Spring is the time when flowers and grass grow, but how about your business? Many states and localities offer tax credits and incentives to encourage economic development. Oftentimes, a business can overlook tax credit opportunities because management is too busy
Just announced yesterday! For our clients who have been asking questions about the new revenue recognition standards, the effective date has been pushed back one year for both public and private companies. More information is to come as this
THE IMPACT OF SOCIAL SECURITY NUMBERS ON EMPLOYEE BENEFIT PLANS Social Security numbers (SSNs) in employee benefit plans (EBP) are a topic of growing concern for multiple reasons. Employee benefit plans are faced with SSNs that belong to individuals
As we enter a new year, and wrap up 2014 tax season, it is always good to get out in front of tax issues. Two strategies that small businesses can take to save some heartache at the end of
Did you know that you can quickly and easily check the status of your tax return and refund? Head over to the IRS’s website to check the status of your return. You will need to provide your social security number, filing
The IRS announced that taxpayers who filed a tax return using an incorrect Form 1095-A are not required to, but may, file an amended return. As reported on Monday, February 24, the Centers for Medicare and Medicaid Services (CMS)
Starting now and throughout the year, clients need to be proactive about completing form W-9 (request for taxpayer identification number and address) for any sub-contractor, attorney or outside service provider, or for anyone who will require a form 1099-MISC
The office of the Indiana Secretary of State recently released a warning regarding a deceptive letter sent to Indiana business owners soliciting a $125 annual fee for record keeping and processing. The letter appears to have come from the
The U.S. government’s Centers for Medicare and Medicaid Services (CMS) announced that it sent incorrect information on Form 1095-A (Health Insurance Marketplace Statement) to approximately 800,000 taxpayers who purchased Federally-facilitated Marketplace health care coverage in 2014 and received advance
File form 1099-Misc for each person to whom you have paid at least $600 during the year for common things like rent, services performed by anyone that is not your employee, prizes, awards, and any payments to attorneys. Form
The use of solar energy by both residents and businesses has increased significantly. One likely reason is that a majority of states now offer some type of tax incentive for any type of “green” energy saving equipment. The incentive
Indiana Reminders As a reminder, The Indiana Department of Revenue now offers electronic filing for S-Corporations, form IT-20S, for 2014 taxes filed in 2015 and beyond. Also, effective January 1, 2015, Indiana’s individual tax rate reduced from 3.4% to 3.3%.
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.
