News & Resources

2014 Tax Extenders

  President Obama signed H.R. 5771, The Tax Increase Prevention Act (TIPA) on December 19th.  This was a one-year extension of over 50 tax laws that expired on December 31, 2013. Individual Income Tax provisions which have been extended include:

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529 College Savings Plans

529 College Savings Plans were designed to save for paying college tuition bills.  Many states allow a tax credit if you fund their plan.  It is never too early to save for college tuition, room and board and books.  Growth

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Extender Package Update

  On December 16, the Senate voted 76 to 16 to pass the H.R. 5771 Tax Increase Prevention Act of 2014. This legislation provides a one-year extension of expired business and individual tax provisions including the R&D tax credit. Other

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Contemplating an Expansion

  If your company is contemplating an expansion, talk to your Somerset Advisor as soon as possible. Many localities offer tax incentives when company’s add to their real estate and personal property tax base. The most important part is to

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IRS Phone Scams

  The Internal Revenue Service (IRS) has noticed a recent increase in local phone scams across the country with callers intending to steal money or identities by impersonating the IRS. The callers have even threatened to arrest the individuals or

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Sales Tax Exemption

Many industries including manufacturing, construction, not-for-profit, agriculture and physician offices are granted sales tax exemption status on their purchases.  If you have not considered buying such materials and supplies exempt from sales tax, contact us for a discussion on how

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Real Estate Update – Fall 2014

Single-family REITs are poised to succeed. The demand for micro-apartments is growing. And contributor Anthony La Malfa has advice about the proper structure of a real estate loan.

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State and Local Tax Update — Fall 2014

  California LLCs –  Franchise and LLC Fees We are seeing an increase in taxpayer investments in California properties as well as investments in LLCs doing business in California. An LLC is considered to be “doing business” in California  if

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