News & Resources

Ohio Reduces Small Business Tax and Income Tax

  Beginning in 2015, an Ohio taxpayer may deduct from business income the lesser of 75% of Ohio small business income for small businesses earning under $250,000.  For tax years beginning in 2016 and thereafter, the tax is eliminated for

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President Obama Signs Two Major Trade Bills

  On June 29, President Obama signed into law two major trade bills: (1) the Trade Preference Extension (TPE) Act of 2015 and (2) the Trade Priorities and Accountability Act (TPAA) of 2015. Pertinent tax provisions are as follows: Effective

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Tax Incentives for New Mexico

  If you are currently doing business in New Mexico or considering opening a location in New Mexico, please contact your Somerset advisor.  New Mexico just enacted tax incentives for companies hiring and growing in New Mexico.

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Texas Franchise Tax Rate Reduced

  On June 15th, 2015, Texas permanently reduced the state’s franchise tax by 25% for reports originally due on or after January 1, 2016.  Accordingly, the franchise tax rate will be .375% of taxable margin for entities engaged in retail

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Nevada’s New Commerce Tax

  Last week, Nevada enacted a new Commerce tax that is based on gross revenue assigned to Nevada.  (The definition of Nevada gross revenue includes all sales of tangible products shipped to a buyer in Nevada, services performed for Nevada

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Indiana Sub S Corporations May Now File Electronically

  The 90,000 Indiana Sub S Corporations are now able to electronically file their 2014 annual business tax filings (IT-20S).  The Indiana Department of Revenue will expand electronic filing to other Corporation types in the future. Our tax department encourages

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IRS Data Breach

  The IRS announced Tuesday, May 26, 2015 that criminals used taxpayer data acquired from non-IRS sources to gain access to information through the IRS’ “Get Transcript” application. This data included Social Security information, date of birth and street address.

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The Month of May in Indiana

  The greatest spectacle in racing will occur in Indiana this weekend. We pray for safety and enjoyment for all of the auto drivers, crew members and racing fans. Indianapolis will welcome over 400,000 spectators to the largest single-day sporting

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State of Indiana Refund Opportunity

  The U.S. Supreme Court ruled that Maryland’s personal income tax scheme is Unconstitutional, and we see an opportunity to file refund claims for open years in the state of Indiana. In a 5-4 decision, the U.S. Supreme Court has

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State and Local Tax Update – Spring 2015

Ohio CAT Tax and the Bright-Line Presence Standard: The Ohio Board of Tax Appeals recently upheld the “bright-line presence” nexus standard with regard to the Commercial Activity Tax (CAT). In two similar cases, retailers (Newegg, Inc. and Crutchfield, Inc.) with

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Withheld Income Tax in Cleveland

  Cleveland, Ohio lost a case against Jeff Saturday and, in another related case, to a Chicago Bears linebacker. Jeff Saturday was hurt and going through physical therapy in Indianapolis during a Colts/Browns game in 2008. While he was watching

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