If you make a donation to a charity this year, you may be able to take a deduction for it on your tax return. Here are the top ten things the IRS wants every taxpayer to know before deducting charitable donations:
Posts By: Zinner & Co. Tax Team
Yes, You Can Be Paid Too Much . . . Or Too Little: Understanding Shareholder Compensation
Employees of closely held corporations, whether structured as a C corporation or an S corporation, who also serve as shareholders of that same corporation, may find themselves in a precarious position when it comes to determining their compensation.
IRS Warns of New Phone Scam Involving Bogus Certified Letters; Reminds People to Remain Vigilant Against Scams, Schemes this Summer
WASHINGTON – The Internal Revenue Service again warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details. 
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IRS To End Offshore Voluntary Disclosure Program
The IRS announced today that it was going to end the Offshore Voluntary Disclosure Program (OVDP) by September 28, 2018. The Service is giving taxpayers just over six months’ notice of the program closure to allow any taxpayers who wish to do so the opportunity to take advantage of the program before then.
The current program has been in place since 2014 and is, actually, a modified version of the one that was originally launched in 2012. The programs have afforded taxpayers to voluntarily resolve past non-compliance issues related to unreported foreign financial assets, as well as failures to file foreign information returns. read more…
IRS Increases Mileage Rates for 2019
The IRS has announced the 2019 standard mileage rates used for calculating deductible costs for operating an automobile for business, charitable, medical or moving purposes.
Use of Donor Advised Funds is on the Rise!
Donor advised funds appear to be gaining in popularity and use. Part of the reason for this is due to changes in the tax code brought about by the 2017 Tax Cut and Jobs Act (TCJA.) The TCJA has made significant changes to the deductibility of charitable gifts…
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BEWARE OF IRMAA!
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. read more…
IRS Issues Guidance on Tax Withholding
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.)
Ohio to Change Income Tax Withholding
Ohio Tax Commissioner Joe Testa has announced that effective January 1, 2019, there will
10 Things You Should Be Doing NOW to Prepare for Tax Season
10 Things You Should Be Doing NOW to Prepare for Tax Season
The Tax Cut and Jobs Act (TCJA) has brought about the largest change in the tax code in over 30 years. The changes will have a much greater impact on the coming tax season than most realize, so we recommend you take a proactive approach to tax preparation this year.
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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.
Key Things You Need to Know About Directors and Officers (D&O) Insurance
If you’re on a Board of Directors, serve as an Officer or are on the executive team of a company or board of directors, there is a type of insurance you need to know about – Directors and Officers Insurance (known as D&O Insurance.) We usually advise our clients...
11 Free (or Nearly Free) Software Solutions Every Non-Profit Should Know About
If you manage a not-for-profit, you know you’re always trying to do more with less. You keep a tight budget and splurging on luxuries is out of the question. When it comes to software, there are a lot of great solutions that are free (or deeply discounted) for...
8 Keys to Ensure a Smooth Audit
Audits are important. Investors, lenders, government agencies, potential buyers and - in the case of not-for-profit organizations, your donors - rely on audit reports to assess your organization. Audits can be long, arduous, headache-inducing ordeals…but they don’t...
Home Internet Devices Can Pose Multiple Security Concerns
The vulnerability of home IoT (Internet of Things) devices is a significant concern due to several factors. While not all devices are equally vulnerable, there are common challenges and risks associated with their use. Lack of Security Standards Many IoT devices lack...
Change In Federal Law To Affect Military Member Tax Residency
A change to the Veterans Auto and Education Improvement Act of 2022 will affect military members and their spouses by giving them options to claim residency for tax purposes. Starting in tax year 2023 and going forward, service member and their civilian spouses can...
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