Blog & Newsroom

Posts By: Zinner & Co. Tax Department
Ohio to Offer Tax Amnesty Jan. 1-Feb. 15, 2018

Ohio to Offer Tax Amnesty Jan. 1-Feb. 15, 2018

by | 21 Nov | ,

Ohio taxpayers with outstanding bills will have a window to pay up without penalty.

The Ohio Department of Taxation is offering amnesty from Jan. 1 to Feb. 15, 2018 to individual and business taxpayers.

Tax commissioner speaks at Columbus Accounting Show

ODT has launched a statewide campaign to raise awareness of the amnesty. Ohio Tax Commissioner Joe Testa kicked off the effort Nov. 10 by discussing the issue with attendees at OSCPA’s Columbus Accounting Show.

The Department of Taxation will offer amnesty on the following:

    • Individual taxes
    • School district income taxes
    • Employer withholding taxes
    • Employer withholding for school district income taxes
    • Pass-through entity taxes sales tax
    • Use taxes
    • Commercial activity
    • Financial institutions
    • Cigarette and other tobacco products
    • Alcoholic beverage

Amnesty is available only for taxes that were due and payable as of May 1, 2017, and still remain underreported or unreported. Those who fully pay qualifying tax delinquencies will owe no penalties and only half the interest normally charged. The program does not apply to any tax for which a notice of assessment or audit has been issued, for which a bill has been issued, that relates to a still-open tax period, or for which an audit has been conducted or is pending.

Taxpayers can learn more and determine eligibility at www.OhioTaxAmnesty.gov; or by calling 800-304-3211.

This article appears courtesy of the Ohio Society of CPAs Community News published Nov. 16, 2017. 

Tax_Team.jpg
Good News for Many Plagued by Strict IRS Rules on Home Mortgage Interest Deduction

Good News for Many Plagued by Strict IRS Rules on Home Mortgage Interest Deduction

by | 25 Jul |

Traditionally, taxpayers have been able to deduct mortgage interest paid on mortgages of up to $1 million and Home Equity Lines of Credit of up to $100,000, for a total of $1.1 million in debt upon which mortgage interest paid can potentially be deductible. Couple in home w computer stock.jpg

These rules apply to both single and married filing joint taxpayers. Taxpayers married filing separate will see the qualifying debt limits reduced by half ($500,000 mortgage and $50,000 Home Equity Line of Credit).

There have been several situations in which taxpayers have struggled to find common ground with the IRS, including

read more…
I Just Received a Huge Tax Refund! Why this may not be a good thing to brag about…

I Just Received a Huge Tax Refund! Why this may not be a good thing to brag about…

by | 29 Jun | , ,

I pay all the taxes owed, and not a penny more” – Mitt Romney

business millionaire over white - dollars coming down.jpeg

For many taxpayers, the dread of gathering information, preparing a tax return, and filing it is tedious and time consuming. However, just as the sun shines brightest after a rain, cheers and smiles replace the angst of prep when the tax refund check makes its way to the bank account. 

“I’m going to … take a trip, buy a TV, go shopping…” After all, a common thought when receiving the refund is “it’s my money AND it is a refund! I should live a little.”

read more…

Oops. What you need to know if you discover an error after you have filed your income tax return.

by | 29 Jun | , ,

If you discover an error after filing your return, you may need to amend your return. The IRS may correct mathematical or clerical errors on a return and may accept returns without certain required forms or schedules. Laptop Work-2.jpg

In these instances, there’s no need to amend your return. However, do file an amended return if there’s a change in your filing status, income, deductions, or credits. Use Form 1040X (PDF), Amended U.S. Individual Income Tax Return, to correct a previously filed Form 1040 (PDF), Form 1040A (PDF), Form 1040EZ (PDF), Form 1040NR (PDF), Form 1040NR-EZ (PDF), or to change amounts previously adjusted by the IRS.

You can also use Form 1040X to make a claim for a carryback due to a loss or unused credit; however, you may also be able to use Form 1045 (PDF), Application for Tentative Refund, instead of Form 1040X. Also, if the Form 8938 (PDF), Statement of Specified Foreign Financial Assets, applies to you, file it with an annual return or an amended return. See the Form 8938 Instructions for more information.

Learn more about income tax planning from the Zinner & Co. tax team

read more…

About Us

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.

Recent Blog Posts

9 Tips to Make Your Business More Salable

December 23, 2024 at 2:14 PM

You’ve put your blood, sweat and tears into creating and building a business, but at some point it will be time to think about how to sell it and move onto the next phase of your life. A key consideration for what the “next phase of life” looks like is often dependent...

5 Ways to to Grow Revenue from Your Existing Clients

December 23, 2024 at 2:12 PM

  As speculation about the state of the world economy continues, many companies are beginning to think about how to grow their revenues. One of the best places to start is to mine your current roster of clients. Studies suggest that existing clients are 50% more...

5 Tips to Help You Keep Your Best Employees

December 23, 2024 at 2:11 PM

Next to your customers, your employees should be your most valuable asset. They are the face and image of your company to your customers and prospects. But good workers are in high demand and it can be hard to keep your best and brightest. You don’t have to sit idly...

Have Nagging Financial Questions?

Ask The Expert

Send us your questions and we’ll share our insights with you on our blog!

Categories

Share Your Idea For 
A Zinner Blog Article

Submit Your Idea