News & Resources

Pick the Right Accounting Method for Your Business

  Timely, accurate financial information is essential to running a successful business. There are a number of accounting methods you can use to record and track your business’s financial performance. Here’s an overview of cash, tax and accrual basis accounting

Read More

How Inflation Could Affect Your Financial Statements

  Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices

Read More

Forecasts vs. Projections: What’s the Big Difference?

  Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help

Read More

Take Your Financial Statements to the Next Level

  Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your financial data beyond compliance. Here’s how financial statements can be used to be proactive, not reactive, to changes in

Read More

Preparations vs. Compilations

  Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the “gold standard” in financial

Read More

Employee Retention Credit (ERC) Update

  The IRS has issued guidance for employers on the retroactive termination of the Employee Retention Credit (ERC). The ERC was retroactively terminated as of September 30, 2021, except for employers that are a recovery startup business.   Infrastructure Investment

Read More

Free Online Training Resources for Indiana Employees

  The Indiana Department of Workforce Development is offering free online training resources to companies to assist in training their employees. The Department of Workforce Development (DWD) is managing and operating the initiative. Between now and  December 31, employers can

Read More

Nest Level Jobs Indiana Employer Training Grant

  More than one million jobs must be filled in Indiana over the next 10 years. To help Hoosier employers fill these jobs, Indiana has created the Employer Training Grant, which reimburses employers who train, hire and retain new or

Read More

The Green Book

  On March 31, 2021, the White House released The American Jobs Plan, a blueprint of the administration’s intent to invest in rebuilding the country’s infrastructure and target job creation. The Made in America Tax Plan was released simultaneously as

Read More

Don't Miss
an Update!

Somerset CPAs and Advisors is now part of CBIZ and MHM. Together, CBIZ and MHM are one of the Top Ten accounting providers in the country. Please click here for more information.

Are you ready for a customized approach?

Request a consultation