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Boston Bruins Win Big Against IRS

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Earlier this month, the Boston Bruins scored a victory over the Internal Revenue Service when they won the argument teams should be able to deduct 100% of the cost of certain meals provided to players and staff. Under current law, only 50% of the cost of many business meals is tax-deductible. To learn more about this

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Impressive News For Accounting Professionals In The State Of Indiana

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The Indiana Board of Accountancy approved a rule change in July 2016 that allowed competency-based ethics education to count as an option toward CPA license renewal. Last month, Indiana broadened that original rule change by becoming the first state in the nation to adopt legislation to permanently approve competency-based learning as an option for CPA

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Can You Deduct The Cost Of Your MBA?

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The Masters of Business Administration or MBA degree is the most popular graduate degree in the U.S. The growth of distance education programs and the increased accessibility of postsecondary education coupled with the appeal of the degree amongst working professionals promise to keep a steady flow of taxpayers who want to deduct the cost of

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IRS Provides Relief for Missed Portability Elections for Certain Estates

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The IRS issued Rev. Proc. 2017-34 effective on June 9, 2017 to provide a simplified method to certain estates to make the portability election. This simplified method is available to estates who would otherwise not be required to file a Form 706. Based on the Rev. Proc. 2017-34, estates for decedents passing after December 31,

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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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Questions Brewery Owners Should Ask Their CPAs

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Do you own a brewery and have a question that you think may be outside of your CPA’s scope of knowledge? Do yourself a favor and contact Somerset as we have dedicated professionals focusing on the accounting needs of brewery owners! How can I offset the cost of my brewery equipment? It’s important to understand

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2016 Year-End Tax Planning for Individuals

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Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you would shop around for the best price for food, clothing, or merchandise, you want to consider opportunities to reduce or defer your annual tax obligation. This Tax Letter is intended to assist

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Maximum Threshold for Expensing Increased

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In November, 2015, the Internal Revenue Service (“IRS”) increased the maximum threshold for expensing certain capital items from $500 to $2,500. In other words, for purposes of federal income taxation, a taxpayer can expense in the first year any asset with a cost of less than $2,500. Questions have arisen about how this practice can

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