News & Resources

For-Profit Hospitals Now Entitled to Tax Credit

  Effective Jan 1, 2016, for-profit hospitals are now entitled to an income tax credit against the hospital’s adjusted gross income tax liability for the taxable year equal to 10% of the property taxes paid in Indiana on property used

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Erroneous Ohio Individual Income Tax Return Letters

  The Ohio Department of Taxation recently acknowledged that they sent out approximately 5000 letters in error requesting additional support for social security numbers used on taxpayers’ 2014 Ohio Individual Income Tax Returns. Per conversations with the Ohio Department of

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Real Estates Waived or Reduced for Disabled Vets

  If you are a disabled veteran, in almost every jurisdiction you can petition your local taxing authority to have your real estates waived or reduced.  The following states offer real estate tax deductions: Illinois:  A qualified disabled veteran can receive

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Affordable Care Act (ACA) Information Reporting

  Affordable Care Act (ACA) generally requires individuals to obtain healthcare insurance; compels Applicable Large Employers (ALEs)1 to offer affordable coverage to all of their full-time employees; and provides subsidized healthcare premiums to qualifying individuals who purchase coverage through the

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Tax Amnesty

  Six states launched tax amnesty programs in September that will be available to delinquent taxpayers through November.  Those include Indiana, Arizona, Kansas, Maryland, Missouri and Oklahoma.  Call your Somerset tax advisor if you have delinquent tax liabilities in these

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You down with EMV? Well, you need to be.

  EMV technology is a chip technology embedded into credit cards that has been slowly being implemented in the credit and debit cards provided by major card companies.  This chip technology is becoming the global standard for credit and debit

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Employee Benefits Update – Summer 2015

“THE BUCK STOPS HERE” – IRS REITERATES PLAN SPONSOR RESPONSIBILITY FOR DOCUMENTATION OF HARDSHIP DISTRIBUTIONS AND PARTICIPANT LOANS Loans to participants and distributions due to participant hardship are transactions commonly delegated by employee benefit plan management to third-party service providers. As service

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Beer Fact Fridays

Beer is healthy… sign me up! A Cali-based brewery is making beer healthy.  This brewery is adding “super foods” (acai berry, cinnamon oil and flax seed oil) known for their nutritional value and health enhancing properties. Genius! Now we can

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Higher Education Tax Credits

  As a new semester begins we want to take the opportunity to remind you of some of the education tax credits that might be available to you this year. The American Opportunity Tax Credit (AOTC) is available for the

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State and Local Tax Update – Summer 2015

Indiana School Scholarship Credit As Indiana begins a new fiscal year on July 1, they have again opened up donations for the School Scholarship Tax Credit. These credits are available to individuals and corporations that make donations to qualified Scholarship-Granting

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