Unless you’ve been hiding under a rock, you’ve probably heard about the battle between the President and Congress over funding for a southern border wall. The government “shutdown” created by the impasse has created a lot of uncertainty about many government-provided services.
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As a business owner, you’re entering into transactions potentially on a daily basis. Suppose you enter into a transaction with someone, hurrying to get the deal closed as you’re set to rake it in. It comes around to December, and your accountant is preparing a projection of what your tax liability will likely be for the year.
Then you get a call that you’re going to owe a boat load of money to the government for that transaction you failed to consult with your accountant about beforehand. What do you do now?
You may discover you made a mistake on your tax return. You can file an amended return if you need to fix an error. You can also amend your tax return to claim a tax credit or deduction. 
Here are 10 tips from the IRS on amending your return:
Be proactive! On December 1, 2016, the minimum salary threshold for the FLSA’s white-collar exemptions increases to an annual $47,476.
This more-than doubling of the salary test is the biggest change to the FLSA in decades, and will add an approximate 4.2 million employees to the ranks of the non-exempt, to whom you must pay overtime if they work more than 40 hours in a week.
As a result of this regulation, businesses will need to start tracking hours for exempt salaried employees who are at or below the $47,476 threshold.
If you have questions about this or other overtime rules and your business, contact any of our professionals at 216.831.0733 or info@zinnerco.com. We’re ready to start the conversation. 
Federal, state and local authorities have indicted dozens of people and businesses in the U.S. and India accused of impersonating Internal Revenue Service employees demanding money from innocent taxpayers in the U.S.
Related: Follow our Fraud & Scam blogs
Tax season is prime time for scammers and cyber criminals. Beyond identity theft, which is seemingly quite commonplace, tax scams have the dubious distinction of rising to the top of the Better Business Bureau’s list of scams in 2016.
According to the Better Business Bureau Scam Tracker, the top ten list includes:
What’s IRMAA?
IRMAA stands for Income-related Monthly Adjustment Rate, and it is a monthly surcharge levied on high-income retirees as an adjustment to the fee they pay for Medicare Parts B and D coverage. read more…
The IRS recently issued guidance on tax withholding for the coming year. The redesign 
of the W-4 has been tabled until 2020 after the proposed form met with heavy criticism from groups like the American Society of CPAs. The W-4 for 2019 will be essentially the same as the 2018 with the exception of changes to the “withholding allowance” terminology used in the Tax Cuts and Jobs Act (TCJA.)
Ohio Tax Commissioner Joe Testa has announced that effective January 1, 2019, there will
10 Things You Should Be Doing NOW to Prepare for Tax Season
The Tax Cut and Jobs Act (TCJA) has brought about the largest change in the tax code in over 30 years. The changes will have a much greater impact on the coming tax season than most realize, so we recommend you take a proactive approach to tax preparation this year.
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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,...
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...
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...
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...
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...
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