Zinner & Co. Blog and Newsroom

Use of Section 529 plans now available for elementary and high school tuition

Posted by Zinner & Co. Tax Team on Aug 30, 2018 9:36:05 AM

High school and elementary school tuition can now be paid through a 529 savings plan.

For many families, use of Section 529 plans or “Qualified Tuition Programs” for college tuition planning has provided a great way to exempt the growth of a dedicated asset account when used for qualified education expenses. 

The 2017 Tax Cut and Jobs Act made changes to this tool to allow for up to $10,000 in annual expenses for tuition with enrollment or attendance at a qualified elementary or secondary public, private or religious school.

Read More

Topics: education, 529 plan, Tax Cuts and Jobs Act of 2017

Additional guidance issued relating to Section 199A pass-through deduction

Posted by Gary Sigman, CPA, M.Tax, PFS, AEP on Aug 30, 2018 9:35:22 AM

By: Gary Sigman

Recently, proposed regulations were issued to provide some clarity concerning the new Section 199A deduction. 

As part of the Tax Cuts and Jobs Act, which became effective as of the beginning of this year, this new deduction generally provides a 20 percent deduction for a pass-through businesses (primarily partnerships and LLCs taxed as partnerships, S Corporations, Sole Proprietorships and single member LLCs) that generate Qualified Business Income (QBI). This deduction is taken at the individual level and is allowable after one takes the greater of their itemized deductions or the standard deduction.

QBI does not include wages earned by an employee, guaranteed payments paid to a partner or reasonable compensation paid to an S Corporation shareholder. 

Read More

Topics: Taxes - Corporate & Business, Tax Cuts and Jobs Act of 2017

Are my sales tax payments on major purchases still tax deductible?

Posted by Zinner & Co. Tax Team on Aug 30, 2018 9:34:55 AM

For many individuals, September means it is time to look for a new car since the upcoming year’s automobile models are introduced.

Read More

Topics: Taxes - Planning, Rules and Returns, Taxes - Individual, Tax Cuts and Jobs Act of 2017

Will the tariffs on Chinese imports hurt my business?

Posted by Eric James on Aug 30, 2018 9:34:28 AM

A primer on how to navigate the changes

In the past few months, phrases like “tariffs on Chinese imports” and “trade war with China” have been  floating around in the news. The government levied a 25 percent tariff on over $50 billion of products imported from China.

Read More

Topics: Taxes - Corporate & Business, Business - Management, Issues & Concerns

Two Zinner & Co. partners, Gabe Adler and Howard Kass, retire

Posted by Zinner & Co. Tax Team on Jul 31, 2018 2:59:28 PM

On July 24, Zinner & Co. honored Gabe Adler, CPA, CGMA, Partner and Howard Kass, CPA, CGMA, AEP, Partner, for their nearly 90 combined years of public accounting experience with a retirement party at Acacia Clubhouse in Lyndhurst.

Both Adler and Kass graduated from Cleveland Heights High School in 1971 and 47 years later, they are both retiring after successful careers.

“In today’s world, it’s almost unheard of to have that kind of longevity in a single field and most notably, together in the same firm for the last 19 years,” said Zinner & Co. Managing Partner Robin Baum, CPA.

Read More

Topics: Howard Kass, Zinner News, Gabe Adler

Deadline nears for Workers’ Compensation true-up

Posted by Zinner & Co. Tax Team on Jul 25, 2018 4:19:00 PM

The deadline is approaching for private employers to “true-up” with the Ohio Bureau of Workers’ Compensation (BWC).

A press release posted on the Ohio BWC website reminds employers they have until Aug. 15 to complete an important action necessary for the BWC to accurately calculate premiums.

iStock-936143492_blogAccording to the press release, prior to each policy year (July 1- June 30), employers' payroll amount, the basis for their premium, is estimated based on historical data. When the policy year-ends, employers are required to true-up, which means they must report the actual payroll for the policy year that ended on June 30 and reconcile any difference in premium paid.

Read More

Topics: Bureau of Worker's Compensation, payroll, Ohio business owners, Brett W. Neate, Business - Management, Issues & Concerns

Back to school sales tax holiday set for early August in Ohio

Posted by Zinner & Co. Tax Team on Jul 24, 2018 1:13:56 PM

Back to school shoppers have the opportunity to pay a little bit less for purchases in early August.

Ohio’s sales and use tax holiday begins at midnight on Aug. 3 and runs through Aug. 5 at 11:59 p.m.

The state’s legislature passed legislation in March to create a permanent sales tax holiday each year on the first Friday, Saturday and Sunday of August.

Read More

Topics: education, expenses

Groundbreaking Sales & Use Tax Case Decided by the Supreme Court

Posted by Matt Szydlowski, CPA on Jun 29, 2018 8:38:52 AM

On June 21, the Supreme Court handed down a landmark decision in South Dakota vs. Wayfair (“Wayfair”).   The fallout of this decision will significantly change the way online vendors handle sales and use (“S&U”) tax for out-of-state consumers going forward.  It will, therefore, also affect online consumers.  Are you impacted!?

Read More

Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, taxes

Kass completes term as President of the Cleveland/Akron Chapter of the Society of Financial Service Professionals

Posted by Zinner & Co. Tax Department on Jun 28, 2018 3:25:00 PM

In June, Zinner & Co. Partner Howard J. Kass, CPA, AEP®, CGMA, finished his one-year term as president of the Cleveland/Akron Chapter of the Society of Financial Service Professionals (CAFSP).

A CAFSP member since 2010, Kass was thankful for the support he received from the organization’s officers and board members during his term.

Read More

Topics: leadership, Howard Kass

Zinner & Co. Partner wins Rainmaker Award

Posted by Zinner & Co. Tax Team on Jun 28, 2018 2:12:00 PM

Zinner & Co. LLP Partner Susan Krantz, CPA, CGMA, was honored with a prestigious Rainmaker award as the Nonprofit Certified Public Accountant (CPA) member of the year.

Presented during the Rainmaker Companies’ annual SuperConference, held in Indianapolis from May 31 through June 2, the award is given annually to a member best described as someone who is a constant source of value to other members. Other criteria include an individual who engages in group activities and contributes to the success of the alliance through leadership, collaboration and the sharing of resources and best practices.

Read More

Topics: Sue Krantz, not-for-profit

CATEGORIES

Latest Posts

Learn why Zinner & Co. loves Cleveland

Subscribe to Our Blog