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
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
The Bipartisan Budget Act of 2015 signed by President Obama on 11/2/15 eliminates the file and suspend method, a popular strategy used by married couples to maximize their lifetime Social Security benefits. Under this approach, a higher earning spouse
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
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
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
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
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
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
The IRS just released temporary and proposed regulations that will impact the calculation of the Domestic Production Activities deduction (DPAD). If your business produces tangible property, films, performs oil related activities, or constructs real property in the U.S. these
“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
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
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.
