News & Resources

Income Tax Rate Decreases for Illinois

  Illinois recently announced income tax rate decreases applicable to income received on or after January 1, 2015. The Illinois income tax rate for individuals, trusts, and estates is decreasing from 5% to 3.75%, while the Illinois income tax rate

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Unified Municipal Income Tax System for Ohio

  Ohio Gov. John Kasich has signed legislation that will create a more unified municipal income tax system for Ohio by requiring municipal corporations levying an income tax as of January 1, 2016  to amend their existing income tax ordinances

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Tax Returns – 2015 Filing Season

  The Internal Revenue Service announced December 29, 2014, that it anticipates opening the 2015 filing season as scheduled in January. The IRS will begin accepting tax returns electronically on Jan. 20. Paper tax returns will begin processing at the

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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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