The IRS has announced that the contribution limits for Flexible Spending Accounts (FSA) contribution limits have been increased to $2750 for the plan year beginning 2020.
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Ask the Expert: What Does ‘Like-Kind’ Mean in a 1031 Exchange?
Q: What Does ‘Like-Kind’ Mean in a 1031 Exchange?
A: As you are probably aware, a 1031 Exchange refers to a provision in the U.S. tax code, which allows real estate investors to sell or dispose of a piece of real property and purchase another piece of “like-kind” property without incurring any short-term tax consequences. But what does like-kind mean? read more…
Ohio House Passes Bill Reducing Taxes for Lawyers, Lobbyists & Teachers
The Ohio General Assembly unanimously passed a bill that reverses a previous tax measure, passed in July, that required lawyers and lobbyists to pay tax on the first $250,000 of income they earned.
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Ask The Expert: Someone told me I could be impacted by depreciation recapture even though I didn’t claim depreciation – is this true?
Ask the Expert: I sold my income property. Someone told me I could be impacted by depreciation recapture even though I didn’t claim depreciation – is this true?The short answer is, yes.
Certain types of assets can be depreciated and are subject to depreciation recapture; among these are investment rental properties. read more…
Lessons from this Tax Season
Well…it’s over. This year’s individual tax return filing deadline has come and gone. As the dust settles and we take stock of this year’s tax season, a few trends have appeared.
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IRS Sending Warning Letters to Cryptocurrency Holders
The IRS has begun sending letters to more than 10,000 cryptocurrency holders with a warning that they may have violated federal tax law.
The letters state those who have profited from the trade or use of cryptocurrencies (such as Bitcoin) may be subject to a variety of taxes including capital gains.
Ohio Initiates New Registration Process for New Pass-Through Entities
The Ohio Department of Taxation announced they have begun a new process for 
registering new pass-through entities (PTE.) In the past, the department’s old computer system registered and created accounts for new PTEs upon the filing of their first return. One challenge with this process was that many PTEs made estimated payments prior to filing their first return. read more…
Ohio House and Senate Reach Resolution on BID
The Ohio House and Senate passed two different – and conflicting – budget bills prior to the June 30th deadline. A major point of contention between the bills was the treatment of Ohio’s Business Income Deduction (BID).
Changes to Ohio’s Business Income Deduction Still Undecided
Ohio’s state constitution requires that the state’s biennial budget be approved by June 30. That deadline has come and gone and Ohio’s Legislature has not yet passed a budget. The house and senate both approved a measure that extends state funding at current levels for 17 days while lawmakers try to compromise on the 3,000+-page budget bill.
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Important Tax Dates and Deadlines for 2019
Well, 2019 is right around the corner, and before you know it important tax-
related deadlines will be upon us. Due to changes in the tax code created by the Tax Cuts and Jobs Act (TCJA) we highly recommend you allow extra time in gathering required information for the 2018 tax season.
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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