For many commercial real estate owners, the real estate bubble of 2008 was far in the rearview mirror as they rang in the 2020 New Year.
Nearly 12 years later, they survived the drop in property valuations, frozen lines of credit, mortgage defaults and renegotiations, which the credit markets had served up in 2008. Little did they know, the arrival of the COVID-19 pandemic in the U.S. would usher in a far greater challenge than they ever experienced.
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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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Having been a CPA for over 30 years, I can honestly say that the last three months of my career have been some of the most challenging, but also some of the most rewarding.
The coronavirus pandemic has changed the way that all of us work and also how we see the world. For many years, I cherished the role of being my clients “most trusted advisor.” This meant I provided financial counsel related to income and estate tax matters and assisted in management consulting projects to help business owners maximize their profits. While all of these types of engagements brought value to the business owner, little did I know 2020 would transform my role to becoming a “front line” worker.
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During the COVID-19 pandemic, the need to plan for taxes has become even more important due to all the changes from recently passed coronavirus relief legislation and especially for those businesses seeking forgivable loans through the Paycheck Protection Program (PPP).
While the PPP legislation was designed to help businesses weather the economic storm that many “Stay at Home” orders have created by providing funding to continue to employ workers and, the ramifications of not fully understanding the restrictions for use of these funds could ultimately cause further challenge for business owners.
Business owners and non-profits are strongly urged to reach out to their Zinner & Co. Client Service Team and should feel comfortable accessing information provided by our team of Recovery Specialists, not only in the Paycheck Protection Program (PPP) application process, but also in the proper documentation and accounting for loan proceeds.
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Since April, Zinner & Co. staff members have held weekly Zoom meetings.
As part of the discussion, staff members talked about the “silver linings” that they have found during the COVID-19 pandemic.
Here are a few of the notable positive actions and thoughts to come out of these discussions: read more…
Since April, Zinner & Co. staff members have worked hard to maintain regular communication with their clients during the COVID-19 pandemic.
During some of our conversations, we have heard many uplifting stories of how our clients are making the most of the “Stay at Home” order. Here are few stories we wanted to bring to your attention: read more…
During the current “Stay at Home” issued by Ohio Gov. Mike DeWine, Zinner & Co. staff are working remotely to meet the needs of all of our clients.
Thanks to the efforts of all Ohioans, in April we have successfully “flattened the curve” and avoided overwhelming our hospitals with COVID-19 cases.
By practicing social distancing during this challenging time, you have helped to make a difference and save lives.
In late April, Gov. DeWine announced the Responsible Restart Ohio Program, which allowed healthcare institutions including hospitals, clinics, dental offices and veterinarians to begin outpatient procedures and treatments for other life threatening conditions on May 1. read more…
For three Zinnner & Co. interns, their internships were ones they will likely never forget, as they had to overcome a challenging tax season.
When their internships began, Allen Li (Case Western Reserve University), Kyoko Tosi (Kent State University) and Brett Carney (CWRU) likely thought they were in for a normal tax season.
“We learned how to prepare individual tax returns and to issue the 1099 tax forms,” said Tosi. “We were provided with weeks of training, practice period and real work with senior’s reviews.”
The work kept them busy as they began an in-depth journey into the world of accounting.
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Ohio Gov. Mike DeWine and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Stephanie McCloud today proposed giving up to $1.6 billion to Ohio employers this spring to ease the economic impact of the coronavirus pandemic on Ohio’s economy and business community.
“This is great news for Ohio’s businesses, and will assist in relieving some of the financial pressures many are experiencing,” said DeWine. “Administrator McCloud and I both encourage businesses to reinvest this money in the health and safety of their employees.”
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The City of Cleveland wants to help businesses in the city, who were impacted by COVID-19.
Until Jan. 1, 2021, the City of Cleveland is offering loans of up to $10,000 with 0 percent interest. Loan payments of $150 per month would begin on Jan. 1, 2021.
The recently enacted One Big Beautiful Bill Act introduces a major change to the federal tax code, delivering welcome news for both employees and employers for tax years 2025 through 2028, as qualified overtime pay will not be subject to Federal income tax. This move...
The One Big Beautiful Bill Act (OBBBA), also known as H.R. 1, was signed into law in July 2025, bringing significant changes to the rules governing charitable contribution deductions for taxpayers who itemize. If you regularly make charitable donations and claim them...
When it comes to retirement planning, most individuals do not begin to seriously consider their options until they are well into their working years. Even fewer people think about laying the groundwork for their children’s retirement. However, with the passage of the...
The One Big Beautiful Bill Act (OBBBA) brings a host of impactful tax changes, and one of the most significant for businesses is the enhancement of bonus depreciation. This provision is designed to provide immediate tax relief and incentivize investment in new assets....
Beginning in 2026, a significant tax benefit will be available for taxpayers who make charitable donations, even if they do not itemize deductions on their tax returns. Historically, only those who itemized were able to deduct charitable contributions, which left many...
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