Join us on Tuesday, June 25 for the Affordable Care Act - How Can You Prepare? Webinar. We will walk you through an action plan that employers can use to prepare for and help ensure compliance with the mandate. In addition, we will provide a refresher and updates on other provisions of the Affordable Care Act that are effective or will become effective in the future.
Topics are scheduled to include the Play or Pay Mandate Action Plan and Reporting Requirements.

Other Affordable Care Act Provisions:
• Advance Notice of Material Health Plan Changes
• Prohibition on Preexisting Condition Exclusions and Annual Limits
• Expanded Wellness Program Rules
• Automatic Enrollment
• Non-Discrimination Rules for Insured Plans
• Medical Loss Ratio Rebates
• New Taxes, including:
◦ Patient-Centered Outcome Research Institute Trust Fund Fees
◦  Excise Tax on High Cost Coverage (the so-called “Cadillac Tax”)

Click here to register.

Somerset was honored with FIRST PLACE at the Best Places to Work by The Indiana Chamber of Commerce!  We have worked very hard at developing a culture that both values our people and allows them to succeed. Read the full article!

Join Howard Cox of Somerset CPAs for the Affordable Care Act Deep Dive Seminar. This session will focus on several components of the penalty formula, including determining which employees are full-time employees for purposes of the mandate. The Affordable Care Act technically requires an employer to determine whether an individual is a full-time employee on a month-by-month basis in real time. Recognizing the administrative burden on employers in making such a month-to-month determination, the recently-issued regulations provide for a safe harbor that allows employers to measure employees’ hours over a “measurement period” and then lock in their full-time/part-time status over a subsequent “stability period.” To take advantage of the safe harbor, employers will need to begin record-keeping efforts in 2013.

Topics are scheduled to include:
• Cost Increases Employers Can Expect as a Result of PPACA
• New Non-Discrimination Rule
• Waiting Periods Allowed
• Large Employer Calculation Examples
• Affordability Safe Harbors
• New Fees Imposed
• New Required Reporting
• Identifying Full-Time Employees for the Coverage Mandate
-The Measurement/Stability

Period Safe Harbors for:
• Ongoing Employees
• New Employees
• Seasonal Employees
• Employees with Variable Hour Schedules
• and much more…

Click here to register.

Every year, INCPAS honors the leaders of the profession. Members are asked to nominate colleagues who define excellence in their respective areas of practice, and who dedicate time and effort to the betterment of their professional environment. After much consideration, these deserving candidates were recognized for their service and dedication at the annual CPA Celebration on November 16, 2012. Congratulations to Andy!

Stephen Reed joined Somerset with over 16 years of experience working with compliance audits and other consulting/special purpose engagements with governmental and nonprofit entities.  Prior to joining Somerset, Stephen served as Audit Member for a local CPA firm for which now he is Board Chairman.  As Audit Member, he was responsible for all attestation engagements, including audits, reviews and contract compliance.  Stephen obtained prior public accounting experience at an Indianapolis CPA firm working with federal and state government funded entities.  In addition, he helped the State of Indiana implement a compliance monitoring function as it related to financial transactions processed for the aged/disabled and mentally-challenged recipient populations.  Professional achievements also include acting as the primary auditor utilized to help determine professional billable rates for the IAA Midfield Terminal Project.  Stephen graduated from Ball State University with a B.S. degree in accounting and received his MBA from the Institute of Entrepreneurship at Ball State University.  He is a member of the Indiana CPA Society, American Institute of CPAs, National Association of Black Accountants and the National Black MBA Association.  Stephen is licensed to practice in the State of Indiana, Ohio and Virginia.  His civic activities include serving as the Past Chairman of the Board of the OK Program, Indiana Chapter.

Greg Heater is a tax manager on our Tax Team.  He joined Somerset CPAs with over seven years of previous public accounting experience.  Prior to joining Somerset, Greg gained industry experience working for a local CPA firm as a tax manager where he worked with owner-managed businesses with particular emphasis in multi-state tax planning and compliance, buying and selling of businesses, tax depreciation rules and real property transactions.  Greg also has prior experience working as a senior accountant in corporate accounting for the nation’s leading provider of utility and infrastructure locating services.  He obtained his Bachelor of Accountancy degree from New Mexico State University where he was a member of the Beta Alpha Psi chapter.  Greg is a member of the American Institute of CPAs and the Indiana CPA Society.  He serves as treasurer of the North Pointe Bay Homeowner’s Association.

We are pleased to announce recent promotions. The following have been promoted:

Heather Mann has been promoted to Director of Operations.
Heather joined Somerset CPAs in 1995.  As Director of Operations her various roles include managing the operations of the firm, including facilities issues, purchasing, policies, procedures and special projects.  Heather also supervises the 20+ person administrative team.  She graduated from the University of Evansville in 1990 with a B.S. degree in Legal Administration.  Prior to joining Somerset, Heather served as paralegal/office manager for a mid-size Indianapolis law firm and acquired her property/casualty insurance license while working as a CSR for an independent insurance agency.  She currently is an active member of the Indiana Chapter of the Association for Accounting Administrators and the Junior League of Indianapolis, is a member of the Alpha Omicron Pi Alumni Chapter of Indianapolis, serves as Past President of the Skiles Test Youth Baseball Board of Directors and is the Athletic Director for Christ the King Catholic School.

Debbie Williams, CPA, SPHR has been promoted to Director of Finance/CFO. 
Debbie has responsibility over all aspects of the finance and accounting functions of the organization as well as human resources and recruiting.  Additionally, she serves as chair of Somerset’s Wellness Committee.  Debbie graduated from Indiana University in 1981 with a B.S. degree in business.  Prior to joining Somerset in 1996, she was the administrator of a law firm in Denver, CO.  Debbie is a Certified Public Accountant and a Senior Professional in Human Resources.  Her memberships include Indiana CPA Society, American Institute of Certified Public Accountants and the Society of Human Resources Management.  In 2008, Debbie was recognized as a Financial Managers, CFOs and Controllers Super CPA by the Indiana CPA Society.  In addition to serving as treasurer of the IN State Council for the Society of Human Resources Management, she also is a member of the planning committee for the HR Indiana annual conference.

Lori Ehlin has been promoted to Marketing Manager.
Lori joined our firm in 2004 and has served as both Marketing Assistant and Marketing Coordinator in prior roles with Somerset.  Lori manages the firms marketing efforts including client communications, public relations, advertising, web site, seminars and events, trade shows, community activities and sponsorships.  Prior to joining Somerset, she worked for Special Olympics Indiana.  Lori is a member of Association for Accounting Marketing.  She has a degree in Tourism, Convention and Event Management from Indiana University where she graduated in 2002 with honors distinction.  Lori volunteers as co-vice president of Fishers Elementary PTO.

Ken Stalcup was quoted in an article by Rachel Hartman in Yahoo Finance, 5 Ways to Catch Your Spouse Hiding Money.

Do you have the feeling that between you and your spouse, there are some things left unsaid — including, perhaps, the presence of hidden money? Read more….