Zinner & Co. Blog and Newsroom

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 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

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

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: Taxes - Corporate & Business, Taxes - Individual, taxes, IRS, 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: taxes, Medicare

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

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, IRS, SALT

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: withholding, taxes, income tax, SALT

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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