Tax

Somerset’s Tax Team is made up of professionals deep in experience. We do not approach tax planning and preparation as a compliance burden; we see it as a strategic opportunity.

Tax Team

We develop creative ideas with a complete picture of our clients’ business and personal goals in mind. Somerset tax professionals develop close, ongoing relationships with clients that allow them to serve as client advocates.

Our clients find our tax professionals to be a great resource for all of their tax issues—both business and individual. Many of our clients say they will not consider a major transaction without consulting us first.

Somerset not only stays current on tax laws and IRS regulations, we also work to keep our clients well informed through the use of newsletters and educational tools. Our team members are technically proficient, current and timely. We are passionate about our clients’ success. In fact, we have a tax specialist on-call every day to answer your questions immediately.

The Somerset Tax Team has the capacity to handle any level of complexity or service and will work in tandem with other service groups as needed, such as Somerset’s Wealth Management Team. Somerset provides comprehensive business and financial services to meet your needs. The right tax strategies can significantly improve your bottom line. Find out what it’s like to work with a client advocate who is constantly acting in your best interest.

Transactional Consulting

• Analysis of tax consequences for mergers, joint ventures, acquisitions and divestitures
• Entity choice analysis
• Year-end tax consulting to defer or accelerate income and deductions
• Comparison of tax consequences of financing techniques for capital expenditures
• Cost segregation studies
• Analysis of depreciable lives and methods of property, plant and equipment
• Customs tax consulting

Estates and Trusts

• Fiduciary income tax return preparation for simple and complex trusts, including revocable and irrevocable charitable remainder, lead and grantor annuity trusts
• Fiduciary return preparation for estates
• Estate and inheritance tax return preparation
• Gift and generation skipping transfer tax return preparation

Representation Before Tax Authorities

• Responses to government notices and levy actions
• Representation before U.S. Tax Court
• Representation in the federal and state appeals process
• Obtaining letter rulings on proposed transactions
• Obtaining approvals to change accounting methods and periods

Tax Planning and Preparation

• Tax return preparation and planning for businesses and individuals
• Payroll tax return preparation and planning
• Extension and estimate preparation
• Excise tax return preparation
• Electronic filing and document organizer option

State and Local Tax

• Sales and use tax planning
• Property tax exemption studies
• Multi-state income tax return preparation and planning
• Multi-state sales and use tax return preparation
• Personal property tax planning and return preparation
• Delinquent Filer Program/Voluntary Disclosure Program
• Controversy/audit defense
• Administrative appeals

Employee Benefit Plan Consulting and Compliance

• Employee benefit plan analysis and other forms of equity-based compensation
• Employee benefit plan return preparation
• Guidance through the Delinquent Filer Voluntary Compliance Program
• Consult and advise Plan Sponsors of legislative and regulatory changes
• Research Plan Sponsor concerns regarding ongoing administration of pension and welfare benefit plans

Please visit our Employee Benefits Team page for additional information.

Brian King, President, Royal Food Products, LLC

“Somerset’s professionals are more personable but yet have all the resources of much larger accounting firms. They understand my business and are equally in touch with my personal estate needs. Their work on our tax related matters is complete, accurate, thorough and exceeds my expectations.”

Tax Strategies Blog