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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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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