The IRS has recently issued new limits on qualifying pensions and retirement related accounts (see IRS Notice 2018-83.) The new amounts, which are a cost-of-living adjustment, become effective January 1, 2019.
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Posts By: Zinner & Co. Tax Team
Changes to 2018 Tax Code for Individuals – At a Glance
The Tax Cuts and Jobs Act (TCJA) is the largest change to the tax code in over 30 years. To help you understand the changes to the tax code and how they may affect your individual federal return, we’ve created a helpful chart (below.)
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The IRS Issues New Warning about New Phishing Scam
The Internal Revenue Service issued a warning about a fairly sophisticated new phishing scam. Phishing, a technique where a malefactor impersonates someone (in this case the IRS,) in an effort to steal sensitive information such as user names, passwords and account numbers.
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Dinner’s On You!
Under the Tax Cut and Jobs Act (TCJA) there has been some confusion about whether business meals would continue to be deductible as a business-related expense. The law, as worded, created some ambiguity about whether the TCJA would change how business meals would be treated.
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Seven Things to Consider When Buying out a Partner
With an increasing number of baby boomers reaching retirement age, business owners are choosing to leave the workforce. This means the end of a partnership and a change in the way you do business.
What to Keep, Toss, Shred or Scan
Every organization has that room where miscellaneous stuff accumulates. Most don’t know what’s in that room. There are holiday decorations, a couple broken chairs and rows and rows of filing cabinets. In those filing cabinets are thousands of files that everyone is afraid to get rid of, but never use.
If your organization is like most, you have thousands of documents you don’t know what to do with. Well, never fear!
ALERT: Be Wary of States Circumventing the $10,000 SALT deduction limitation
Current Law:
The Tax Cuts and Jobs Act of 2017 limits individual taxpayer’s state and local tax (SALT), itemized deduction to $10,000 (including real estate taxes). The previous law allowed an unlimited deduction. This change may be detrimental to many individual taxpayers who relied heavily on these deductions in the past.
State Work-Arounds:
Some states have considered “work-arounds” to combat this limitation. Select states (California, Connecticut, Illinois, New York and New Jersey, thus far) have created state read more…
Use of Section 529 plans now available for elementary and high school tuition
High school and elementary school tuition can now be paid through a 529 savings plan.
For many families, use of Section 529 plans or “Qualified Tuition Programs” for college tuition planning has provided a great way to exempt the growth of a dedicated asset account when used for qualified education expenses.
The 2017 Tax Cut and Jobs Act made changes to this tool to allow for up to $10,000 in annual expenses for tuition with enrollment or attendance at a qualified elementary or secondary public, private or religious school.
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Back to school sales tax holiday set for early August in Ohio
Back to school shoppers have the opportunity to pay a little bit less for purchases in early August.
Ohio’s sales and use tax holiday begins at midnight on Aug. 3 and runs through Aug. 5 at 11:59 p.m.
The state’s legislature passed legislation in March to create a permanent sales tax holiday each year on the first Friday, Saturday and Sunday of August.
read more…Deadline nears for Workers’ Compensation true-up
The deadline is approaching for private employers to “true-up” with the Ohio Bureau of Workers’ Compensation (BWC).
A press release posted on the Ohio BWC website reminds employers they have until Aug. 15 to complete an important action necessary for the BWC to accurately calculate premiums.
According to the press release, prior to each policy year (July 1- June 30), employers’ payroll amount, the basis for their premium, is estimated based on historical data. When the policy year-ends, employers are required to true-up, which means they must report the actual payroll for the policy year that ended on June 30 and reconcile any difference in premium paid.
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.
Top Four Social Media Risks for Adults
In the age of digital technology, social media has become an integral part of our daily lives. While it offers some benefits, it also brings forth some dangers that adults need to consider. From privacy concerns to mental health issues, the pitfalls of social media...
The Dangers Of A Data Breach
Unfortunately, data breaches have become all too common in today’s society. It seems that at least once a week, a company announces it was the victim of a data breach, and personal information has been compromised. For several reasons, data breach incidents hold...
The Benefits of Filing a Tax Extension
One of the most common tax-related misconceptions is that filing a tax extension increases your risk of a tax audit. This longstanding myth is simply not true, as filing a tax extension can statistically decrease the risk of an audit. In addition to...
Zinner & Co. promotes Haines and Alger to new manager roles
Firm also hires two additional employees Zinner & Co. is proud to announce two employees were recently promoted into management roles, while the firm hired two additional employees to fill important roles. Zinner & Co. Promotions Laura Haines, CPA, was...
Changes coming to 529 plans
Individuals who have set up 529 plans need to be aware of recent changes to the plans. Created to fund educational expenses, 529 plans are tax-advantaged education savings plans. All contributions to a 529 account grow tax-free, and withdrawals are tax-free if the...
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