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IRS Waives Estimated Tax Penalties for 400,000 Taxpayers

Posted by Zinner & Co. Tax Team on Aug 21, 2019 5:44:00 AM

The IRS has announced it will be automatically waiving penalties for over 400,000 taxpayers. The waived penalties apply to those who have already filed their 2018 taxes, but did not file a waiver seeking forgiveness for the under-payment penalty.

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IRS Introduces New W-4 for 2020

Posted by Zinner & Co. Tax Team on Aug 16, 2019 7:48:26 AM

The IRS has unveiled the new, redesigned Form W-4 for the tax year 2020. This new form eliminates many of the complex tables used in previous versions and includes many enhancements from the earlier draft version.

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Topics: income tax, IRS

Ohio Initiates New Registration Process for New Pass-Through Entities

Posted by Zinner & Co. Tax Team on Aug 9, 2019 5:02:00 AM

The Ohio Department of Taxation announced they have begun a new process for registering new pass-through entities (PTE.) In the past, the department’s old computer system registered and created accounts for new PTEs upon the filing of their first return. One challenge with this process was that many PTEs made estimated payments prior to filing their first return.

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Topics: Ohio business owners, income tax, SALT, start ups

FASB Votes to Further Delay the Implementation of New Lease Standards

Posted by Zinner & Co. Tax Team on Jul 31, 2019 5:15:00 AM

The Financial Accounting Standards Board (FASB) has unanimously approved a proposed delay of the effective date to implement new lease accounting standards as defined in ASU 2016-02.

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Topics: accounting, lease accounting standards

IRS Sending Warning Letters to Cryptocurrency Holders

Posted by Zinner & Co. Tax Team on Jul 29, 2019 10:02:42 AM

The IRS has begun sending letters to more than 10,000 cryptocurrency holders with a warning that they may have violated federal tax law. 

The letters state those who have profited from the trade or use of cryptocurrencies (such as Bitcoin) may be subject to a variety of taxes including capital gains.

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Topics: income tax, cryptocurrency, block chain

Ohio House and Senate Reach Resolution on BID

Posted by Zinner & Co. Tax Team on Jul 18, 2019 12:18:19 PM

The Ohio House and Senate passed two different - and conflicting - budget bills prior to the June 30th deadline. A major point of contention between the bills was the treatment of Ohio’s Business Income Deduction (BID).

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Topics: Ohio business owners, income tax, SALT

My child has special needs. What can I do to ensure that he is cared for?

Posted by Zinner & Co. Tax Team on Jul 11, 2019 6:59:00 AM

One of the challenges when providing for loved ones with special needs is to do so in a way that they do not lose their eligibility for governmental assistance such Supplemental Security Income (SSI) or Medicaid. Recipients can lose eligibility for these programs if their assets exceed a certain level. One of the ways around this is to create a trust.

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Topics: social security, Estates, Gifts & Trusts

IRS e-File to Be Unavailable During System Upgrades

Posted by Zinner & Co. Tax Team on Jul 9, 2019 7:43:57 AM

The IRS announced that the Modernized e-File (MeF) will be unavailable for brief periods during July and August during scheduled system upgrades. The outages will occur as follows:

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Topics: electronic filing, IRS

National Taxpayer Advocate, Nina Olson, Set to Retire

Posted by Zinner & Co. Tax Team on Jun 26, 2019 7:34:39 AM

National Taxpayer Advocate (NAS) Nina Olson, who is scheduled to retire on July 31st, 2019, addressed Congress for the 37th and presumably last time in her role. Olson, who has held the role of NAS for 18 years, addressed Congress to review the 2019 tax season and the state of the IRS.

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Topics: IRS, Tax Cuts and Jobs Act of 2017

Ask the Expert: Does my Company Qualify for a Tax Credit for Providing Family Medical Leave Act (FMLA) Leave?

Posted by Zinner & Co. Tax Team on Jun 20, 2019 6:42:00 AM

Under a new provision created by the Tax Cuts and Jobs Act (TCJA), for the tax years 2018 and 2019 you may qualify for a tax credit if you set up or amend a paid-family leave program. Under Section 45S of the Internal Revenue Code, employers that voluntarily offer qualifying employees up to 12 weeks of paid family and medical leave annually under a written policy, may claim the credit.

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

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