On Jan. 1, new rules targeting the origin of electric vehicle battery materials from countries considered hostile to the U.S. went into effect and limited the number of EVs eligible to receive U.S. tax credits.
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Hurricane Ian Casualty Loss
Many of our clients who live in the Southwest Florida region, as well as North and South Carolina, were affected by Hurricane Ian.
On Oct. 5, 2022, the IRS published IR-2022-173, which allows hurricane victims in those states an extension of time to file their 2021 income tax returns until Feb. 15, 2023. This meant that if a valid extension was granted for your individual tax return through until Oct. 17, 2022, you had until Feb. 15. The affected states have followed the same stance as well. read more…
Sale of Home and Capital Gains Tax
Are you thinking about selling your home but worried about the additional tax it could generate?
It is possible that you could be one of the many who can sell your home while avoiding the capital gains tax. read more…
New changes abound for IRS in 2023, but one problem remains – backlogs
A new year ushers in many changes for the Internal Revenue Service, but one massive problem will not go away – backlogs.
While the IRS still must deal with a backlog of mail and a backed-up phone system that leaves taxpayers and practitioners on hold and frequently drops the call, changes are in the works. Among them are a potential new commissioner (Danny Werfel was nominated for the role in November 2022) and an increased budget that will give the IRS billions of dollars to spend, although it has less than two months left to develop a spending plan.
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IRS to increase mileage rate for 2023
On Dec. 29, the Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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2023 Health Savings Account Limits
The Internal Revenue Service announced in late April Health Savings Accounts (HSA) limit for 2023.
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IRS announces penalty relief for certain 2019 and 2020 returns
$1.2 billion in penalties will be refunded to 1.6 million taxpayers
In late August, the Internal Revenue Service announced on its website that it had issued Notice 2022-36, which will provide penalty relief to most taxpayers who filed certain 2019 or 2020 tax returns late.
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Where Is My Tax Refund?
In late May, the Internal Revenue Service enhanced the Where’s My Refund? tool on their website.
This new feature allows taxpayers to check the status of their refunds for current tax year and two previous years.
In order to check their refund status, taxpayers will need to provide their Social Security number or ITIN, filing status and expected refund amount from the original filed tax return for the tax year they are checking.
Previously, Where’s My Refund? only displayed the status of the most recently filed tax return within the past two tax years. Information available to those calling the refund hotline will be limited to the 2021 tax return.
Using the Where’s My Refund? Tool, taxpayers can check the status of their refund within:
• 24 hours after e-filing a tax year 2021 return
• Three or four days after e-filing a tax year 2019 or 2020 return
• Four weeks after mailing a return
The IRS reminds taxpayers that the Online Account continues to be the best option for finding their prior year adjusted gross income, balance due or other type of account information.
“We encourage those who expect a refund, but requested an extension, to file as soon as they’re ready,” said IRS Commissioner Chuck Rettig. “We process returns on a first-in basis, so the sooner the better. There’s really no reason to wait until October 17 if filers have the relevant information to file now. Free File is still available for extension recipients to use to prepare and file their federal tax return for free.”
Electronic filing is available anytime and the IRS continues to receive returns and issue refunds. Once taxpayers have filed, they can track their refund with the Where’s My Refund? tool.
This helpful tool, accessible on irs.gov or the IRS2Go mobile app, allows taxpayers to track their refund through three stages – received, approved and sent.
The tool is updated daily and gives taxpayers a projected refund issuance date as soon as it is approved.
The IRS does not recommend taxpayers call them to check on their refund status unless it has been more than 21 days since the return was filed or the tool says the IRS can provide more information.
If the IRS needs more information to process the return, the taxpayer will be contacted by mail.
For more information about checking the status of a tax refund, please visit irs.gov/refunds.
Schedule SSA…Gone But Not Forgotten & New and Improved Form 8955-SSA…About Time!
In early March, the IRS released Announcement 2011-21, announcing that it would “soon” release the 2009 version of Form 8955-SSA, which is the replacement for the old Schedule SSA to Form 5500. The 2010 form was promised “later.” As of June 18, 2011, the IRS released the 2009 Form 8955-SSA, but to date still has not released the 2010 version of this form.
In general, a plan sponsor must file the 2009 Form 8955-SSA (for a single employer plan) if the participant separates from service covered by the plan in a plan year and the participant is entitled to a deferred vested benefit under the plan. Form 8955-SSA must be filed no later than the plan year following the plan year in which the participant terminates employment with the employer.
It is anticipated that the 2010 Form will also require disclosure of individuals whose benefits were transferred in 2010 from another plan into the reporting plan, and individuals whose benefits ceased to be payable by the reporting plan during 2010 (because they received a distribution of their entire vested benefits in 2010).
As of now, what options does an employer have for satisfying the 2010 Form 8955-SSA filing requirement?
At present, there are three options:
Zinner & Co. Named OSCPA Platinum Partner
Zinner & Co. Named Exclusive Partner in Northeastern Ohio; Only One of Five Firms in the State
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.
Zinner & Co. Volunteers at Cleveland Food Bank Healthy Choice Market
On Jan. 22, Zinner & Co. employees spent the afternoon volunteering at the Greater Cleveland Food Bank’s Community Resource Center Healthy Choice Market. Our team was proud to support neighbors directly by helping make the shopping experience easier, more...
No Tax on Overtime Pay
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...
Understanding the Changes to Tax on Overtime Pay
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...
Charitable Contribution Limitations Under H.R. 1
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...
Trump Accounts: A Way To Help Save For Your Children’s Retirement
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...
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