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Retirement and Healthcare Plan Limit Update for 2018

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Below is a summary of the 2018 compared to 2017 limits regarding a variety of retirement and healthcare limitations imposed by the IRS. There are no significant changes in the dollar amounts for 2018 but some have changed. Every dollar contributed to one of the plans below is a pre-tax approach to enhance a taxpayers’

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Online Marketplace Seller Voluntary Disclosure Initiative Has Been Extended Through November 1

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Do you participate in the Fulfillment by Amazon (FBA) process?  If so, you may have uncollected / unpaid sales tax liabilities. If you  have inventory sitting in an Amazon warehouse waiting to be shipped, then you have sales tax nexus in that warehouse jurisdiction.  Many amateur on line sellers do not know the hidden sales

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Save Time With Microsoft Office Quick Parts

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Accountants and consultants spend a great deal of time drafting documents and correspondence. Microsoft Office has built-in features to speed up the drafting process. Microsoft Office has a feature called Quick Parts, which builds upon the AutoText feature from earlier Office versions. Quick Parts enables you to save selected text or graphics for quick insertion

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President Trump Signs 2017 Disaster Relief Bill

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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

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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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The DOT Overhead Rate Review Process

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Somerset and Dan Purvine: Designing Business Excellence Together! We work together to enhance our Architecture & Engineering services and provide the resources to meet all of your needs, no matter where you are located. Check out Dan’s latest blog on The DOT Overhead Rate Review Process.      

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Indiana County Income Tax Rate Changes Effective October 1, 2017

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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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How To Change Formatting In Microsoft Word

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Microsoft Word  Tip – Learn how to find certain type of formatting and replace it with another format in a Microsoft Word document. For example, you can find all the bold words and make them italic in one shot. Microsoft (MS) Word packs a large number of amazing features. The other day I was working on

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Online Sales Tax

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Charges of “online sales tax” have always been a challenge by state tax departments. A US Supreme court case has upheld that states cannot enforce a seller to charge and collect sales tax if the seller does not have a physical presence in the buyer’s state. This week, the State of Indiana filed a lawsuit in the

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Equifax Cybersecurity Incident Involving Consumer Information

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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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