Zinner & Co. Blog and Newsroom

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

6 Important Things to Know About Divorce and Taxes

Posted by Zinner & Co. Tax Department on Feb 21, 2019 6:00:00 AM

The sad reality is more than 50% of marriages end in divorce. The median duration of a marriage in the United States is 11 years. Divorce is a reality and there are some important things you need to know from a financial and tax perspective.

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Topics: divorce, Taxes - Individual, Tax Cuts and Jobs Act of 2017

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

IRS Establishes Safe Harbor for Real Estate Rental Businesses

Posted by Zinner & Co. Tax Team on Feb 11, 2019 7:40:17 AM

The IRS recently provided guidance to real estate investors regarding the Qualified Business Income (QBI) deduction under the Tax Cuts and Jobs Act (TCJA.) One of the weaknesses of the QBI provision of the TCJA was a lack of clarity in section 199A, which allows some taxpayers with pass-through businesses (e.g. LLCs and S-Corps,) to deduct 20% of their qualifying income.

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Topics: real estate, Tax Cuts and Jobs Act of 2017, Qualified Business Income

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

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

IRS Issues Guidance on Parking Expenses for Non-Profits

Posted by Zinner & Co. Non-Profit Team on Dec 12, 2018 8:37:43 AM

IRS Issues Guidance on Parking Expenses for Non-Profit Organizations

In Notice 2018-99, the IRS issued interim guidance on an issue that has vexed not-for-profit organizations since the passage of the Tax Cuts and Jobs Act (TCJA) in December of 2017. Under the TCJA, the payment of Qualified Transportation Fringes (QTFs) by not-for-profit organizations falls under unrelated business taxable income (UBTI) and is subject to a tax of 21%.

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Topics: non-profit reporting, not-for-profit, Tax Cuts and Jobs Act of 2017

Changes to the Estate and Gift Tax Exemption under TCJA

Posted by Zinner & Co. Tax Team on Nov 29, 2018 6:30:00 AM

The Tax Cut and Jobs Act (TCJA) has brought about the largest change to the U.S. tax code in

over 30 years. One of the areas of the code that has been significantly impacted by these sweeping changes deals with estates.

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Topics: Tax Cuts and Jobs Act of 2017

Changes to 2018 Tax Code for Individuals - At a Glance

Posted by Zinner & Co. Tax Team on Nov 19, 2018 1:24:08 PM

The Tax Cuts and Jobs Act (TCJA) is the largest change to the tax code in over 30 years. To help you understand the changes to the tax code and how they may affect your individual federal return, we've created a helpful chart (below.) 

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Topics: taxes, Tax Cuts and Jobs Act of 2017

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