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PEOPLE ARCHIVE
2021 Somerset CPAs and Advisors All Rights Reserved – Website Designed by Element212 – View Our Privacy PolicyROWLEY & COMPANY
For over 60 years, Somerset has been guiding clients through the critical decisions that impact their financial health. The inclusion of Rowley & Company into the Somerset family provides the region with access to of the largest accounting and consulting firms in the Midwest, we are able to provide the in-depth expertise expected from a larger firm with the personable approach of a local practice.DIANE WILCZEWSKI
Diane has been in public accounting for over 25 years and has also spent time leading non-profit organizations in the community. She has a passion for advising clients through the complexity of start-up businesses. When not at work, you can find Diane taking care of her health and wellness. She enjoys swimming, healthy eating, meditatingand
SECTION 266 ELECTION FOR INVESTMENT PROPERTY Individual taxpayers with investment property lost a potential tax deduction when the 2017 Tax Cuts and Jobs Act (TCJA) created a $10,000 cap on the deduction for state and local taxes paid. The individuals may want to consider a Section 266 election to capitalize those items and capture those lost deductions in the future. SectionGARY PETERS
Gary is focused on providing tax planning advice to small and medium sized businesses. With nearly 40 years’ experience of advising his clients on the ever-changing tax laws, he works to increase their company value and provide benefits to their employees. JEFF HOOTS - SOMERSET CPAS AND ADVISORS Jeff enjoys working with business owning entrepreneurs. Before entering public accounting in 2009, he gained experience and passion for closely held businesses while operating a successful bakery and deli with his wife and her parents. When he is not at the office you can find him with his family either bicycling, camping, or discgolfing.
KATHY ROKITA
Kathy specializes in physician practice operations, income distribution, succession planning, buy-in and buy-out transactions and methodology for practice, ancillaries and commercial real estate entities. She has extensive experience with physician and hospital revenue cycle projects, operational improvement and practice management, as well as SOMERSET CPAS AND ADVISORSCLIENT LOGINCAREERSPAY BILLABOUT SOMERSETNEWS RESOURCESCONTACT US Building Relationships, Delivering Results A Unique Approach for Every Client At Somerset, we go beyond traditional CPA services. We are a team of forward-thinking, proactive advisors who understand that your needs are unique. That’s why we take time to customize our approach for each client. More About Us Solutions We deliver comprehensive services for clients ECONOMIC IMPACT PAYMENTS SENT BY MISTAKE Economic Impact Payments Sent By Mistake. Somerset. August 3, 2020. Share: The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. INDIANA TAX REPORTING OF PPP FUNDS AND EXPENSES Indiana Tax Reporting of PPP Funds and Expenses. As mentioned in our January 18, 2021 blog posting titled, “ State Conformity to CARES Act ,” many states have not yet conformed or adopted the changes under the CARES Act or the Consolidated Appropriations Act 2021 (CAA). Indiana has “static” conformity where legislation is required toPEOPLE ARCHIVE
2021 Somerset CPAs and Advisors All Rights Reserved – Website Designed by Element212 – View Our Privacy PolicyROWLEY & COMPANY
For over 60 years, Somerset has been guiding clients through the critical decisions that impact their financial health. The inclusion of Rowley & Company into the Somerset family provides the region with access to of the largest accounting and consulting firms in the Midwest, we are able to provide the in-depth expertise expected from a larger firm with the personable approach of a local practice.DIANE WILCZEWSKI
Diane has been in public accounting for over 25 years and has also spent time leading non-profit organizations in the community. She has a passion for advising clients through the complexity of start-up businesses. When not at work, you can find Diane taking care of her health and wellness. She enjoys swimming, healthy eating, meditatingand
SECTION 266 ELECTION FOR INVESTMENT PROPERTY Individual taxpayers with investment property lost a potential tax deduction when the 2017 Tax Cuts and Jobs Act (TCJA) created a $10,000 cap on the deduction for state and local taxes paid. The individuals may want to consider a Section 266 election to capitalize those items and capture those lost deductions in the future. SectionGARY PETERS
Gary is focused on providing tax planning advice to small and medium sized businesses. With nearly 40 years’ experience of advising his clients on the ever-changing tax laws, he works to increase their company value and provide benefits to their employees. JEFF HOOTS - SOMERSET CPAS AND ADVISORS Jeff enjoys working with business owning entrepreneurs. Before entering public accounting in 2009, he gained experience and passion for closely held businesses while operating a successful bakery and deli with his wife and her parents. When he is not at the office you can find him with his family either bicycling, camping, or discgolfing.
KATHY ROKITA
Kathy specializes in physician practice operations, income distribution, succession planning, buy-in and buy-out transactions and methodology for practice, ancillaries and commercial real estate entities. She has extensive experience with physician and hospital revenue cycle projects, operational improvement and practice management, as well as MANY PARENTS WILL RECEIVE ADVANCE TAX CREDIT PAYMENTS Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs WHO QUALIFIES FOR “HEAD OF HOUSEHOLD” TAX FILING STATUS Special Rule for Parents. Under a special rule, you can qualify as head of household if you maintain a home for a parent of yours even if you don’t live with the parent. To qualify under this rule, you must be able to claim the parent as your dependent. Marital Status. You must be unmarried to claim head of household status. WELCOME ROWLEY & COMPANY TO SOMERSET CPAS AND ADVISORS! It gives us great pleasure to announce that effective January 1, 2021, Rowley & Company LLP joined Somerset CPAs and Advisors, a leader among CPA and professional services firms. Rowley & Company’s dedicated group of professionals has been committed to providing superior accounting, tax and consulting services. Mark T. Rowley is the founderand
HEALTH CARE
Health Care. From traditional CPA services to specialized health care consulting and implementation, we work with you to achieve your goals, navigate the changing landscape and ensure long-term success. Our health care experts are seasoned professionals when it comes to facing the ever-changing regulations and oversights in the industry.ROWLEY & COMPANY
For over 60 years, Somerset has been guiding clients through the critical decisions that impact their financial health. The inclusion of Rowley & Company into the Somerset family provides the region with access to of the largest accounting and consulting firms in the Midwest, we are able to provide the in-depth expertise expected from a larger firm with the personable approach of a local practice. MEDICARE WORK RELATIVE VALUE UNIT 2021 CHANGES Centers for Medicare and Medicaid Services (CMS) Evaluation and Management (E&M) Coding Changes May Impact Work Relative Value Unit (wRVU) Based Physician Compensation Arrangements and Fair Market Value Physician contracts including those with wRVU based compensation components may need to be reviewed or possibly amended due to increasein wRVUs
GARY PETERS
Gary is focused on providing tax planning advice to small and medium sized businesses. With nearly 40 years’ experience of advising his clients on the ever-changing tax laws, he works to increase their company value and provide benefits to their employees. ORTHOPAEDIC ASSOCIATES IN CRESTVIEW, FLORIDA IS COMPLETE Orthopaedic Associates in Crestview, Florida is complete! The open house for this 13,888 sq. ft. medical office building was January 14, 2021. The Practice includes a therapy suite, x-ray and MRI. Shout out to BBL Construction Services, LLC, HCP Architects and Hancock Whitney Bank for their dedication to the project during this crazy past JANE SAXON – SOMERSET CPAS AND ADVISORS Jane spends must of her time focused on tax compliance and planning for dealerships. She has expertise in financial and strategic consulting services, budget and projection preparation and accounting system design. She has over 25 years of experience in the delivery of professional services to closely-held entities, including partnershipsKEVIN O’CONNELL
Kevin oversees Somerset’s international inbound and outbound tax practice for corporations and individuals. The Somerset staff and professional advisers he oversees are fluent in German, French, Chinese, Japanese, Russian, Portuguese, and Spanish. Kevin is the tax accountant for two of the three Somerset clients who won theIndianapolis 500
SOMERSET CPAS AND ADVISORSCLIENT LOGINCAREERSPAY BILLABOUT SOMERSETNEWS RESOURCESCONTACT US Building Relationships, Delivering Results A Unique Approach for Every Client At Somerset, we go beyond traditional CPA services. We are a team of forward-thinking, proactive advisors who understand that your needs are unique. That’s why we take time to customize our approach for each client. More About Us Solutions We deliver comprehensive services for clients PAY BILL - SOMERSET CPAS AND ADVISORS Bill Pay Somerset CPAs and Advisors is pleased to offer payment options on our online payment portal. E-Check Electronic Funds Transfer – Bank Transfer without Fees Pay with E-Check Credit Card Includes a 3% Surcharge Pay with Credit Card QuickFee Financing with 12-Month Repayments ($2,000 minimum) QuickFee Details Pay with QuickFee Please contact us at ECONOMIC IMPACT PAYMENTS SENT BY MISTAKE Economic Impact Payments Sent By Mistake. Somerset. August 3, 2020. Share: The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19.PEOPLE ARCHIVE
2021 Somerset CPAs and Advisors All Rights Reserved – Website Designed by Element212 – View Our Privacy Policy JEFF HOOTS - SOMERSET CPAS AND ADVISORS Jeff enjoys working with business owning entrepreneurs. Before entering public accounting in 2009, he gained experience and passion for closely held businesses while operating a successful bakery and deli with his wife and her parents. When he is not at the office you can find him with his family either bicycling, camping, or discgolfing.
LOU CASTELLANI
Lou is devoted to assisting small business clients in need of tax planning, preparation and consulting. He enjoys building relationships with his clients and appreciates the conversations they have – both on a business and personal level. Lou has worked with several of his clients for 15-20 years. He helps them analyze their financialGARY PETERS
Gary is focused on providing tax planning advice to small and medium sized businesses. With nearly 40 years’ experience of advising his clients on the ever-changing tax laws, he works to increase their company value and provide benefits to their employees.KATHY ROKITA
Kathy specializes in physician practice operations, income distribution, succession planning, buy-in and buy-out transactions and methodology for practice, ancillaries and commercial real estate entities. She has extensive experience with physician and hospital revenue cycle projects, operational improvement and practice management, as well asMIKE FRITTON
Mike is an expert in the real estate industry with an emphasis on partnership and flow-through taxation. He specializes in complex real estate transactions including like-kind exchanges, Qualified Opportunity Zones, partnership formation and restructuring, UPREITs and similar tax-focused real estate matters.CHARLIE NABER
Charlie’s work at Somerset focuses on new and established businesses. By performing accounting and tax services for these clients, he assists them in achieving their goals and furthering their success. When not meeting the needs of clients, Charlie enjoys working on his farm and volunteering for such organizations as the LittleSisters of the
SOMERSET CPAS AND ADVISORSCLIENT LOGINCAREERSPAY BILLABOUT SOMERSETNEWS RESOURCESCONTACT US Building Relationships, Delivering Results A Unique Approach for Every Client At Somerset, we go beyond traditional CPA services. We are a team of forward-thinking, proactive advisors who understand that your needs are unique. That’s why we take time to customize our approach for each client. More About Us Solutions We deliver comprehensive services for clients PAY BILL - SOMERSET CPAS AND ADVISORS Bill Pay Somerset CPAs and Advisors is pleased to offer payment options on our online payment portal. E-Check Electronic Funds Transfer – Bank Transfer without Fees Pay with E-Check Credit Card Includes a 3% Surcharge Pay with Credit Card QuickFee Financing with 12-Month Repayments ($2,000 minimum) QuickFee Details Pay with QuickFee Please contact us at ECONOMIC IMPACT PAYMENTS SENT BY MISTAKE Economic Impact Payments Sent By Mistake. Somerset. August 3, 2020. Share: The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19.PEOPLE ARCHIVE
2021 Somerset CPAs and Advisors All Rights Reserved – Website Designed by Element212 – View Our Privacy Policy JEFF HOOTS - SOMERSET CPAS AND ADVISORS Jeff enjoys working with business owning entrepreneurs. Before entering public accounting in 2009, he gained experience and passion for closely held businesses while operating a successful bakery and deli with his wife and her parents. When he is not at the office you can find him with his family either bicycling, camping, or discgolfing.
LOU CASTELLANI
Lou is devoted to assisting small business clients in need of tax planning, preparation and consulting. He enjoys building relationships with his clients and appreciates the conversations they have – both on a business and personal level. Lou has worked with several of his clients for 15-20 years. He helps them analyze their financialGARY PETERS
Gary is focused on providing tax planning advice to small and medium sized businesses. With nearly 40 years’ experience of advising his clients on the ever-changing tax laws, he works to increase their company value and provide benefits to their employees.KATHY ROKITA
Kathy specializes in physician practice operations, income distribution, succession planning, buy-in and buy-out transactions and methodology for practice, ancillaries and commercial real estate entities. She has extensive experience with physician and hospital revenue cycle projects, operational improvement and practice management, as well asMIKE FRITTON
Mike is an expert in the real estate industry with an emphasis on partnership and flow-through taxation. He specializes in complex real estate transactions including like-kind exchanges, Qualified Opportunity Zones, partnership formation and restructuring, UPREITs and similar tax-focused real estate matters.CHARLIE NABER
Charlie’s work at Somerset focuses on new and established businesses. By performing accounting and tax services for these clients, he assists them in achieving their goals and furthering their success. When not meeting the needs of clients, Charlie enjoys working on his farm and volunteering for such organizations as the LittleSisters of the
CLIENT LOGIN
Client Login Your safety and security are important to us. Please use the links below to send or receive files. All transfers are confidential, secured and encrypted. Somerset Client Portal (ShareFile) Log In MyPortal Log In Client support (GoToAssist) Log In COVID-19 SBA Loan Team (Secure Upload) Log In Secure File Drop (UploadOnly) Log
CONTACT US - SOMERSET CPAS AND ADVISORS Contact Us Phone: 317.472.2200Toll-Free: 800.469.7206Email: info@somersetcpas.comHours: Mon. – Fri: 8AM – 4:30PMMailing Address: PO Box 40368, Indianapolis, IN 46240–0368 Keep Me Informed Click Here to Transfer Files Securely Facebook-f Instagram Twitter Linkedin-in Headquarters INDIANAPOLIS3925 River Crossing Parkway, Suite 100 Indianapolis, IN 46240 Other Locations WHAT’S “FAIR VALUE” IN AN ACCOUNTING CONTEXT? In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives and intangible assets acquired in a business combination. Though fair value may better align your company’s financial statements withROWLEY & COMPANY
For over 60 years, Somerset has been guiding clients through the critical decisions that impact their financial health. The inclusion of Rowley & Company into the Somerset family provides the region with access to of the largest accounting and consulting firms in the Midwest, we are able to provide the in-depth expertise expected from a larger firm with the personable approach of a local practice. WHO QUALIFIES FOR “HEAD OF HOUSEHOLD” TAX FILING STATUS Special Rule for Parents. Under a special rule, you can qualify as head of household if you maintain a home for a parent of yours even if you don’t live with the parent. To qualify under this rule, you must be able to claim the parent as your dependent. Marital Status. You must be unmarried to claim head of household status.DIANE WILCZEWSKI
Diane has been in public accounting for over 25 years and has also spent time leading non-profit organizations in the community. She has a passion for advising clients through the complexity of start-up businesses. When not at work, you can find Diane taking care of her health and wellness. She enjoys swimming, healthy eating, meditatingand
SECTION 266 ELECTION FOR INVESTMENT PROPERTY Individual taxpayers with investment property lost a potential tax deduction when the 2017 Tax Cuts and Jobs Act (TCJA) created a $10,000 cap on the deduction for state and local taxes paid. The individuals may want to consider a Section 266 election to capitalize those items and capture those lost deductions in the future. Section JANE SAXON – SOMERSET CPAS AND ADVISORS Jane spends must of her time focused on tax compliance and planning for dealerships. She has expertise in financial and strategic consulting services, budget and projection preparation and accounting system design. She has over 25 years of experience in the delivery of professional services to closely-held entities, including partnerships INDIANA TAX REPORTING OF PPP FUNDS AND EXPENSES Indiana Tax Reporting of PPP Funds and Expenses. As mentioned in our January 18, 2021 blog posting titled, “ State Conformity to CARES Act ,” many states have not yet conformed or adopted the changes under the CARES Act or the Consolidated Appropriations Act 2021 (CAA). Indiana has “static” conformity where legislation is required toKEVIN O’CONNELL
Kevin oversees Somerset’s international inbound and outbound tax practice for corporations and individuals. The Somerset staff and professional advisers he oversees are fluent in German, French, Chinese, Japanese, Russian, Portuguese, and Spanish. Kevin is the tax accountant for two of the three Somerset clients who won theIndianapolis 500
SOMERSET CPAS AND ADVISORSCLIENT LOGINCAREERSPAY BILLABOUT SOMERSETNEWS RESOURCESCONTACT US Building Relationships, Delivering Results A Unique Approach for Every Client At Somerset, we go beyond traditional CPA services. We are a team of forward-thinking, proactive advisors who understand that your needs are unique. That’s why we take time to customize our approach for each client. More About Us Solutions We deliver comprehensive services for clients PAY BILL - SOMERSET CPAS AND ADVISORS Bill Pay Somerset CPAs and Advisors is pleased to offer payment options on our online payment portal. E-Check Electronic Funds Transfer – Bank Transfer without Fees Pay with E-Check Credit Card Includes a 3% Surcharge Pay with Credit Card QuickFee Financing with 12-Month Repayments ($2,000 minimum) QuickFee Details Pay with QuickFee Please contact us at ECONOMIC IMPACT PAYMENTS SENT BY MISTAKE Economic Impact Payments Sent By Mistake. Somerset. August 3, 2020. Share: The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19.PEOPLE ARCHIVE
2021 Somerset CPAs and Advisors All Rights Reserved – Website Designed by Element212 – View Our Privacy Policy JEFF HOOTS - SOMERSET CPAS AND ADVISORS Jeff enjoys working with business owning entrepreneurs. Before entering public accounting in 2009, he gained experience and passion for closely held businesses while operating a successful bakery and deli with his wife and her parents. When he is not at the office you can find him with his family either bicycling, camping, or discgolfing.
LOU CASTELLANI
Lou is devoted to assisting small business clients in need of tax planning, preparation and consulting. He enjoys building relationships with his clients and appreciates the conversations they have – both on a business and personal level. Lou has worked with several of his clients for 15-20 years. He helps them analyze their financialGARY PETERS
Gary is focused on providing tax planning advice to small and medium sized businesses. With nearly 40 years’ experience of advising his clients on the ever-changing tax laws, he works to increase their company value and provide benefits to their employees.KATHY ROKITA
Kathy specializes in physician practice operations, income distribution, succession planning, buy-in and buy-out transactions and methodology for practice, ancillaries and commercial real estate entities. She has extensive experience with physician and hospital revenue cycle projects, operational improvement and practice management, as well asMIKE FRITTON
Mike is an expert in the real estate industry with an emphasis on partnership and flow-through taxation. He specializes in complex real estate transactions including like-kind exchanges, Qualified Opportunity Zones, partnership formation and restructuring, UPREITs and similar tax-focused real estate matters.CHARLIE NABER
Charlie’s work at Somerset focuses on new and established businesses. By performing accounting and tax services for these clients, he assists them in achieving their goals and furthering their success. When not meeting the needs of clients, Charlie enjoys working on his farm and volunteering for such organizations as the LittleSisters of the
SOMERSET CPAS AND ADVISORSCLIENT LOGINCAREERSPAY BILLABOUT SOMERSETNEWS RESOURCESCONTACT US Building Relationships, Delivering Results A Unique Approach for Every Client At Somerset, we go beyond traditional CPA services. We are a team of forward-thinking, proactive advisors who understand that your needs are unique. That’s why we take time to customize our approach for each client. More About Us Solutions We deliver comprehensive services for clients PAY BILL - SOMERSET CPAS AND ADVISORS Bill Pay Somerset CPAs and Advisors is pleased to offer payment options on our online payment portal. E-Check Electronic Funds Transfer – Bank Transfer without Fees Pay with E-Check Credit Card Includes a 3% Surcharge Pay with Credit Card QuickFee Financing with 12-Month Repayments ($2,000 minimum) QuickFee Details Pay with QuickFee Please contact us at ECONOMIC IMPACT PAYMENTS SENT BY MISTAKE Economic Impact Payments Sent By Mistake. Somerset. August 3, 2020. Share: The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19.PEOPLE ARCHIVE
2021 Somerset CPAs and Advisors All Rights Reserved – Website Designed by Element212 – View Our Privacy Policy JEFF HOOTS - SOMERSET CPAS AND ADVISORS Jeff enjoys working with business owning entrepreneurs. Before entering public accounting in 2009, he gained experience and passion for closely held businesses while operating a successful bakery and deli with his wife and her parents. When he is not at the office you can find him with his family either bicycling, camping, or discgolfing.
LOU CASTELLANI
Lou is devoted to assisting small business clients in need of tax planning, preparation and consulting. He enjoys building relationships with his clients and appreciates the conversations they have – both on a business and personal level. Lou has worked with several of his clients for 15-20 years. He helps them analyze their financialGARY PETERS
Gary is focused on providing tax planning advice to small and medium sized businesses. With nearly 40 years’ experience of advising his clients on the ever-changing tax laws, he works to increase their company value and provide benefits to their employees.KATHY ROKITA
Kathy specializes in physician practice operations, income distribution, succession planning, buy-in and buy-out transactions and methodology for practice, ancillaries and commercial real estate entities. She has extensive experience with physician and hospital revenue cycle projects, operational improvement and practice management, as well asMIKE FRITTON
Mike is an expert in the real estate industry with an emphasis on partnership and flow-through taxation. He specializes in complex real estate transactions including like-kind exchanges, Qualified Opportunity Zones, partnership formation and restructuring, UPREITs and similar tax-focused real estate matters.CHARLIE NABER
Charlie’s work at Somerset focuses on new and established businesses. By performing accounting and tax services for these clients, he assists them in achieving their goals and furthering their success. When not meeting the needs of clients, Charlie enjoys working on his farm and volunteering for such organizations as the LittleSisters of the
CLIENT LOGIN
Client Login Your safety and security are important to us. Please use the links below to send or receive files. All transfers are confidential, secured and encrypted. Somerset Client Portal (ShareFile) Log In MyPortal Log In Client support (GoToAssist) Log In COVID-19 SBA Loan Team (Secure Upload) Log In Secure File Drop (UploadOnly) Log
CONTACT US - SOMERSET CPAS AND ADVISORS Contact Us Phone: 317.472.2200Toll-Free: 800.469.7206Email: info@somersetcpas.comHours: Mon. – Fri: 8AM – 4:30PMMailing Address: PO Box 40368, Indianapolis, IN 46240–0368 Keep Me Informed Click Here to Transfer Files Securely Facebook-f Instagram Twitter Linkedin-in Headquarters INDIANAPOLIS3925 River Crossing Parkway, Suite 100 Indianapolis, IN 46240 Other Locations SBA ANNOUNCES CLOSURE OF THE PAYCHECK PROTECTION PROGRAM On June 1, 2021, Small Business Administrator Isabella Casillas Guzman announced the closure of the Paycheck Protection Program (PPP). Since the program was first introduced through the “Coronavirus Aid, Relief, and Economic Security Act” it has dispersed $798 billion in loans to small businesses and nonprofit organizations. Over 8.5 million employers received PPP loans WHO QUALIFIES FOR “HEAD OF HOUSEHOLD” TAX FILING STATUS Special Rule for Parents. Under a special rule, you can qualify as head of household if you maintain a home for a parent of yours even if you don’t live with the parent. To qualify under this rule, you must be able to claim the parent as your dependent. Marital Status. You must be unmarried to claim head of household status.ROWLEY & COMPANY
For over 60 years, Somerset has been guiding clients through the critical decisions that impact their financial health. The inclusion of Rowley & Company into the Somerset family provides the region with access to of the largest accounting and consulting firms in the Midwest, we are able to provide the in-depth expertise expected from a larger firm with the personable approach of a local practice. SECTION 266 ELECTION FOR INVESTMENT PROPERTY Individual taxpayers with investment property lost a potential tax deduction when the 2017 Tax Cuts and Jobs Act (TCJA) created a $10,000 cap on the deduction for state and local taxes paid. The individuals may want to consider a Section 266 election to capitalize those items and capture those lost deductions in the future. Section INDIANA TAX REPORTING OF PPP FUNDS AND EXPENSES Indiana Tax Reporting of PPP Funds and Expenses. As mentioned in our January 18, 2021 blog posting titled, “ State Conformity to CARES Act ,” many states have not yet conformed or adopted the changes under the CARES Act or the Consolidated Appropriations Act 2021 (CAA). Indiana has “static” conformity where legislation is required toDIANE WILCZEWSKI
Diane has been in public accounting for over 25 years and has also spent time leading non-profit organizations in the community. She has a passion for advising clients through the complexity of start-up businesses. When not at work, you can find Diane taking care of her health and wellness. She enjoys swimming, healthy eating, meditatingand
JANE SAXON – SOMERSET CPAS AND ADVISORS Jane spends must of her time focused on tax compliance and planning for dealerships. She has expertise in financial and strategic consulting services, budget and projection preparation and accounting system design. She has over 25 years of experience in the delivery of professional services to closely-held entities, including partnershipsKEVIN O’CONNELL
Kevin oversees Somerset’s international inbound and outbound tax practice for corporations and individuals. The Somerset staff and professional advisers he oversees are fluent in German, French, Chinese, Japanese, Russian, Portuguese, and Spanish. Kevin is the tax accountant for two of the three Somerset clients who won theIndianapolis 500
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CAPABILITIES & SERVICES WE BEGAN WITH ACCOUNTING SERVICES. THEN, WE STARTED ADDING. We are excellent CPAs, but our services don’t stop with public accounting. We are advisors, accountants, consultants, tax experts, partners, teammates—and, ultimately, a firm you can trust. We see ourselves as problem-solvers who deliver real results.VIEW SERVICES
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