Zinner & Co. Blog and Newsroom

IRS Issues Inflation-Adjusted Limits for HSA Deductions for 2020

Posted by Zinner & Co. on May 30, 2019 10:46:00 AM

Health Savings Accounts (HSAs) are a type of medical savings account that allows eligible individuals to make deductible contributions and withdraw tax-free disbursements for the payment of eligible medical expenses. Each year the IRS evaluates the limitation amounts on HSA deductions based for inflation.

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Topics: HSA, IRS, health care

Lessons from this Tax Season

Posted by Zinner & Co. Tax Team on Apr 30, 2019 7:22:52 AM

Well…it’s over.  This year’s individual tax return filing deadline has come and gone.  As the dust settles and we take stock of this year’s tax season, a few trends have appeared.

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

IRS Systems to Get a Makeover

Posted by Zinner & Co. Tax Team on Apr 29, 2019 8:22:45 AM

The IRS recently announced a 6 year plan to update and modernize its information technology systems and infrastructure. The move will bring much needed resources to an agency beleaguered by nearly a decade of consecutive budget cuts. 

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Topics: IRS

IRS Changing Process for Applying for an EIN

Posted by Zinner & Co. Tax Team on Apr 1, 2019 9:21:00 AM

As the responsible party on employer identification number (EIN) applications, effective May 13, 2019, the IRS will only accept EIN applications from individual taxpayers who have either a Social Security number or individual taxpayer identification number.

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Topics: taxes, IRS

IRS Offers Relief for Underpayment and Under-Withholding Penalties for More Taxpayers

Posted by Zinner & Co. Tax Team on Apr 1, 2019 6:43:45 AM

On Friday, March 22, 2019, the Treasury and IRS announced they have lowered the withholding underpayment penalty threshold to 80%. This means that taxpayers who were 80% or less under-withheld on their income tax withholding or quarterly tax payments may qualify for relief.

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

Ask the Expert: Tax Myths BUSTED!

Posted by Zinner & Co. Tax Team on Mar 26, 2019 6:45:00 AM
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Topics: tax services, income tax, IRS

5 Reasons You Shouldn’t Do Your Own Taxes This Year

Posted by Zinner & Co. Tax Team on Mar 19, 2019 8:16:00 AM

Every year, a group of adventurous souls decides: This is the year I’m going to prepare my own tax return! While we certainly applaud an individual’s right to establish self-reliance and try to save money on preparation fees, it’s rarely a good idea.

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Topics: tax services, deductions, income tax, IRS

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

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

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