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The IRS has announced it will be automatically waiving penalties for over 400,000 taxpayers. The waived penalties apply to those who have already filed their 2018 taxes, but did not file a waiver seeking forgiveness for the under-payment penalty. read more…

Available for the 2020 – 2021 Tax Years

One of the most beneficial and underutilized tax credits introduced as a result of the COVID-19 pandemic relief funds is the Employee Retention Credit (ERC).

To date, our clients have filed and claimed ERC refunds exceeding $2,000,000 under this program. Claims for these refunds are included in the filing of original or amended Federal quarterly payroll tax returns. read more…

Not-for-profit organizations, just like other business entities, had significant changes thrust upon them due to the pandemic, and in response, had to make changes to their programming activities, staffing and budgets, among other things.

There are a number of things these organizations learned, as well as short-term and long-term decisions they had to make. They are navigating through the various government funding programs to ensure they are bringing the necessary funds to their organization so they can support people in need. Additionally, they are working with the people they serve to help them determine funds directly available to them, so they do not risk missing out on any well-needed payments.

For many business owners, the Paycheck Protection Program loan journey is not over when they receive acknowledgement of loan forgiveness from their local lender and from the Small Business Administration. From a tax perspective, the map that lays out the tax impact remains unclear.

During the fourth quarter of 2020, the primary question most business owners and tax professionals grappled with was whether or not the expenses paid using PPP Loan proceeds would be tax deductible and/or whether the loan proceeds were considered taxable income. The uncertainty related to these questions made tax planning for the 2020 calendar year difficult read more…

On July 1, Ohio Gov. Mike DeWine signed House Bill 110 into law approving the state’s $72 billion two-year budget.

The biennial budget provides funding for state operations, overhauls K-12 school funding, provides $250 million in broadband support for underserved areas and makes numerous tax policy changes.

One of the more notable tax-related changes involves the municipal income tax and working from home.

In June, the American Institute of Certified Public Accountants held a virtual Not for Profit Conference, which discussed a range of issues including stimulus funding, changes to tax law, cybersecurity and changes to independent auditors report.

As we re-open our economy after 16 long months of closure due to the global pandemic, business owners have been forced to pivot in many different areas in order to survive. Looking back at the seemingly split-second decisions many businesses were forced to make, what are the long-term takeaways that will influence your future business operations?

Over the past month, many of our clients and referral sources have asked if we have re-opened our office.

The short answer is that is yes, we are open for business and available to meet with our clients. The longer answer to the question addresses many other issues including our greatest resource – our people.

When the pandemic quarantine began in mid-March, Zinner & Co. quickly pivoted to continue to address our client needs, frankly, at the busiest time of the year for our tax practice. We sent our staff home and connected everyone through secured methods to our office servers. We even found a way to keep our tax season interns on staff while many other firms discontinued all internship programs at time.

The Internal Revenue Service launched an online resource called Identity Theft Central to help taxpayers report identity theft and teach them how to protect themselves against it.

This new resource provides information to alert taxpayers to the signs of identity theft, actions to take if they become a victim and advice on how to protect personal identity and data.

Located within the IRS website, Identity Theft Central offers specific information for taxpayers, tax professionals and businesses.

read more…