Zinner & Co. Blog and Newsroom

Ask the Expert: Should I Take the Educational Tax Breaks or My Child?

Posted by Zinner & Co. Tax Team on Mar 13, 2019 7:52:02 AM

Who should take the educational tax breaks, me or my child?

That’s a great question! The answer is: It depends.

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Topics: education, deductions, income tax

Ask the Expert: Are 2018 Income Taxes Easier to Prepare Under the Tax Cuts and Jobs Act?

Posted by Richard Huszai, CPA on Mar 7, 2019 7:22:00 AM

Are 2018 Income Taxes Easier to Prepare Under the Tax Cuts and Jobs Act?

Like any good consultant, my answer is: It depends.

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Topics: income tax, Ask the Expert, Tax Cuts and Jobs Act of 2017

4 Things You Should and Should NOT Do If You’ve Received an Audit Notice from the IRS

Posted by Zinner & Co. Tax Team on Mar 5, 2019 7:38:00 AM

You check your mail and you see the return address, IRS. Your first thought? Well, that can’t be good. You open up the letter and you read that you’re being audited. Look on the bright side – less than 1% of returns get audited each year, you’re just one of the lucky ones! All jocularity aside, there’s nothing to panic about.

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Topics: audits, income tax, IRS

If You Owe, You Won’t be Allowed to Go

Posted by Zinner & Co. Tax Team on Mar 4, 2019 12:05:00 PM

The IRS recently issued a warning to taxpayers who are seriously delinquent on their tax debt - you may be unable to attain a new passport or renew your existing one.

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Topics: income tax, IRS

IRS Issues Safe Harbor for First Year Depreciation of Passenger Cars

Posted by Zinner & Co. Tax Team on Feb 18, 2019 8:16:19 AM

The Treasury Department and the IRS have issued guidance that provides a safe harbor for calculating depreciation deductions from passenger vehicles that qualify for the 100% additional first year depreciation deduction.

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

The IRS Plays Catch-Up

Posted by Zinner & Co. Tax Team on Feb 13, 2019 7:30:00 AM

First, a joke about catch up…

“Three tomatoes are walking down the street…papa tomato, mama tomato and baby tomato. Baby tomato starts lagging behind and papa tomato gets really angry, goes back and squishes him and yells… CATCH UP!!!!”

That joke isn’t going to get a lot of laughs at the IRS (alright, I admit it won’t get laughs anywhere else either) as they try to get caught up after the longest government shutdown in U.S. history. The shutdown, which lasted 35 days and affected the majority of the IRS’s workforce, has had a profound impact on an agency that had already been running very lean.

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Topics: income tax, IRS, Shutdown

10 Steps to Take to Get Ready for Tax Season

Posted by Barbara Theofilos, CPA, MBA on Feb 4, 2019 9:41:00 AM

This year’s tax season is going to be different. The new tax laws that took effect for 2018 represent the biggest changes to the tax code in over 30 years. So if you haven’t thought about preparing your taxes for 2018, you’ll want to get a jump on it.

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

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: withholding, tax, income tax, IRS, 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: income tax, IRS, Shutdown

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: taxes, income tax, planning

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