The biennial Wisconsin budget bill, signed on July 12th, makes numerous personal income and corporation franchise and income tax changes. Here is an overview of notable changes: Standard Deduction: The legislation increases the standard deduction for married filers. Educators’
The IRS has recently issued a proposed regulation in order to promote the e-filing of tax returns by eliminating the requirement that taxpayers submit a copy of a Section 83(b) election with their tax returns for the year the
Somerset CPAs and Advisors has been working to learn the impact of the common construction wage repeal to our contractor clients. Training programs, liability insurance, drug testing and registration with Indiana Department of Administration are all requirements under the new statute
In its payroll industry telephone conference call on 7/2/15, the IRS said that employers can request an extension of the Affordable Care Act (ACA) deadlines for filing information returns with the IRS and furnishing ACA statements to payees, as
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
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
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
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
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.
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
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
In May 2015, Indiana repealed the common construction wage (or prevailing wage) for projects that are state or local government funded. A primary and immediate impact of the repeal is for public works projects awarded after July 1, 2015;
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