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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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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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