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.
Should I Take the Educational Tax Breaks or My Child?
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Who should take the educational tax breaks, me or my child?
That’s a great question! The answer is: It depends.
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The IRS recently issued a warning to taxpayers who are seriously delinquent on their tax debt – you may be unable to attain a new passport or renew your existing one. read more…
The Ohio Bureau of Workers’ Compensation (BWC) Board of Directors has announced they have approved a 20% cut in premiums for private employers. The cut was proposed by BWC’s Director and CEO.
You check your mail and you see the return address, IRS. Your first thought? Well, that can’t be good. You open up the letter and you read that you’re being audited. Look on the bright side – less than 1% of returns get audited each year, you’re just one of the lucky ones! All jocularity aside, there’s nothing to panic about. read more…
The Treasury Department and the IRS have issued guidance that provides a safe harbor for calculating depreciation deductions from passenger vehicles that qualify for the 100% additional first year depreciation deduction.
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First, a joke about catch up…
“Three tomatoes are walking down the street…papa tomato, mama tomato and baby tomato. Baby tomato starts lagging behind and papa tomato gets really angry, goes back and squishes him and yells… CATCH UP!!!!”
That joke isn’t going to get a lot of laughs at the IRS (alright, I admit it won’t get laughs 
anywhere else either) as they try to get caught up after the longest government shutdown in U.S. history. The shutdown, which lasted 35 days and affected the majority of the IRS’s workforce, has had a profound impact on an agency that had already been running very lean. read more…
On July 24, Zinner & Co. honored Gabe Adler, CPA, CGMA, Partner and Howard Kass, CPA, CGMA, AEP, Partner, for their nearly 90 combined years of public accounting experience with a retirement party at Acacia Clubhouse in Lyndhurst.
Both Adler and Kass graduated from Cleveland Heights High School in 1971 and 47 years later, they are both retiring after successful careers.
“In today’s world, it’s almost unheard of to have that kind of longevity in a single field and most notably, together in the same firm for the last 19 years,” said Zinner & Co. Managing Partner Robin Baum, CPA.
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IRS Issues Guidance on Parking Expenses for Non-Profit Organizations In Notice 2018-99, the IRS issued interim guidance on an issue that has vexed not-for-profit organizations since the passage of the Tax Cuts and Jobs Act (TCJA) in December of 2017. Under the TCJA,...
In late October, the Financial Crimes Enforcement Network (FinCEN) announced that certain victims of Hurricane Milton will receive an additional six months to submit Beneficial Ownership Information (BOI) reports. To qualify for the extension, reporting companies must...
Following a letter from the American Institute of CPAs, the Internal Revenue Service announced on Oct. 1 that it would grant disaster tax relief for all individuals and businesses affected by Hurricane Helene. The IRS is offering relief to affected areas, including...
DOL Final Rules on Independent Contractor Classification One of the most frequently asked questions clients have is whether someone providing services to their business should be classified as an employee or an independent contractor. Unlike so many other issues, the...
A recent data breach has compromised the sensitive personal information of billions of individuals from a national public database. National Public Data, a data broker that sells personal information to private investigators, consumer public record sites, human...
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