News & Resources

Good News for Small Business Taxpayers

  The Internal Revenue Service recently simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial

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State and Local Tax Update – Fall 2015

INDIANA PERSONAL PROPERTY TAX DATE CHANGE Each year businesses are required to report the cost of their tangible personal property to the local assessor’s office based on the property they have in their possession.  Effective July 1, 2014, the state

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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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