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Year-End Tax Planning

Year-End Tax Planning

by | 14 Dec | , , , , , , , , ,

As we approach the end of 2021, it is important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions that significantly impacted your personal and financial situation including the continued global pandemic, remote and new hybrid work models, supply chain disruptions and rising inflation.

Now is the time to take a closer look at your current tax strategies to make sure they are still meaningful in today’s world and to take any last-minute steps that could save you tax dollars. While looming tax law changes have not been finalized, many tax planning opportunities still exist! Here are some issues to consider as we approach year-end. read more…

Electronic Tax Payments: Can Individuals Pay Income Taxes Online?

Electronic Tax Payments: Can Individuals Pay Income Taxes Online?

by | 29 Nov | , , , , , , , , , ,

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!

read more…
Ohio Income and School Tax Deadlines Moved to May 17

Ohio Income and School Tax Deadlines Moved to May 17

by | 2 Apr | , , , , ,

S.B. 18 will Conform Ohio with Federal Tax Law Changes

Ohio Tax Commissioner Jeff McClain recently announced Ohio is following the federal government and Internal Revenue Service in extending the deadline to file and pay Ohio individual income and school district income taxes for tax year 2020.

The new deadline is May 17, an extension of approximately one month from the original deadline of April 15.

read more…
Tax Filing and Payment Deadline Pushed Back to May 17

Tax Filing and Payment Deadline Pushed Back to May 17

by | 19 Mar | , , , , , , ,

The Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.

The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.

read more…
Ohio Income and School Tax Deadlines Moved to May 17

AICPA asks Congress for PPP and tax filing deadline extensions

by | 11 Mar | , , , , ,

The American Institute of Certified Public Accountants recently asked Congress to extend the Paycheck Protection Program’s March 31 application deadline at least 60 days. Additionally, the AICPA also asked the IRS and the Department of the Treasury to extend the April 15 tax filing and payment deadline to June 15.

read more…
Tax Filing and Payment Deadline Pushed Back to May 17

New 1099-NEC Form For Nonemployee Compensation

by | 23 Nov | , , , , ,

The PATH Act accelerated the due date for filing Form 1099 that includes nonemployee compensation (NEC) from February 28 to January 31 and eliminated the automatic 30-day extension for forms that include NEC. Starting with tax year 2020, taxpayers should use Form 1099-NEC to report nonemployee compensation.

IRS-Internal-Revenue-Service-Logo-2to1Form 1099-NEC replaces the use of box 7 on Form 1099-MISC from previous years. Other uses of 1099-MISC have not changed and will continue to be used for common payments such as rent and payments to an attorney.

read more…

Ohio Income and School Tax Deadlines Moved to May 17

Concern Over IRS Guidance on Presidential Order Deferring Payroll Tax

by | 25 Sep | , , , , , ,

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.

read more…
IRS Clarifies 90-Day Payment Relief

IRS Clarifies 90-Day Payment Relief

by | 18 Mar | , , , , , , , , , , ,

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…

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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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