Based on presentation by Robin Baum at the 2016 Cleveland Boy Scout Estate Planning Seminar. Article submission to the Ohio Probate Law Journal
read more…
New Regulations for Longevity Income Annuities
Posted by: Michael Hermes, Tax Senior
read more…Goodbye IRS Letter Forwarding Program
The Internal Revenue Service just issued a Revenue Procedure revising the scope of the IRS letter-forwarding program: the IRS will no longer forward letters on behalf of plan sponsors or administrators of qualified retirement plans (including qualified termination administrators of abandoned plans), who are attempting to locate missing plan participants and beneficiaries.
read more…When Does Once a Year Really Mean Once a Year?
Posted by: Howard J. Kass, CPA, AEP®
read more…The Many Benefits of a SEP
Posted by: Robert O’Neil, CPA
read more…Inflation Adjustments for 2014
The IRS recently announced 2014 inflation adjustments for several key tax provisions including the following:
read more…
New Legislation Includes Tax-Free IRA Distributions
As anticipated, Congress has written new legislation extending certain tax provisions. “Protecting Americans From Tax Hikes Act of 2015” is expected to be signed by President Obama within the next several days.
One important provision has permanently extended the rule which allows tax-free IRA distributions (up to $100,000) to charitable organizations, and will be retroactive to January 1, 2015. This rule allows owners of IRAs who are at least 70 1/2 years of age to direct up to $100,000 of their IRA distributions to charity. 
The funds that are given to charity are counted toward the IRA owner’s annual required minimum distribution, or RMD. Since these funds are going directly to charity, the distribution is not included in one’s Adjusted Gross Income (A.G.I.), which helps in potentially reducing state income taxes, and may also allow certain other tax breaks to occur, due to a lower A.G.I. (i.e., medical expenses and miscellaneous itemized deductions).
Legislation affecting tax law can be confusing. The Zinner tax department is up-to-date with the latest provisions affecting individuals and businesses and is ready to help ensure your financial strategy remains favorable, If you have any questions or concerns about taxes or your IRA, please contact me at gsigman@zinnerco.com or 216-831-0733. I’m ready to start the conversation and help you guide your retirement plan.
Rollover of After-Tax Dollars from 401(k) Plans
Posted by: Gary M. Sigman, CPA, MTax, PFS, AEP®
read more…IRS Announces Increased Contribution Limits for Qualified Retirement Plans
Posted by: Colleen Kaminsky, CPA
read more…The Tax Implications of Divorce
Posted by: Gary M. Sigman, CPA, MTax, PFS
read more…
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.
Electronic payment requirement will not affect 2024 tax returns
There will soon be a big change for some taxpayers in how they send tax payments to the federal government or receive refunds. Executive Order 14247, Modernizing Payments to and from America’s Bank Account, is intended to modernize financial operations, reduce costs,...
New Ohio Withholding Rates Go Into Effect on Oct. 1
Ohio employers and employees should prepare for an important payroll update this fall. Starting Oct. 1, the Ohio Department of Taxation will implement new state income tax withholding tables. The change was necessitated by the passage of House Bill 96, the state’s...
The Opportunities and Risks of AI to End Users
Artificial intelligence (AI) is not just for tech companies and research labs; it is quickly becoming part of everyday life. Today, many people are already using AI without even realizing it, and in the next few years, it will be as common as smartphones or Wi-Fi. Let...
Zinner & Co. joins the Ohio Accounting Talent Coalition
Like many other industries, there is a shortage of talent entering the public accounting industry. To combat this issue, the Ohio Society of Certified Public Accountants (OSCPA) formed the Ohio Accounting Talent Coalition (OATC), whose mission is to create a thriving...
Executive Order Requires Electronic Payment of Federal Tax
On March 25, President Donald Trump signed Executive Order 14247, Modernizing Payments to and from America’s Bank Account. The Executive Order is intended to modernize financial operations, reduce costs, minimize fraud and eliminate inefficiencies associated with...
Send us your questions and we’ll share our insights with you on our blog!