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Posts By: Zinner & Co. Tax Team
Reporting of Other Government Payments

Reporting of Other Government Payments

by | 21 Jan | , , , ,

Many businesses who received Ohio Bureau of Worker Compensation rebate or dividend checks during 2020 recently received a letter from the Ohio Bureau of Workers Compensation requesting that they provide the BWC a completed Form W-9 to provide the information needed to complete the IRS tax statement Form 1099-G, which reports taxable Government Payments. This action also indicates that these rebate payments could potentially be subject to both Ohio state income tax and Commercial Activity Tax.

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New 1099-NEC Form For Nonemployee Compensation

New 1099-NEC Form For Nonemployee Compensation

by | 23 Nov | , , , , ,

The PATH Act accelerated the due date for filing Form 1099 that includes nonemployee compensation (NEC) from February 28 to January 31 and eliminated the automatic 30-day extension for forms that include NEC. Starting with tax year 2020, taxpayers should use Form 1099-NEC to report nonemployee compensation.

IRS-Internal-Revenue-Service-Logo-2to1Form 1099-NEC replaces the use of box 7 on Form 1099-MISC from previous years. Other uses of 1099-MISC have not changed and will continue to be used for common payments such as rent and payments to an attorney.

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Distribution of $1.3 Billion in OBWC Rebates Set To Begin

Concern Over IRS Guidance on Presidential Order Deferring Payroll Tax

by | 25 Sep | , , , , , ,

On Aug. 8, President Donald Trump issued a memorandum on deferring payroll tax obligations in light of the ongoing COVID-19 Disaster, which directed the Treasury Department to suspend collection of the employee portion of Social Security taxes from Sept. 1 through the end of 2020.

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President’s Memorandum on Deferring Payroll Tax Obligations

President’s Memorandum on Deferring Payroll Tax Obligations

by | 21 Aug | , ,

A.K.A. Executive Order – Payroll Tax Holiday

On Aug. 8, President Trump issued a number of Executive Orders to address the fact Congress was unable to come to an agreement to provide additional stimulus to the economy, which continues to lag during the prolonged COVID-19 pandemic.

The “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” which many people refer to as the “Payroll Tax Holiday” order, was issued to provide additional economic relief to workers.

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Distribution of $1.3 Billion in OBWC Rebates Set To Begin

Zinner & Co. Adopting QuickBooks Support Policy

by | 29 Jun | , ,

Zinner & Co. has officially adopted Intuit’s QuickBooks Discontinuation policy.

If you are using QuickBooks version 2017 or older, we encourage you to upgrade to maintain compliance. This policy will maintain support for the three most recent versions of Intuit QuickBooks.

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QuickBooks Desktop 2020 includes new productivity-boosting features to help you save more time and stay more organized. Some of the new/improved features include:

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Ohio BWC Defers Monthly Premium Payments For Summer 2020

Ohio BWC Defers Monthly Premium Payments For Summer 2020

by | 26 Jun | , , ,

On May 28, Ohio Gov. Mike DeWine announced the Ohio Bureau of Workers’ Compensation (BWC) will defer Ohio employers’ premium installments this summer.

DeWine’s announcement was to help businesses focus on the well-being and safety of their customers and employees.

Businesses will have the option to defer their monthly premium payments with no financial penalties in the months of June, July, and August.

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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

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December 23, 2024 at 2:10 PM

More and more third parties are looking at not-for-profit organizations’ IRS Form 990, so don’t just report; learn how you can use your 990 to tell your organization’s story. The 990 is an annual informational tax return that is required to be filed by not-for-profit...

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