What We Do

Tax Solutions

Optimize your tax position with Somerset’s fully integrated tax services across all disciplines. Our team of tax professionals are here to turn tax matters into an opportunity for you and help your business excel.

The Affordable Care Act requires all U.S. taxpayers to have minimum essential health insurance coverage for themselves and each member of their families during every month of the year, unless they qualify for a covered exemption. We work with you on Compliance, Reporting, ESRP Notices and the best strategies for your current situation.

Corporations have unique non tax features including centralized management, limited liability for owners, unlimited life and access to capital.  Federal and state tax laws provide tax breaks specific to corporations such as low tax rates, tax free dividends from foreign investments and mobility to locate within U.S. tax jurisdictions separate from their owners.  Somerset can analyze the non-tax and tax advantages of selecting the corporate form over other entities.   After the decision to form a corporation has been made, we help taxpayers navigate the day to day federal and state taxes on operations.  If corporate owners contemplate a consolidation or break up after years of operations, we provide tax consulting on mergers and acquisitions, divestitures and liquidations.

We help owners of commercial or residential buildings increase cash flow by accelerating federal tax depreciation of construction-related assets. Our team is comprised of Construction and Engineering industry experts to provide a full-service approach to cost segregation.
States and localities often offer growing businesses financial support by way of tax credits for those companies creating jobs, providing a quality place to work, and work life balance.  Somerset can assist your group with the application process, negotiate the best tax credit for your company and owners along with annually assisting with compliance reporting to the state or local agency providing the tax credit.
Somerset assists clients with completion of the Annual Return/Report (Form 5500) for their Employee Benefit Plan, including all required schedules and attachments. This form is used to file their employee benefit plan’s annual information return with the Department of Labor.
We work to effortlessly guide you through the compliance process for estates, trusts and gift tax filings to maximize tax savings and to efficiently and accurately prepare the required tax returns.  We will also assist your trustee or executor with the trust and estate administration process.

We work with individual clients of varying net worth for all their tax planning issues and preparation needs. We build relationships with our clients’ outside advisors to make sure we are working together to find the most tax efficient and beneficial solutions for our clients. We also work with business owners related to their business and individual tax to coordinate the best strategy for their situation and ensure they are always are of potential tax liabilities.

International tax is ever-changing, with complex rules, evolving regulations and a need for local focus. Our experts offer strategic tax planning and consulting on cross-border sales, investments or partnerships and other treasury management matters.

Somerset specializes in creative tax planning with the use of partnerships which provide tremendous flexibility in the allocations of income and losses, especially when active owners and passive owners have different objectives and involvement in the partnership business. Partnership taxation is extremely complex. With proper planning and strategizing, Somerset assists clients with utilizing the complex aspects of partnership tax law to assist clients in allocating income and losses to attract investors. Additionally, Somerset assists with strategies to reduce self-employment tax exposure through creative structuring of business ownership using multiple entities. Somerset works closely with legal counsel in the language needed in the partnership agreement to meet the passive investor and active owner objectives so that it is a win-win for all partners.

We offer After-the-Fact Payroll for our clients that prepare their payroll in-house. Our services included calculating taxes due, generate W2s, 941s, 943s, 944s, 940s, 1099s and other information returns, including State Unemployment Tax Act, SUTA returns.  We have partnered with full-service payroll providers that offer our clients “live” payroll at great rates for small business owners and household employers.

Each state and local tax jurisdiction has its own set of evolving rules and regulations. Our SALT experts are dedicated to minimizing your tax liabilities by advising on all tax-related issues, including practices, processes, operations and multi-jurisdictional tax complexities.

We coordinate and prepare U.S. federal, state and local income tax returns for both inpatriates and expatriates. We work on comprehensive tax planning, including the analysis of foreign tax credits, income tax treaties, foreign earned income exclusion, expatriation, residency elections and dual-residency filing. We also provide pre-immigration and expatriation planning and resolving tax return delinquency issues. Our experts manage individual compliance needs while also providing tax planning services in an effort to minimize worldwide tax obligations.

We work with clients on solutions to tax notices, setting up installment plans and working with federal and state taxing authorities.
We assist with the preparation and review of state business personal property tax returns for all states that have a personal property tax system.  We work with clients that have tax abatements that need to be reported, with various auditing agencies that perform audits of the personal property tax returns and assist non-profit clients that qualify to apply for and receive tax exempt status.

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