Somerset is pleased to announce the recent promotions of six professionals to Senior Manager. Please join us in congratulating Hayley, Jeff, Cole, Pat, Jordan and Shelly! Hayley A. DeMasie, MSA, of Somerset’s Training & Development Team, has been promoted to
Below is a select summary of certain items that we believe would impact our client base. This is not an all-encompassing summary, and there are other tax proposals that have been discussed. The below items are just items that
It gives us great pleasure to announce that effective January 1, 2021, Rowley & Company LLP joined Somerset CPAs and Advisors, a leader among CPA and professional services firms. Rowley & Company’s dedicated group of professionals has been committed
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday,
It’s almost time for calendar-year businesses to prepare their year-end financial statements. If used correctly, these reports can be a valuable management tool. Use them in benchmarking and forecasting to be proactive, not reactive, to market changes. 1. Benchmarking Historical
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If
It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product. If you own a family business, one important issue to address
BILL PASSES HOUSE AND SENATE WITH OVERWHELMING BIPARTISIAN SUPPORT PPP ELIGIBLE EXPENSES DEDUCTIBLE The Consolidated Appropriations Act, 2021 has passed both the House and Senate and will now move to the President to be signed into law. The most significant
PPP ELIGIBLE EXPENSES DEDUCTIBLE The Consolidated Appropriations Act, 2021 is currently before the House and expected to pass tonight. The Act will then move to the Senate floor, where it is expected to pass and be sent to the President for signature.
Effective Jan. 1, 2021, six Indiana county income tax rates will increase, according to the Indiana Department of Revenue (DOR). Local income tax rates are determined by county officials and provided to DOR for review regarding compliance with Indiana law. Below are
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS May Disallow the Loss Under this rule, if
Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind.
