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Provide Tax Preparers with Tax Variance Notices

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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Electronic Tax Payments: Can Individuals Pay Income Taxes Online?

Electronic Tax Payments: Can Individuals Pay Income Taxes Online?

Over the past decade, more people have moved to electronic payments of their monthly bills and expenses.

The days of sitting down and writing checks to pay bills has quickly become a thing of the past. In fact, for many people under the age of 30, they do not know, nor have they ever had a physical checkbook!

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House Bill 168 and Ohio’s State Unemployment Tax Savings

House Bill 168 and Ohio’s State Unemployment Tax Savings

As small business owners complete the second quarter 2021 filing of their state unemployment tax payments with the Ohio Department of Job and Family Services, they should be aware that tax saving benefits have been preserved for the coming years.

On June 29, Gov. Mike DeWine signed House Bill 168, which appropriates $2.2 billion of the $2.7 billion that Ohio is slated to receive this year under the federally funded American Rescue Plan. read more…

House Bill 168 and Ohio’s State Unemployment Tax Savings

DeWine Signs Tax Conformity Bill into Law

Ohio Gov. Mike DeWine signed Senate Bill 18 into law, which ensures that expenses paid with forgiven Paycheck Protection Plan loans become deductible for state income tax purposes.

The legislation, which was supported by the Ohio Society of CPAs (OSCPA) will conform tax laws in the Buckeye State with recent changes to federal tax law, including deductibility of expenses from the Paycheck Protection Program and excluding $10,200 in unemployment compensation from income tax.

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House Bill 168 and Ohio’s State Unemployment Tax Savings

Concern Over IRS Guidance on Presidential Order Deferring Payroll Tax

On Aug. 8, President Donald Trump issued a memorandum on deferring payroll tax obligations in light of the ongoing COVID-19 Disaster, which directed the Treasury Department to suspend collection of the employee portion of Social Security taxes from Sept. 1 through the end of 2020.

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IRS Clarifies 90-Day Payment Relief

IRS Clarifies 90-Day Payment Relief

On March 18, the Internal Revenue Service provided clarification to special payment relief for individuals and businesses in response to the COVID-19 Outbreak.

For individual returns, income tax payment deadlines with a due date of April 15, 2020, are automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.

This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. The IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief. 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.
Getting Older Still Has Its Tax Benefits

Bonus Senior Deduction Beginning with the 2025 tax year, seniors age 65 and older are eligible for a new tax break designed to provide meaningful relief at filing time. The new Bonus Senior Deduction, available through at least 2028, is aimed at helping...

Stay Safe While Shopping Online This Holiday Season

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Employee Leave Donation

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ODJFS adds new technology and customer service fee

In a letter dated Nov. 7, Ohio Department of Job and Family Services Director Matt Damschroder explained a new fee that employers will be charged on their quarterly unemployment insurance tax rate. Included within Ohio’s recently passed biennial budget (House Bill 96)...

What Does the Government Shutdown mean as Oct. 15 approaches?

Extended Filing Due Date Approaches for 2024 Individual Income and Gift Tax Returns As the Oct. 15, extension deadline looms for filing 2024 individual income and gift tax returns, what does the federal government shutdown mean for Internal Revenue Service employees...

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