blog

blog

Fireworks Public Safety Fee in Indiana

Print Friendly

Are you ready to light up the sky this Fourth of July? For many Americans, Independence Day is celebrated with family, friends, backyard cookouts and most of all … fireworks! Items detonated or burned to produce a visible or audible effect are considered fireworks. These items may include: Firecrackers Roman candles Missile-type rockets Wire sparklers

Read more »

Seasonal Business? Optimize Your Operating Cycle

Print Friendly

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

Read more »

IRS Provides Relief for Missed Portability Elections for Certain Estates

Print Friendly

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,

Read more »

Illinois Department Of Transportation Changes Are Coming

Print Friendly

At the most recent Illinois ACEC Membership Meeting on May 8, 2017, Priscilla Tobias, the Director of the IDOT Office of Program Development provided an update on the Consultant Compensation Working Group of ACEC/IDOT. The working group has been able to get the following approved by the Secretary of Transportation: Salary caps have gone from

Read more »

What Are Estimated Taxes?

Print Friendly

The Indiana income tax system is a “pay-as-you-go” system. Taxes are automatically taken out of our paychecks. However, if you have income from non-wage sources, such as from dividends, interest, farm income, contract work , or rental income, no taxes are withheld. The “pay-as-you-go” requirement still applies. If you have income not subject to withholding

Read more »

Distinguishing Between Tips and Service Charges

Print Friendly

The IRS has issued a fact sheet to remind employers that so-called “automatic gratuities” and any amounts imposed on the customer by the employer are service charges, not tips. Some examples of service charges include automatic gratuities for large dining parties, bottle service charges at nightclubs and restaurants, and banquet event fees. The amount of

Read more »

House Passes AHCA Bill in First Step to Repeal and Replace the ACA

Print Friendly

On May 4, 2017, the U.S. House of Representatives passed the “American Health Care Act of 2017” or “AHCA,” which will now be sent onto the Senate. Employers should not take any actions based on the current language and instead continue to monitor the inevitable ongoing iterations of the bill. The major provisions in the

Read more »

Annual Ohio Commercial Activity Tax Due May 10th

Print Friendly

An often overlooked filing obligation by out-of-state companies who are unaware of Ohio’s tax structure and how it may apply to their business, is the Ohio Commercial Activity Tax (CAT). This is a tax imposed on business entities for the privilege of doing business in Ohio. If you have more than $500,000 in Ohio taxable

Read more »

President Trump Tax Reform Proposal

Print Friendly

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

Read more »

Pay Your Bill On Somerset’s Website

Print Friendly

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.  

Read more »