Tax Alerts

Tax Briefing(s)

Middle Class Tax Relief and Job Creation Act of 2012

2011 Tax Year In Review

2011 reporting for 2010 conversions to Roth accounts explained
Taxpayers who convert a traditional IRA to a Roth IRA must include the amount transferred in their gross income and pay tax accordingly. For the 2010 tax year, the IRS created spec...

Auto/ truck maximum values updated for 2012 cents-per-mile/fleet-average valuation
Taxpayers whose employers provide company cars (or trucks and vans) for their personal use must factor that usage into their gross income. Personal use of a vehicle provided by an employer is consi...

IRS audits of higher income taxpayers increase
The IRS audited one in eight individuals with incomes over $1 million in fiscal year (FY) 2011. While the overall audit coverage rate for individuals remained steady at just over one percent, the a...

IRS eliminates tort test for exclusion of personal injury/sickness damages
Recent IRS regulations provide that damages received from a lawsuit or settlement as compensation for personal physical injuries or sickness may be excluded from gross income, even...

Tax gap grows to $450 billion; compliance rate holds steady
The "gross tax gap," or the amount of tax owed to the U.S. government that is not paid on time, climbed from $345 billion in Tax Year (TY) 2001 to $450 billion in TY 2006, the IRS has reported. (Be...

IL - Credit not applicable to deferred property tax payments
The property tax credit against Illinois personal income tax does not apply to taxpayers who participate in the state’s senior citizens real estate tax deferral program. Unde...

IN - Extension guidance updated
The Indiana Department of Revenue has released an updated personal income tax information bulletin that outlines the procedures for obtaining an extension of time to file. Specific...

MI - Filing requirement for federally disregarded entities extended further
The Michigan Department of Treasury has revised a notice stating that while disregarded entities for federal tax purposes are required to file Michigan business tax (MBT) returns, ...

Welcome to the Website of Lysaught, Salmon & Company, Inc., CPA's

We are a Certified Public Accounting firm in Michigan City, Indiana. We were established in 1973 by our founder partners Edward L. Lysaught, CPA and Michael Salmon, CPA. Currently, the firm is operated by Chad R. Schroll, CPA - Director of Tax & Planning and David Lesnik - Director of Accounting & Auditing.  

Lysaught, Salmon & Company, Inc., CPA’s provides top quality accounting services that include bookkeeping services, accounting system advice, tax preparation, tax planning and consulting along with financial accounting services that includes audits, reviews and compilations. Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.

Our firm’s mission is to provide our client’s with a closely trusted advisor in all things accounting related. We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.