When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with
Today, many companies share research or technology to develop new products. For example, manufacturers might enter into a joint venture to conduct scientific research to design a new medical device. Or a watchdog group might work with a production
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place it in the lower
After a long weekend of proposed amendments, with only two passing, the Senate approved the Inflation Reduction Act of 2022 late Sunday evening. The House will return to session Friday and is expected to pass the measure quickly with
Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing in popularity all the
Join us for the 2022 Midwest Architecture & Engineering Leadership Summit, presented by Somerset CPAs and Advisors! The summit will be held in Indianapolis August 24-25, 2022 and will be an opportunity to network and explore current topics and
The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private companies and private not-for-profit
If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who paid for the benefit? If the income is paid directly to you by your employer, it’s
After a long negotiation, Senators Joe Manchin and Chuck Schumer announced they had come to an agreement on the Reconciliation Bill yesterday evening. While no details are available at this time, it is widely reported there will be significant
To pay your state and federal taxes online, click your state below. Individuals Corporate FEDERAL FEDERAL WASHINGTON D.C. WASHINGTON D.C. ALABAMA ALABAMA ALASKA ARIZONA ARIZONA ARKANSAS CALIFORNIA CALIFORNIA COLORADO COLORADO CONNECTICUT CONNECTICUT DELAWARE DELAWARE FLORIDA GEORGIA (Estimates Only)
Somerset is pleased to announce the recent promotions of three professionals to Senior Manager. Please join us in congratulating Kyle, Kaitlyn and Brian! Kyle D. Hummel, CPA of Somerset’s Tax and Dealership Teams, has been promoted to Senior Manager.
It’s not just businesses that can deduct vehicle-related expenses on their tax returns. Individuals also can deduct them in certain circumstances. Unfortunately, under current law, you may not be able to deduct as much as you could years ago.
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.
