Did you receive an Ohio Individual Income Tax Failure to File notice (ITDQ0009) from the Ohio Department of Taxation (ODT) advising you that they did not receive an Ohio Individual Income tax return?
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Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February
WASHINGTON — The Internal Revenue Service released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law.
“As advertised, most taxpayers will see a reduction of their federal withholding as a result of the recently-passed Tax Cuts and Jobs Act (TCJA). Keep in mind, though, that the full effect of the TCJA on individuals’ tax and financial situations will only begin to be known a year from now, when taxpayers begin to file their 2018 income tax returns,” said Zinner Tax Partner Howard Kass, CPA, CGMA, AEP.
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Tax Cuts and Jobs Act of 2017: What it means to you and your business
Congress is enacting the most sweeping tax legislation in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there is still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way. 
Here is a quick rundown of last-minute moves you should think about making.
IRS admits to destroying 30 million unprocessed information returns
Issue highlights another reason to file and make remittance payments electronically
The Internal Revenue Service admitted it destroyed roughly 30 million unprocessed informational returns from the 2020 tax year.
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Provide Tax Preparers with Tax Variance Notices
Often taxpayers will provide their tax preparer with most of their pertinent information needed to file tax returns. However, they sometimes forget to pass along notices from a tax authority, which could impact returns.
For instance, when the Ohio Department of Taxation identifies a perceived calculation error in an individual tax return, they issue a variance notice to the taxpayer. This notice compares the figures on the return as filed to the department’s recalculated figures and allows for the taxpayer to disagree with some or all of the adjustments by providing additional documentation.
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IRS grants rollover relief for RMDs waived under the CARES Act
The Internal Revenue Service recently announced anyone, who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts, now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.
This 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, in order to give taxpayers time to take advantage of this opportunity.
10 Things You Should Know Before April 18
If you are a taxpayer in the homestretch of preparing to file your income tax return, keep in mind these ten points that could affect your tax bill.
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4 Ways to Spot IRS Debt Collection Scammers
Extracted in part from https://www.irs.gov/uac/newsroom/irs-alerts-taxpayers-with-limited-english-proficiency-of-ongoing-phone-scams-urges-caution-before-paying-unexpected-tax-bills
How private debt collection works
The IRS reminds people to be on the lookout for scam artists trying to dupe taxpayers as the private debt collection program begins.
Starting this month, a new program will transfer some long-standing tax bills over to private firms. The only outside agencies authorized to contact taxpayers about their unpaid tax accounts will be one of four firms authorized under the new private debt collection program. Even then, any affected taxpayer will be notified first by the IRS, not the private collection firm. read more…
Firm Recognized with Business Longevity Award
The Western Reserve Historical Society was the perfect setting for the Smart Business Magazine Business Longevity Awards celebration held August 3. 
The firm, along with 43 other regional companies, were lauded for 50+, 75+, or 100+ years in business. “We’re thrilled to again be recognized by Smart Business Magazine for our 79 years in business and more so, that we are able to serve clients, many who are multi-generational, with solid, sustainable, and practical accounting, tax, and consulting services,” said Brett Neate, CPA, Partner.
(L to R: Partners Brett Neate, Howard Kass, Sue Krantz, Gabe Adler. Not pictured, Robin Baum)
Need More Time to Pay Your Taxes?
From the IRS newsroom:
All taxpayers should file on time, even if they can’t pay what they owe. This saves them from potentially paying a failure to file penalty. Taxes are due by the original due date of the return.
Here are four tips for those who can’t pay their taxes in full by the April 18 due date:
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.
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