Spring 2008
Assess Your Business Needs
We want to do all we can to help you and your business achieve your
goals. We have developed the 7-Needs Questionnaire to assess your
business in 7 key areas: Business Profitability Improvement, Tax
Planning, Wealth Creation, Risk Management, Succession Planning,
Technology and Finance. We invite you to complete the questionnaire.
Upon submission
Howard
Cox will review your responses and contact you to schedule a
complimentary meeting to discuss your comments. You may
fill
out our confidential questionnaire online or
click here for a printable version.
New Joint Crackdown on Employment
Taxes - IRS and States Sign Information-Sharing Agreements
The IRS figures the more, the merrier. That is why it has announced it is
teaming up with more than half of the individual states to resolve
employment tax issues and corral offenders. This collaborative effort is
intended to provide a centralized and uniform methodology for improving
employer compliance in this area.
Read more...
Roundup of New Mortgage Law Tax Breaks
- Key New Law Provisions Affecting Homeowners
The new Mortgage Forgiveness Debt Relief Act, signed into law on December 20,
2007, provides some tax relief for debtors caught in the subprime mortgage
crisis. But the new law also creates other key tax breaks for homeowners.
Here is a quick rundown.
Read more...
Financial Reporting in Turbulent
Markets
A key challenge for financial reporting in 2008 is the matter of how best to
address the effects of the turbulence in the credit and financial markets.
The turbulence affecting financial reporting reflects a growing reluctance
on the part of investors to take risks and on the part of financial
institutions to lend money. This disconcerting trend has its roots in risky
mortgage loans, but its reach is far broader, affecting businesses in
virtually every sector.
Read more...
Build an Estate Plan for the Future -
Finding the Proper "Tools" for the Job
Despite the scheduled repeal of the federal estate tax in 2010, the tax will
be revived in 2011--with a vengeance--unless Congress takes action. Thus,
estate planning remains a critical concern for well-to-do families.
Fortunately, however, there are various estate-planning tools at your
disposal that may benefit your heirs. Here are a few prime examples.
Read more...
Somerset CPAs News
Somerset Success
Strategies Blog - We launched our first blog in February.
Howard Cox, the blog
contributor, regularly posts on the topics of leadership, management
strategy, business models, marketing, customer service and much more.
Please visit
the blog today and join the conversation.
Seminars and Webinars - Organizational Deadly Sins, Financial Literacy 101 for Women and Financial Skills for Young Adults are just a few titles of our scheduled seminars and webinars. Please visit the Seminars page of our web site for details and our full 2008 calendar.
Community Events - We are proud of our employees' volunteer and
fundraising efforts. A few of the events and organizations we are currently
supporting include the
Junior Achievement
Bowl-4-Bizkids event on April
25,
Rebuilding
Together Indianapolis on April 26 and
the
Indy 500 Volunteer
Team on May 3.
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