Zinner & Co. Blog and Newsroom

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

My CPA Says, “Extend.” What Does That Mean to Me?

Posted by Gary Sigman, CPA, M.Tax, PFS, AEP on Jan 30, 2017 1:00:31 PM

Each year, some taxpayers find themselves scrambling to find their income tax return paperwork, a year's worth of receipts, and ultimately becomes stressed in the attempt to file their tax return by April 18. Others know and understand that simply filing a tax extension can earn them time, reduce their stress, and possibly, incur a lower tax bill.

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Topics: Gary Sigman, income tax

Tax breaks to look out for

Posted by Zinner & Co. Tax Department on Jan 28, 2017 8:42:41 AM
What we're reading this week...

Published January 24 2017, 12:59pm EST
AccountingToday.com 
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Topics: Firm news, Taxes - Individual, income tax

Why You Will Not Receive a Tax Refund Before February 15

Posted by Barbara Theofilos, CPA, MBA on Dec 27, 2016 8:10:00 PM

On December 18, 2015, President Obama signed legislation called “Protecting Americans from Tax Hikes” Act of 2015, or the PATH Act for short. 

The PATH Act contained many extensions and changes to existing tax laws.  The Act also included a provision which will delay refunds for certain taxpayers.  The IRS is now required to not issue a refund to anyone claiming the Earned Income Tax Credit or the Additional Child Tax Credit until February 15.  Both of these refunds are considered “refundable credits,” which are essentially treated as additional tax payments, and can reduce one’s tax liability below zero.  More, the PATH Act was enacted to give the IRS more time to review refund claims, in an effort to reduce fraud and catch refunds that may be improperly issued.

Do you have questions about the PATH Act, your refund, or income tax preparation? Let's talk! Contact me at btheofilos@zinnerco.com or any of the professionals here at 216.831.0733. We're ready to start the conversation and end the confusion. 

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Topics: fraud, Barbara Theofilos, Taxes - Individual, income tax

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