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Category Archives: Blog

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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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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