concept that a minimum amount of activity within or with

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Somerset CPAs 2017 Promotions

We had quite a few changes in 2017 at Somerset, so please help us in congratulating everyone below on their recent promotions! Senior Accountant: Bob Akin Shaun Heinzelman Megan Holtz Nathan Newburn Jade Reinoehl Jordan Shady Jordan Sublette Jakob Wright Supervisor: Audrie Eckhart Bobby Ridder Manager: Brian Frantz Chris Kothe Craig Todderud Jackie Verbeten Senior

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Somerset Promotes Three Professionals to Principals

Somerset is pleased to announce the recent promotions of three individuals to Principal. Please join us in congratulating Mandi, Mack and Jane! Mandi M. Clossey, CPA, of Somerset’s Health Care team has been promoted to Principal. Mandi provides consulting services for physician-owned health care practices and other health care organizations. Her areas of expertise include income

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2016 Year-End Tax Planning for Businesses

The time to consider tax-saving opportunities for your business is before its tax year-end. Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Other opportunities may apply only to a particular type of business organization. This Tax Letter

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2016 Year-End Tax Planning for Individuals

Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you would shop around for the best price for food, clothing, or merchandise, you want to consider opportunities to reduce or defer your annual tax obligation. This Tax Letter is intended to assist

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2017 Indiana Tax Rates

Effective January 1, 2017, Indiana has reduced their tax rates to the following: Individual:  3.23% Corporate:  6.5% Also note that effective January 1, 2017, the local income tax rate imposed by a county is identical for residents and nonresidents subject to a local income tax. This applies to those persons who reside out of state

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Small Employer HRA’s May Be Back In 2017

Last week, the House of Representatives voted 392-26 to pass H.R. 34, the vehicle for the 21st Century Cures Act. Republicans voted 218-20 and Democrats voted 174-6 in favor of the legislation. As a part of legislation moving through Congress, “Small” Employers who don’t offer health insurance would be allowed to bring back the Health

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Indiana Eliminates “Reverse Credit” Agreement with California

The Indiana Department of Revenue recently released Indiana Information Bulletin No. IT28 that, among other things, states that California is no longer a “reverse-credit” state effective for the 2017 tax year. In the past, Indiana has had reverse credit agreements with the following states:  Arizona, California, Oregon and Washington D.C.  Indiana residents who earn income

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State and Local Tax Update – December 2016

Major “Due Date” Changes for 2016 Tax Returns Legislation enacted in 2015 changed the tax return filing dates for corporate, partnership and certain other returns filed for tax years beginning after December 31, 2015. Federal partnership returns (Form 1065) are now due on March 15 for calendar year filers and the 15th day of the third

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