Equifax Cybersecurity Incident Involving Consumer Information

Equifax recently announced a data breach that could potentially impact 143 million U.S. consumers. Read below from Equifax to learn more, and to see if your personal information may have been impacted and how to sign up for credit monitoring, click here: Equifax Data Breach Potential Impact September 7, 2017 — Equifax Inc. (NYSE: EFX) today

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Somerset Is Growing!

Somerset CPAs and Advisors is expanding its efforts to two new locations. We will now have satellite offices in Chicago, Illinois and Nashville, Tennessee. Decades of expanding our client base and services, along with continued growth, have made us what we are today—one of the most trusted and respected accounting firms in the region. The

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Homeschool Tax Deduction

Read the below article from the Indiana Department of Revenue about tax help for homeschoolers: August is back to school time for Hoosier students across the state. Although homeschoolers in Indiana are not required to follow a traditional school calendar, now is a good time to remind homeschool families about the state’s homeschool tax deduction.

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Indiana’s Next Level Jobs Grant Program

Indiana’s unemployment rate is at 3%, its lowest in 20 years! Governor Eric Holcomb isn’t stopping there though. He announced on Monday Indiana’s Next Level Jobs program, which is setting aside $20 million to put Hoosiers to work in high-demand, high-wage jobs. Read the below press release from the Office of the Governor to learn more

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Number Of Americans Caught Underpaying Some Taxes Surges 40%

For reasons that aren’t clear, a growing number of people who pay taxes quarterly—such as gig workers, retirees and business owners—are getting their payments wrong and incurring penalties as a result. Read the full story here from Fox Business.

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Construction & Engineering Budget Projections

The Indiana Department of Transportation (INDOT) recently shared their construction and engineering budget projections through Fiscal Year 2021, with the new funding from the House Enrolled Act 1002. Projects may shift from year to year for various reasons, meaning these numbers will change. INDOT is constantly re-forecasting, so please use these numbers as a general guide.

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Seasonal Business? Optimize Your Operating Cycle

Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. So, if your company defines itself as such, it’s important to optimize your operating cycle to anticipate and minimize shortfalls. A High-Growth Example To illustrate: Consider a manufacturer and distributor of lawn-and-garden

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State and Local Tax Update – June

Indiana Enacts Economic Sales Tax Nexus Provisions In an effort to curb a seriously eroding tax base and address the state’s inability to effectively collect sales tax from remote sellers, Indiana Gov. Eric Holcomb signed House Bill 1129, requiring remote sellers with no physical presence in Indiana to collect, remit and comply with all applicable

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IRS Provides Relief for Missed Portability Elections for Certain Estates

The IRS issued Rev. Proc. 2017-34 effective on June 9, 2017 to provide a simplified method to certain estates to make the portability election. This simplified method is available to estates who would otherwise not be required to file a Form 706. Based on the Rev. Proc. 2017-34, estates for decedents passing after December 31,

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Manufacturing & Distribution Newsletter – Spring 2017

Automation In Manufacturing & Distribution: Are Job Cuts The Future? By Rick Schreiber We’re at the onset of the next big industrial revolution—and the widespread adoption of new technologies, including Internet-connected devices, machine learning and robotics in the manufacturing industry. Strides in automation have significantly boosted U.S. manufacturers’ output in recent years, and the industry

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