Recently, pop star Iggy Azalea discovered (the hard way) that even though you might an iconic pop star, you still have to pay your fair share of taxes on earnings.
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Posts By: Zinner & Co. Tax Department
Should I Set Up a SIMPLE IRA For My Employees?
The October 1st deadline is fast approaching…
If you have less than 100 employees, you have until October 1 to set up a SIMPLE IRA plan for you and your employees. Keep in mind that you can’t have another qualified retirement plan (example: a 401(k), 403(b), profit sharing, or defined benefit plan) and a SIMPLE IRA.
Does the Sept. 30 IRA Beneficiary Deadline Apply to You?
September 30 marks another key date on the calendar regarding action needed to properly manage your own or an inherited IRA.
If a loved one has passed, the final determination of who the “designated beneficiaries” of a that individual’s IRA are must be completed by September 30 of the year following that person’s death. 
Related read: Important Considerations for Non-Spouse Beneficiaries
This determination is required for purposes of calculating the Required Minimum Distributions (“RMD”) from a decedent’s IRA. A “designated beneficiary,” (a term defined in the Internal Revenue Code) is one who is set to receive IRA assets when the account owner dies and to any trusts that may list specific requirements.
Relief from a Tax Penalty You May Not Have Even Known About
Did you know that small businesses that fail to file their annual retirement plan returns can face hefty fines of up to $15,000 per return? Our tax team has helped small businesses plan and prepare their annual plan returns.
Fortunately, the Internal Revenue Service recognizes that some businesses may not even realize that this requirement applies to them. As a result, a tax penalty relief program allows them to pay $500 per return for late filings, up to a maximum of $1,500. The relief is aimed at small businesses whose plans cover a 100% owner or partners in a business partnership, and their spouses.
The U.S. Department of Labor also has a relief program for businesses that have employees. If you’re not sure whether the requirements—or the relief programs—apply to you, be sure to contact us. We can offer advice on how to remain in compliance with critical regulations and minimize your tax outlays.
You Mean I Have to Take the Money?
What you need to know about required minimum distributions.
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Client Alert: Due Dates for Certain Tax Returns are Changing
There are changes in due dates coming for many different business tax returns beginning in 2017, and many business owners are unaware of these changes. What’s changing and how is it changing?
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How the 65th Day of the New Year Could Help You Save on your Taxes
The benefits of trusts in managing one’s financial affairs, both during one’s life and after one’s death, are well documented and quite significant. Among the trade-offs for their benefit are the complexity of their tax structure and the highly compressed tax brackets that apply to them. In addition, it is important to note that estates are subject to most of the same tax treatment as trusts.
My CPA Says, “Extend.” What Does That Mean to Me?
Each year, some taxpayers find themselves scrambling to find their income tax return paperwork, a year’s worth of receipts, and ultimately becomes stressed in the attempt to file their tax return by April 18. Others know and understand that simply filing a tax extension can earn them time, reduce their stress, and possibly, incur a lower tax bill.
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Money: How Much is Enough?
Financial planning is one of the most important (if not the most important) and concerning money topics that many folks share. How much should you have saved by a certain age? Should new parents start to save now for their newborn baby or is it ok to wait awhile? How much will you need in retirement for healthcare costs or everyday living? 
Is Your Employee Really an Independent Contractor? What you need to know in the eyes of the IRS
If your business uses independent contractors as part of its work force, depending on the circumstances, the IRS might reclassify these workers as employees. Such a reclassification would expose your business to employment taxes and penalties. In addition, your business might be responsible for retroactive fringe benefits for any reclassified workers.
Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
Getting Older Still Has Its Tax Benefits
Bonus Senior Deduction Beginning with the 2025 tax year, seniors age 65 and older are eligible for a new tax break designed to provide meaningful relief at filing time. The new Bonus Senior Deduction, available through at least 2028, is aimed at helping...
Stay Safe While Shopping Online This Holiday Season
The holiday season is a time for joy, giving, and finding the perfect gifts for friends and family. Online shopping makes this easier than ever, but it also brings risks like scams, fraud, and cyber threats. To help you shop with confidence, here are 10 essential tips...
Employee Leave Donation
You may have heard the terms “donated leave” or “leave sharing” being used within the business community over the past few years. This has been something that various companies have adopted to help boost morale, promote compassion, and support their employees....
ODJFS adds new technology and customer service fee
In a letter dated Nov. 7, Ohio Department of Job and Family Services Director Matt Damschroder explained a new fee that employers will be charged on their quarterly unemployment insurance tax rate. Included within Ohio’s recently passed biennial budget (House Bill 96)...
What Does the Government Shutdown mean as Oct. 15 approaches?
Extended Filing Due Date Approaches for 2024 Individual Income and Gift Tax Returns As the Oct. 15, extension deadline looms for filing 2024 individual income and gift tax returns, what does the federal government shutdown mean for Internal Revenue Service employees...
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