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Posts By: Zinner & Co. Tax Team
Tax Planning for the Paycheck Protection Program

Tax Planning for the Paycheck Protection Program

by | 19 May | , , , , , , , , , , , , , , , , , ,

During the COVID-19 pandemic, the need to plan for taxes has become even more important due to all the changes from recently passed coronavirus relief legislation and especially for those businesses seeking forgivable loans through the Paycheck Protection Program (PPP).

While the PPP legislation was designed to help businesses weather the economic storm that many “Stay at Home” orders have created by providing funding to continue to employ workers and, the ramifications of not fully understanding the restrictions for use of these funds could ultimately cause further challenge for business owners.

Zinner & Co. Tax Planning for Payroll Protection Program

Business owners and non-profits are strongly urged to reach out to their Zinner & Co. Client Service Team and should feel comfortable accessing information provided by our team of Recovery Specialists, not only in the Paycheck Protection Program (PPP) application process, but also in the proper documentation and accounting for loan proceeds.  

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Zinner & Co. Interns Succeeded During Challenging Tax Season

Zinner & Co. Interns Succeeded During Challenging Tax Season

by | 12 May | , , ,

For three Zinnner & Co. interns, their internships were ones they will likely never forget, as they had to overcome a challenging tax season.

When their internships began, Allen Li (Case Western Reserve University), Kyoko Tosi (Kent State University) and Brett Carney (CWRU) likely thought they were in for a normal tax season.

“We learned how to prepare individual tax returns and to issue the 1099 tax forms,” said Tosi. “We were provided with weeks of training, practice period and real work with senior’s reviews.”

The work kept them busy as they began an in-depth journey into the world of accounting.

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Gov. DeWine, BWC Propose $1.6 billion Dividend to Ohio Employers

Gov. DeWine, BWC Propose $1.6 billion Dividend to Ohio Employers

by | 9 Apr | , , ,

Move made to ease COVID-19 financial impact

Ohio Gov. Mike DeWine and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Stephanie McCloud today proposed giving up to $1.6 billion to Ohio employers this spring to ease the economic impact of the coronavirus pandemic on Ohio’s economy and business community.

“This is great news for Ohio’s businesses, and will assist in relieving some of the financial pressures many are experiencing,” said DeWine. “Administrator McCloud and I both encourage businesses to reinvest this money in the health and safety of their employees.” 

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What you need to know about the economic impact payments

What you need to know about the economic impact payments

by | 9 Apr | , , ,

The Treasury Department and the Internal Revenue Service recently announced the distribution of economic impact payments will begin within the next three weeks, and will be distributed automatically, with no action required by most people.

However, some seniors and others who typically do not file returns, will need to submit a simple tax return to receive the stimulus payment.

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Documents for SBA Paycheck Protection Program Application Process

Documents for SBA Paycheck Protection Program Application Process

by | 9 Apr | , , , ,

The American Institute of CPAs has recommended a defined set of documents for lenders regarding the Small Business Administration’s Paycheck Protection Program (PPP) application process.

According to the Maryland Association of Certified Public Accountants, Inc., the recommendations were informed by discussions with an AICPA-led small business funding coalition and other stakeholders in the PPP process with ties to 44,000 CPA firms, 2.5 million small businesses, and 30 million employees.

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What you need to know about the economic impact payments

Families First Coronavirus Response Act

by | 24 Mar | , , , , , ,

The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.

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The CARES Act

Zinner & Co. Response to Ohio’s Stay at Home Order

by | 23 Mar | , , ,

In response to the impact of the COVID-19 pandemic, Zinner & Co. LLP continues to focus on the health and safety of our staff, our clients and our community. As part of these continued efforts, we will be taking the following steps beginning on March 22 in response to Ohio’s “Stay at Home” order:

  • Our office will be closed to all visitors.
  • Our staff will continue to work remotely with very limited staffing of the office each day.
  • Our telephones will be answered by an auto attendant. While you will have access to our company directory when calling, extension numbers are included in the email signature of all Zinner & Co. associates. Our phones will forward to our remote work locations. 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

6 Common Tax Mistakes You Should Avoid

December 23, 2024 at 2:00 PM

Tax season is here, once again! I anticipate that this season will be different than tax years of the recent past due to the Tax Cuts and Jobs Act (“TCJA”). While a lot has changed, there are a few things about tax season that never change – mistakes. Every year...

IRS Introduces New W-4 for 2020

December 23, 2024 at 1:59 PM

The IRS has unveiled the new, redesigned Form W-4 for the tax year 2020. This new form eliminates many of the complex tables used in previous versions and includes many enhancements from the earlier draft version.The Treasury and IRS heeded calls from several...

IRS Waives Estimated Tax Penalties for 400,000 Taxpayers

December 23, 2024 at 1:59 PM

The IRS has announced it will be automatically waiving penalties for over 400,000 taxpayers. The waived penalties apply to those who have already filed their 2018 taxes, but did not file a waiver seeking forgiveness for the under-payment penalty. In March 2019, the...

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