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IRS Announces it Will Waive Tax Penalties for Under-Withholding and Underpayment for Some

Posted by Zinner & Co. Tax Team on Jan 17, 2019 11:46:44 AM

The IRS announced this week in IRS Notice 2019-11 that it would not penalize taxpayers whose tax withholding and estimated tax payments fell short last year due to failing to change their withholding under the Tax Cuts and Jobs Act (TCJA).

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Topics: IRS, income tax, tax, withholding, Tax Cuts and Jobs Act of 2017

How the Government Shutdown Will Affect Your Tax Return and Refund…the Saga Continues

Posted by Zinner & Co. Tax Team on Jan 16, 2019 11:17:39 AM

Previously, we shared how the Whitehouse stated there would be no disruption to tax filing or the issuance of refunds.

On Tuesday, the IRS shared some details of its revamped contingency plan for operations during the government shutdown.

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Topics: Shutdown, income tax, IRS

What Will the Government Shutdown Mean to Your Tax Return?

Posted by Zinner & Co. Tax Team on Jan 8, 2019 1:20:22 PM

Unless you’ve been hiding under a rock, you’ve probably heard about the battle between the President and Congress over funding for a southern border wall. The government “shutdown” created by the impasse has created a lot of uncertainty about many government-provided services.

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Topics: IRS, taxes, Taxes - Individual, Taxes - Corporate & Business, Shutdown

IRS Increases Mileage Rates for 2019

Posted by Zinner & Co. Tax Team on Dec 20, 2018 12:17:57 PM

The IRS has announced the 2019 standard mileage rates used for calculating deductible costs for operating an automobile for business, charitable, medical or moving purposes. 

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Topics: IRS, deductions, Tax Cuts and Jobs Act of 2017, business travel expense

6 Important Tax Benefits of Real Estate Investing

Posted by Zinner & Co. Tax Team on Dec 13, 2018 6:05:00 AM

Investing in real estate is a great way to develop wealth and improve your cash flow. In addition to the benefits of receiving monthly rental income, you can also potentially realize some significant tax benefits.

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Topics: real estate, investments

BEWARE OF IRMAA!

Posted by Zinner & Co. Tax Team on Dec 11, 2018 8:00:00 AM

What’s IRMAA? 

IRMAA stands for Income-related Monthly Adjustment Rate, and it is a monthly surcharge levied on high-income retirees as an adjustment to the fee they pay for Medicare Parts B and D coverage.
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Topics: Medicare, taxes

Important Tax Dates and Deadlines for 2019

Posted by Zinner & Co. Tax Team on Dec 6, 2018 7:10:00 AM

Well, 2019 is right around the corner, and before you know it important tax-related deadlines will be upon us. Due to changes in the tax code created by the Tax Cuts and Jobs Act (TCJA) we highly recommend you allow extra time in gathering required information for the 2018 tax season.

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Topics: planning, taxes, income tax

IRS Issues Guidance on Tax Withholding

Posted by Zinner & Co. Tax Team on Dec 5, 2018 9:00:00 AM

 

The IRS recently issued guidance on tax withholding for the coming year. The redesign of the W-4 has been tabled until 2020 after the proposed form met with heavy criticism from groups like the American Society of CPAs. The W-4 for 2019 will be essentially the same as the 2018 with the exception of changes to the “withholding allowance” terminology used in the Tax Cuts and Jobs Act (TCJA.)

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Topics: withholding, taxes, SALT, IRS

Ohio to Change Income Tax Withholding

Posted by Zinner & Co. Tax Team on Dec 4, 2018 1:02:00 PM

Ohio Tax Commissioner Joe Testa has announced that effective January 1, 2019, there will be changes to the state’s income tax withholding tables.  These changes will be the first to the state’s withholding amounts since 2015.

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Topics: taxes, SALT, income tax, withholding

Use of Donor Advised Funds is on the Rise!

Posted by Zinner & Co. Tax Team on Dec 3, 2018 8:06:08 AM

Donor advised funds appear to be gaining in popularity and use. Part of the reason for this is due to changes in the tax code brought about by the 2017 Tax Cut and Jobs Act (TCJA.) The TCJA has made significant changes to the deductibility of charitable gifts…

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Topics: Estates, Gifts & Trusts

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