Zinner & Co. Blog and Newsroom

What Will the Government Shutdown Mean to Your Tax Return?

Posted by Zinner & Co. Tax Team on Jan 8, 2019 1:20:22 PM

Unless you’ve been hiding under a rock, you’ve probably heard about the battle between the President and Congress over funding for a southern border wall. The government “shutdown” created by the impasse has created a lot of uncertainty about many government-provided services.

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Topics: IRS, taxes, Taxes - Individual, Taxes - Corporate & Business, Shutdown

BEWARE OF IRMAA!

Posted by Zinner & Co. Tax Team on Dec 11, 2018 8:00:00 AM

What’s IRMAA? 

IRMAA stands for Income-related Monthly Adjustment Rate, and it is a monthly surcharge levied on high-income retirees as an adjustment to the fee they pay for Medicare Parts B and D coverage.
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Topics: Medicare, taxes

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: planning, taxes, income tax

IRS Issues Guidance on Tax Withholding

Posted by Zinner & Co. Tax Team on Dec 5, 2018 9:00:00 AM

 

The IRS recently issued guidance on tax withholding for the coming year. The redesign of the W-4 has been tabled until 2020 after the proposed form met with heavy criticism from groups like the American Society of CPAs. The W-4 for 2019 will be essentially the same as the 2018 with the exception of changes to the “withholding allowance” terminology used in the Tax Cuts and Jobs Act (TCJA.)

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Topics: withholding, taxes, SALT, IRS

Ohio to Change Income Tax Withholding

Posted by Zinner & Co. Tax Team on Dec 4, 2018 1:02:00 PM

Ohio Tax Commissioner Joe Testa has announced that effective January 1, 2019, there will be changes to the state’s income tax withholding tables.  These changes will be the first to the state’s withholding amounts since 2015.

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Topics: taxes, SALT, income tax, withholding

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

10 Things You Should Be Doing NOW to Prepare for Tax Season

Posted by Zinner & Co. Tax Team on Oct 23, 2018 6:07:00 AM

10 Things You Should Be Doing NOW to Prepare for Tax Season

The Tax Cut and Jobs Act (TCJA) has brought about the largest change in the tax code in over 30 years. The changes will have a much greater impact on the coming tax season than most realize, so we recommend you take a proactive approach to tax preparation this year.

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Topics: Tax Cuts and Jobs Act of 2017, taxes, planning

ALERT: Be Wary of States Circumventing the $10,000 SALT deduction limitation

Posted by Zinner & Co. Tax Team on Sep 20, 2018 10:19:00 AM

Current Law:

The Tax Cuts and Jobs Act of 2017 limits individual taxpayer's state and local tax (SALT), itemized deduction to $10,000 (including real estate taxes). The previous law allowed an unlimited deduction. This change may be detrimental to many individual taxpayers who relied heavily on these deductions in the past.

State Work-Arounds:

Some states have considered "work-arounds" to combat this limitation. Select states (California, Connecticut, Illinois, New York and New Jersey, thus far) have created state

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Topics: Tax Cuts and Jobs Act of 2017, deductions, tax avoidance, taxes, IRS, Taxes - Planning, Rules and Returns, Taxes - Individual

Groundbreaking Sales & Use Tax Case Decided by the Supreme Court

Posted by Matt Szydlowski, CPA on Jun 29, 2018 8:38:52 AM

On June 21, the Supreme Court handed down a landmark decision in South Dakota vs. Wayfair (“Wayfair”).   The fallout of this decision will significantly change the way online vendors handle sales and use (“S&U”) tax for out-of-state consumers going forward.  It will, therefore, also affect online consumers.  Are you impacted!?

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Topics: taxes, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual

The new tax law will change divorce tactics

Posted by Zinner & Co. Tax Team on May 7, 2018 2:55:00 PM

When couples divorce, financial negotiations often involve alimony. The tax rules regarding alimony were dramatically changed by the Tax Cuts and Jobs Act (TCJA) of 2017, but existing agreements have been grandfathered. In addition, the old rules remain in effect for divorce and separation agreements executed during 2018. Next year, the rules will change, and the roles will be reversed.

Under divorce or separation agreements executed in 2018, and for many years in the past, alimony payments have been tax deductible. Moreover, these deductions reduce adjusted gross income, so they may have benefits elsewhere on a tax return. While the spouse or former spouse paying the alimony gets a tax deduction, the recipient reports alimony as taxable income.

Shifting into reverse

Beginning with agreements executed in 2019, there will be no tax deduction for alimony. As an offset, alimony recipients will not include the payments in income.

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Topics: Tax Cuts and Jobs Act of 2017, divorce, alimony, taxes, tax avoidance, Taxes - Planning, Rules and Returns, Taxes - Individual

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