Zinner & Co. Blog and Newsroom

Updated Withholding Calculator, Form W-4 Released; Calculator Helps Taxpayers Review Withholding Following New Tax Law

Posted by Zinner & Co. Tax Department on Mar 2, 2018 4:08:00 PM

WASHINGTON –The Internal Revenue Service recently released (2/28/18 irs.gov) an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. 

The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.

“Following the major changes in the tax law, the IRS encourages employees to check their paychecks to help ensure they’re having the right amount of tax withheld for their personal situation,” said Acting IRS Commissioner David Kautter.

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Topics: withholding, Brett W. Neate, Taxes - Individual, income tax

Ohio to Offer Tax Amnesty Jan. 1-Feb. 15, 2018

Posted by Zinner & Co. Tax Department on Nov 21, 2017 4:16:27 PM
Ohio taxpayers with outstanding bills will have a window to pay up without penalty.

The Ohio Department of Taxation is offering amnesty from Jan. 1 to Feb. 15, 2018 to individual and business taxpayers.

ODT has launched a statewide campaign to raise awareness of the amnesty. Ohio Tax Commissioner Joe Testa kicked off the effort Nov. 10 by discussing the issue with attendees at OSCPA’s Columbus Accounting Show.

The Department of Taxation will offer amnesty on the following:

    • Individual taxes
    • School district income taxes
    • Employer withholding taxes
    • Employer withholding for school district income taxes
    • Pass-through entity taxes sales tax
    • Use taxes
    • Commercial activity
    • Financial institutions
    • Cigarette and other tobacco products
    • Alcoholic beverage

Amnesty is available only for taxes that were due and payable as of May 1, 2017, and still remain underreported or unreported. Those who fully pay qualifying tax delinquencies will owe no penalties and only half the interest normally charged. The program does not apply to any tax for which a notice of assessment or audit has been issued, for which a bill has been issued, that relates to a still-open tax period, or for which an audit has been conducted or is pending.

Taxpayers can learn more and determine eligibility at www.OhioTaxAmnesty.gov; or by calling 800-304-3211.

This article appears courtesy of the Ohio Society of CPAs Community News published Nov. 16, 2017. 

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Topics: income tax, Zinner News

Tis the Season of Saving: 5 things you can do now to help reduce your taxes

Posted by Matt Szydlowski, CPA on Nov 21, 2017 9:55:47 AM

In the quest for gifts and seasonal savings together with the promise of continued prosperity, many taxpayers overlook some of the simple year-end moves they can do that will help to reduce their taxes and improve the bottom line.   There are many action steps you can perform today in order to save taxes for the next tax period.  Below, find a shining display of our top five tips to save future tax dollars. 

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Topics: Taxes - Corporate & Business, Taxes - Individual, income tax, Matt Szydlowski

IRS Warns of New Phone Scam Involving Bogus Certified Letters; Reminds People to Remain Vigilant Against Scams, Schemes this Summer

Posted by Howard J. Kass, CPA, AEP®, CGMA, Partner on Jun 21, 2017 2:31:10 PM
WASHINGTON – The Internal Revenue Service again warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details. 
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Topics: fraud, Howard Kass, income tax, IRS

Pay Me Now, Pay Me Later: Should you pay quarterly estimates or utilize tax withholdings?

Posted by Matt Szydlowski, CPA on May 8, 2017 9:58:48 AM

Many clients ask if it is more advantageous to pay quarterly tax estimates or utilize their tax withholding. I wish there were a simple, cookie-cutter answer. However, as no two taxpayers are alike, the same goes for the manner in which one can pay one’s taxes. 

Both methods of paying income tax have their pros and cons.  The best selection depends on your personal preference and, more so, financial situation.  A majority of self-employed individuals must utilize quarterly payments.  However, if you have an income source such as retirement distributions, social security or employee wages, you have the option of withholding tax from those income streams in lieu of paying quarterly. 

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Topics: Taxes - Individual, income tax, IRS, Matt Szydlowski

I Just Received a Huge Tax Refund! Why this may not be a good thing to brag about…

Posted by Zinner & Co. Tax Department on May 5, 2017 3:49:45 PM

I pay all the taxes owed, and not a penny more” – Mitt Romney

For many taxpayers, the dread of gathering information, preparing a tax return, and filing it is tedious and time consuming. However, just as the sun shines brightest after a rain, cheers and smiles replace the angst of prep when the tax refund check makes its way to the bank account. 

“I’m going to … take a trip, buy a TV, go shopping…” After all, a common thought when receiving the refund is “it’s my money AND it is a refund! I should live a little.”

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Topics: Taxes - Individual, income tax, IRS

Need More Time to Pay Your Taxes?

Posted by Zinner & Co. Tax Department on Apr 10, 2017 11:59:16 AM

From the IRS newsroom

All taxpayers should file on time, even if they can’t pay what they owe. This saves them from potentially paying a failure to file penalty. Taxes are due by the original due date of the return.

 Here are four tips for those who can’t pay their taxes in full by the April 18 due date:

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Topics: Howard Kass, Brett W. Neate, Taxes - Individual, income tax

Private Collection of Some Overdue Federal Taxes Starts in April; Those Affected Will Hear First From IRS; IRS Will Still Handle Most Tax Debts

Posted by Zinner & Co. Tax Department on Apr 4, 2017 6:04:00 PM

Reposted from the IRS newswire, April 4, 2017

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Topics: fraud, Howard Kass, income tax, IRS

10 Things You Should Know Before April 18

Posted by Zinner & Co. Tax Department on Mar 30, 2017 6:16:00 PM

If you are a taxpayer in the homestretch of preparing to file your income tax return, keep in mind these ten points that could affect your tax bill.

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Topics: Howard Kass, Gary Sigman, Brett W. Neate, income tax

Ohio tax changes on the horizon, sales tax to become even more significant

Posted by Zinner & Co. Tax Department on Feb 13, 2017 11:32:40 AM

Is your business maximizing available exemptions and incentives?

This article appears in Crains Cleveland Business 

By Steven A. Dimengo and Richard B. Fry III 
Buckingham, Doolittle & Burroughs, LLC.

February 12, 2017 - Gov. Kasich’s quest to lower the Ohio personal income tax rate continues in his latest proposed biennium budget, even in the face of Ohio’s tax revenue falling short of estimates.

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Topics: Howard Kass, Taxes - Individual, income tax


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