During 2013, the Federal Highway Administration (FHWA) entered into a test period of a national indirect cost rate “safe harbor” rate. This safe harbor rate was approved for use by eligible consultants on a test evaluation basis for ten
If you are an eligible educator working for an Indiana public school corporation, don’t forget about the Public School Educator Expense Credit when filing your 2015 Form IT-40 Indiana individual income tax return. If you are unsure of your eligibility or what
As many of you know that work for MDOT, the deadline for Annual Financial Prequalification requirements the past few years has been 3 months after a consultants fiscal year end for those consultants submitting a FAR compliant overhead rate
Based on the last six months of average fuel prices for regular unleaded gas, as well as the average cost of the last six weeks, mileage reimbursement rate will be adjusted down. Effective February 22, 2016, the mileage reimbursement rate
A recent tax case in the 7th circuit, which is Indiana’s circuit, was decided in favor of the IRS. This tax case should cause professional services firms that are set up as C-Corporations to take notice and reconsider their ownership
If, beginning in 2016, the cost of Section 179 property placed in service by the taxpayer exceeds $2,010,000 (up from $2,000,000 in 2015), the $500,000 (the same as for 2015) limitation on the Section 179 deduction is reduced (but not
In November, 2015, the Internal Revenue Service (“IRS”) increased the maximum threshold for expensing certain capital items from $500 to $2,500. In other words, for purposes of federal income taxation, a taxpayer can expense in the first year any
Do You Know When You Need State Tax Advice? Just like people, companies often experience life events during the course of their existence. Often times these events can trigger multi-state filings and registration requirements. The following list is a sample
IRS Extends Deadlines for Affordable Care Act Reporting Forms 1094-B and 1095-B and Forms 1094-C and 1095-C The IRS issued Notice 2016-4, which extends the distribution and filing deadlines for the Affordable Care Act (ACA) reporting requirements. Under Code
The IRS has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. These 2016 rates, along with other tax news updates, can be viewed on the
Congress has reached a deal. It will be passed soon. There are some great provisions in this Act – see below: Section 179 made permanent at the $500,000 limit if qualifying Fixed Asset additions do not exceed $2,000,000.
Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you would shop around for the best price for food, clothing or merchandise, you want to
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.
