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What Are Estimated Taxes?

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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

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Distinguishing Between Tips and Service Charges

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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

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

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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

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Annual Ohio Commercial Activity Tax Due May 10th

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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

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President Trump Tax Reform Proposal

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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

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Pay Your Bill On Somerset’s Website

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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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UnitedHealth Group Buys American Health Network

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One of Indiana’s largest independent physician groups, American Health Network is cashing in on the consolidating health care market, selling to insurer UnitedHealth Group. This acquisition will make UnitedHealth Group a player with Anthem Inc. in the Indiana market. Pretty big news that will create some healthy competition. To find out more, check out this

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10 Ways the Best Companies Get More Initiatives Done Successfully

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by guest blogger, Patrick Thean of Rhythm Systems Harvard Business Review found that a shocking 70% of new initiatives fail. From 10 years working with clients at Rhythm Systems, we’ve found that most strategic and change initiatives fail due to poor execution. Today, we’ve helped hundreds of mid-market companies successfully get more initiatives done, such

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Does Your Company Have Unclaimed Property?

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As a company, are you holding money that may not have been claimed? If so, you may be legally liable to file with the IndianaUnclaimed.gov website. Unclaimed property is any financial asset with no activity by its owner for an extended period of time. This includes unclaimed wages or commissions, savings and checking accounts, stock

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Should You E-File Your Tax Returns?

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With just two weeks remaining until tax returns are due, let’s see how the numbers add up with respect to tax filings within Indiana: More than 3.2 million Indiana individual tax returns are filed each year. Eighty-five percent of these returns are filed electronically. So, why are taxpayers choosing to file electronically? E-filed returns are processed

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