Spring 2010
Combining a Business Trip with a Vacation
With the warmer weather here, you may be looking to spend some time at the beach, on the golf course or just relaxing by the pool. If you can add a few days of vacation onto a business trip, so much the better. Besides saving money, you may qualify for some generous tax breaks.
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New Case Allows Deduction for Business Education
No matter how old you are, you can still learn to do your job better. For example, you might take a refresher course to stay on top of the latest developments in your field. Or you may enroll in a curriculum that will start you toward a new career. Read more...
HIRE Act: Special Payroll Tax Exemption Form Now Available
The Internal Revenue Service recently released a new form that will help employers claim the special payroll tax exemption that applies to many newly-hired workers during 2010, created by the Hiring Incentives to Restore Employment (HIRE) Act signed by President Obama on March 18. New Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit, is now posted on IRS.gov, along with answers to frequently-asked questions about the payroll tax exemption and the related new hire retention credit. Read more...
Nailing Down the Manufacturing Deduction
Despite its nickname, the so-called “manufacturing deduction” is not necessarily limited to traditional manufacturing companies, although those firms are certainly eligible for the write-off. It is available to more businesses than you may think. If your company qualifies, it can claim a new “high point” deduction for 2010.
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Go Beyond Paperless
Somerset CPAs has partnered with ACOM to bring you EZContentManager: a simple, high-impact Document Process Automation solution that quickly bolts-on to your Sage MAS software. Don't miss our quick 30-minute ACOM Document Management Webinar for MAS 90/200 Users on Wednesday, May 12, 2010, from 3:00 to 3:30 p.m. - Eastern. Details and registration...
Facts and Figures
COBRA Subsidies—A new defense appropriations law extends the 65% COBRA subsidy for unemployed workers. Previously, qualified workers “involuntarily terminated” between September 1, 2008, and December 31, 2009, could claim the discount for employer-provided health insurance for up to nine months. Under the new law, the program is extended to a total of 15 months for terminations through February 28, 2010.
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How to Choose Your Business Successor
Say you have spent most of your adult life building a small start-up business into a thriving company. At long last, you may be preparing to step away from the business or at least scale back your heavy workload. After all, you deserve it. Read more...
Joining Together to Support a Relative
When does the sum of the parts equal more than the whole? One time is when using a “multiple support agreement” to salvage a dependency exemption. As a general rule, you may claim a dependency exemption for someone only if you provide more than half of his or her total support for the year and the dependent’s gross income subject to tax is less than the personal exemption amount. Read more...
Do You Qualify for Hobby Loss Deductions?
For many individuals, a personal passion can turn into a money-making endeavor. It makes a big tax difference if the activity is treated as a business or a hobby. When you operate a business, you can claim a tax loss to the extent your annual expenses exceed your income. In fact, it is not unusual to run losses the first few years of operation. Read more...
Somerset CPAs News
Somerset
Practical MBA Program. Attend in Person or Via Webinar. Our popular MBA program is scheduled through 2011. The next one is on Wednesday, April 28, when Larry Dykes will present "Classifying Customers and Team Members Using an A-B-C Ranking." Click
here to see the MBA schedule and program details. Also visit our Seminars page to see the many additional educational opportunities we are offering.
Tell
Us How We Are Doing and You May Win Victory Field Suite Tickets. If you are a Somerset client, please take our Client Satisfaction Survey by April 30, and you will be entered into a drawing for four tickets to the Indians vs. Buffalo Bisons on Sunday, May 9, at 2:00 p.m. Take
our
survey now.
2010 Best Places to Work in Indiana. Somerset CPAs has been selected as one of the 2010 Best Places to Work in Indiana by the Indiana Chamber of Commerce. We are proud to again be on the list of small to medium-sized companies. We thank our employees for making us one of the best!
We
are proudly celebrating our 50th anniversary in 2010! Somerset’s roots
began in 1960 with the founding of Whipple & Company, a certified public
accounting firm. We are planning a celebration on the afternoon of Thursday, September 30--please save the date. Read
more about Somerset's history...
Spring is here, which means baseball season is about to begin. We are looking forward to cheering on the Indianapolis Indians from our suite at Victory Field again this year. If you are interested in renting it for a game, please let us know. It's a great way to enjoy the game with 15 of your staff, family and friends.
Wherewithal is provided by Somerset for our clients and other interested persons upon request. Since technical information is presented in generalized fashion, no final conclusion on these topics should be made without further review.
For
additional information on the issues, please
contact a member of the firm.
Somerset provides total financial solutions, including accounting,
assurance, information solutions, litigation & valuation, tax, wealth
management and management consulting to entrepreneurs and their businesses. This
document is not intended or written to be used, and cannot be used, for the
purpose of avoiding tax penalties that may be imposed on the taxpayer.
Somerset CPAs, P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
www.somersetcpas.com
info@somersetcpas.com
