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Where’s My Refund?

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This year, approximately two-thirds of Indiana taxpayers are eligible to receive state tax refunds. Filing taxes electronically and choosing to have your refund deposited directly into a checking or savings account is the fastest and safest method to receive your money. The Indiana Department of Revenue takes an average of 14 days to process an

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Employee Stock Ownership Plans

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Several court cases involving Employee Stock Ownership Plans (ESOPs) are moving forward to trial. Brundle v Wilmington Trust; Chesemore v. Fenkel v. Alliance Holdings; Perez v. Cactus Feeders, Inc.; and Perez vs. First Banker’s Trust; just to name a few. In most of these cases, the Department of Labor has alleged the price paid for

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How Could A Border Tax Affect Your Business?

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Somerset is paying close attention to Washington and President Trump’s allusions to a border tax to see how it affects our clients and prospects alike. Here is an interesting article from the Indianapolis Business Journal about how Subaru is anxiously awaiting more information before making a very key decision as well. Please keep Somerset in

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Employer Provisions Contained In The Obamacare Replacement Bills Introduced In Congress

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Below are some updates on the employer provisions contained in the Obamacare replacement bills introduced in Congress. Please contact your Somerset advisor at info@somersetcpas.com if you have any questions. Repeals the ACA’s taxes with an effective date of 2018 and beyond. Repeal of the “employer mandate” penalty tax retroactive to 2016. Imposes a reporting requirement on employers.

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Questions To Ask Your Tax Preparer

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Many taxpayers get help when preparing and filing their taxes. Regardless of who prepares your taxes, you are ultimately responsible for: the information provided on your tax return, filing your tax return (or extension) on time, and paying any taxes, interest, or penalties due. Here are five questions to ask a tax preparer before you

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Tax Return Tips

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Millions of Hoosiers complete tax returns every year. Whether you have years of tax filing experience or you’re a first-time filer, these tips will help you have a simple and stress-free tax season. Determine whether you need to file. If you live in Indiana, work in Indiana, or have income from Indiana sources, you likely

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MDOT Financial Prequalification Documents and Requirements Update

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On March 6, 2017, the Michigan Department of Transportation issued Consultant Advisory 2017-3 related to updates to its Financial Prequalification Documents and Requirements that are effective immediately. Please follow this link for specific updates or contact info@somersetcpas.com with any questions.

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Is Your Company Susceptible To Fraud?

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Fraud. No business owner wants to think that it could happen to them. After all, you trust your employees. You have internal controls in place. That’s enough to prevent it from happening to you, right? Many others thought the same thing, yet according to the 2016 ACFE Report to the Nations, the typical organization loses

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Qualified Small Employer Health Reimbursement Arrangements Notice Delayed By Notice 2017-20

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Under the Cures Act, Qualified Small Employer Health Reimbursement Arrangements (QSEHRA) in place on January 1, 2017 were required to provide a notice no later than March 13, 2017 (i.e., 90 days after enactment of the Cures Act). However, the IRS has not yet published regulations or other guidance governing the operation of these arrangements.

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Affordable Care Act Update: Extension Of Transitional Policy Through Calendar Year 2018

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Centers for Medicare & Medicaid Services have announced a one-year extension to the transition policy (originally announced November 14, 2013 and extended several times since) for individual and small group health plans that allows issuers to continue policies that do not meet ACA standards. These transitional rules originally came about due to backlash relating to

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