The IRS has noted errors on payroll tax returns claiming Hiring Incentives to Restore Employment (HIRE) Act benefits.
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IRS Explains How Nonprofits Can Get Health Care Tax Credit
The Internal Revenue Service has posted information on how a nonprofit under Section 501(c) can claim the Small Business Health Care Tax Credit by filing a Form 990-T with an attached Form 8941 that explains how the claimed credit was calculated.
read more…Cost Limitations for Expensing Property Under Section 179
Revenue Procedure 2010-47 sets out the cost limitations for expensing property under section 179 for taxable years beginning in 2010. The aggregate cost of any section 179 property a taxpayer may elect to treat as an expense cannot exceed $500,000.
read more…IRS Offers New Guidance on FSA and HRA Debit Cards
The Internal Revenue Service issued new guidance allowing the continued use of health flexible spending arrangement (FSA) and health reimbursement arrangement (HRA) debit cards for the purchase of prescribed over-the-counter medicines and drugs.
read more…Ten Tips for Mortgage Debt Forgiveness
Mortgage debt can become overwhelming, but homeowners should be aware that there are exceptions that allow you to exclude certain cancelled debt on your principal residence from income.
read more…IRS Interest Rates to Remain the Same for Third Quarter of 2012
The Internal Revenue Service recently announced that interest rates would remain the same for the 2012 calendar quarter beginning on July 1.
read more…IRS Interest Rates to Remain the Same for First Quarter of 2013
The Internal Revenue Service recently announced that interest rates would remain the same for the 2013 calendar quarter beginning on January 1.
read more…Did you Take an Early Distribution from Your Retirement Plan?
Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund.
read more…Personal Use Of Employer Provided Cell Phones Generally Nontaxable Under New Guidance
Close to one year after cell phones were removed from the “listed property” category of Code Sec. 280F, IRS has explained the practical consequences of the change.
read more…IRS Interest Rates to Remain the Same for the First Quarter of 2012
The Internal Revenue Service recently announced that interest rates would remain the same for the 2012 calendar quarter beginning on January 1st.
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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.
Are my sales tax payments on major purchases still tax deductible?
For many individuals, September means it is time to look for a new car since the upcoming year’s automobile models are introduced. For anyone who is considering purchasing a new car for personal use, there may be a federal income tax benefit available for your new...
IRS Announces it Will Waive Tax Penalties for Under-Withholding and Underpayment for Some
The IRS announced this week in IRS Notice 2019-11 that it would not penalize taxpayers whose tax withholding and estimated tax payments fell short last year due to failing to change their withholding under the Tax Cuts and Jobs Act (TCJA). The IRS stated they...
The Rules Have Changed for Attending the Game (and Other Entertainment Events)
The recent enactment of the Tax Cuts and Jobs Act (TCJA) brought many changes to how individuals and businesses are affected by our tax system. Among the deductions affected was the deduction for meals and entertainment incurred in the course of operating...
States Fail to Overturn SALT Deduction Caps
In a blow to several high-tax states, a federal judge has upheld a key provision of the Tax Cuts and Jobs Act (TCJA), the State and Local Tax (SALT) deduction cap. Under the TCJA, congress placed a cap on the amount taxpayers could claim on their Schedule A for...
8 Tax Issues to Consider When Your Spouse Dies
It goes without saying that the death of one's spouse is typically an extremely difficult emotional trauma. When one loses a spouse, the last thing on the surviving spouse’s mind is the tax issues to be addressed. Nonetheless, the passing of one’s spouse...
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