For many companies, keeping close tabs on revenue, expenses, and profit is the number one priority. However, companies that carry inventory may not realize its direct effect on profitability. This effect is known as shrinkage. Shrinkage is the excess amount of inventory (in accounting records) that no longer exists in the actual inventory. In other words, it is a loss of inventory. There are several causes of shrinkage, such as:
Q: I’m concerned. I was sure I paid my income tax this year when I filed, but I have just received a call from someone saying they are an authorized IRS collection agent and I need to pay a small balance now due ($350). The agent said I should pay by prepaid debit card. What do you recommend?
– Bailey J., Private Business Owner
Akron, OH
A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in today” message before the request.
What caught our eye today? This article by Emily Valla, special to the Idaho Statesman.
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On December 18, 2015, President Obama signed legislation called “Protecting Americans from Tax Hikes” Act of 2015, or the PATH Act for short. 
The PATH Act contained many extensions and changes to existing tax laws. The Act also included a provision which will delay refunds for certain taxpayers. The IRS is now required to not issue a refund to anyone claiming the Earned Income Tax Credit or the Additional Child Tax Credit until February 15. Both of these refunds are considered “refundable credits,” which are essentially treated as additional tax payments, and can reduce one’s tax liability below zero. More, the PATH Act was enacted to give the IRS more time to review refund claims, in an effort to reduce fraud and catch refunds that may be improperly issued.
Do you have questions about the PATH Act, your refund, or income tax preparation? Let’s talk! Contact me at btheofilos@zinnerco.com or any of the professionals here at 216.831.0733. We’re ready to start the conversation and end the confusion.
By Howard Kass, CPA, CGMA, AEP®
Partner
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