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Tax Refund Delay

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Tax refunds may come later than usual this year thanks to Uncle Sam. Total tax refund volume is down 33% through late January compared to the year ago period as cited by the IRS. The delay is a new tax law, The PATH Act, aimed at combating fraud, especially for those who claim the Earned

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Update On The Safe Harbor Overhead Cost Rate

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The Federal Highway Administration has extended the use and application of the Safe Harbor Overhead Cost Rate through July 31, 2017, for those consultants that meet the eligibility requirements. The extension is being issued to allow additional time for evaluation and possible permanent implementation. The Safe Harbor Overhead Rate will remain at 110%. Michigan is

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Out-Of-State Income Tax Returns

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Do you live in one state and have investments in another state? If so, you may find your income tax filings a bit more complicated. Full-year residents of a state must report all income that is reported for federal income tax purposes on their resident income tax return. If your out of state income source

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How Can You Prevent Identity Theft During Tax Season?

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It’s the time of year when we scramble to gather our W-2s to file taxes before the April 18 individual income tax deadline. As you gather important paperwork, remember it is vitally important to keep this information safe from identity thieves. How can you prevent an identity thief from stealing your refund? We are so

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IRS Won’t Reject Returns That Are Silent Regarding Affordable Care Act Individual Mandate

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New policy on “silent returns.” In light of the recent executive order directing federal agencies to exercise authority and discretion available to them to reduce potential burden, IRS has decided to make changes that would continue to allow electronic and paper returns to be accepted for processing in instances where a taxpayer doesn’t indicate their

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Trump Vows ‘Phenomenal’ Tax Announcement, Offers No Details

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Somerset CPAs and Advisors felt it would be a good idea to forward the below announcement that just came out from Reuters. Somerset will be following this very closely and will keep you informed and up to date on this potential legislation over the next few months. WASHINGTON (Reuters) – U.S. President Donald Trump plans

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Indiana New Home Building Sees Spike in 2016

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It’s no surprise new housing is booming in Indiana. Just look around, and you’ll see homes being built at a record pace. Dan McGowan, Senior Write/Reporter of Inside INdiana Business, and Rick Wajda, CEO of the Indiana Builders Association, gives us an inside look at what’s to come in 2017. Click here to read more!

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What Color Fuel Are You Putting Into Your Engine?

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You might not notice what color fuel you are putting into your engine, but both the IRS and EPA are paying close attention. On Road Off Road Undyed Fuel – Clear Dyed Fuel – Red Subject to Excise Tax Exempt from Excise Tax Somerset’s Tax Team can assist you with excise tax refund applications to apply

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State and Local Tax Update – January

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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

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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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