News & Resources

Recovery for Design Firms

  Design firms are continuing their steady recovery from the recession but have yet to return to the level of financial strength they enjoyed prior to the downturn, according to the 2014 Deltek Clarity A/E Industry study. Somerset CPAs and

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Excise Tax Regulations for Craft Brewers

  There is legislation that may change the excise tax regulations in the country, lessening the burden on craft brewers. And if this legislation gets through Congress, most craft brewers will benefit.  This bill would reduce the federal beer excise

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Ohio Reduces Small Business Tax and Income Tax

  Beginning in 2015, an Ohio taxpayer may deduct from business income the lesser of 75% of Ohio small business income for small businesses earning under $250,000.  For tax years beginning in 2016 and thereafter, the tax is eliminated for

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President Obama Signs Two Major Trade Bills

  On June 29, President Obama signed into law two major trade bills: (1) the Trade Preference Extension (TPE) Act of 2015 and (2) the Trade Priorities and Accountability Act (TPAA) of 2015. Pertinent tax provisions are as follows: Effective

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Tax Incentives for New Mexico

  If you are currently doing business in New Mexico or considering opening a location in New Mexico, please contact your Somerset advisor.  New Mexico just enacted tax incentives for companies hiring and growing in New Mexico.

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Three Ways to Raise Capital for Your Brewery

  Raising capital can be grueling that entails infinite sales pitches and pleas for checks.  Somerset CPAs can help you navigate and avoid any pitfalls that may arise in seeking out necessary cash to grow your brewery business. There are

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Texas Franchise Tax Rate Reduced

  On June 15th, 2015, Texas permanently reduced the state’s franchise tax by 25% for reports originally due on or after January 1, 2016.  Accordingly, the franchise tax rate will be .375% of taxable margin for entities engaged in retail

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Nevada’s New Commerce Tax

  Last week, Nevada enacted a new Commerce tax that is based on gross revenue assigned to Nevada.  (The definition of Nevada gross revenue includes all sales of tangible products shipped to a buyer in Nevada, services performed for Nevada

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Indiana Sub S Corporations May Now File Electronically

  The 90,000 Indiana Sub S Corporations are now able to electronically file their 2014 annual business tax filings (IT-20S).  The Indiana Department of Revenue will expand electronic filing to other Corporation types in the future. Our tax department encourages

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