Zinner & Co. Blog and Newsroom

Our PPP Funds Have Been Spent. Now What?

Posted by Zinner & Co. on Jun 26, 2020 9:28:07 AM

Bloomberg News recently reported that according to a new survey, at least one in ten small businesses in the U.S. are expecting to lay off workers once their fiscal relief funds run out.

In another survey done by the National Federation of Independent Business, 14 percent of companies, who received a loan under the Paycheck Protection Program, anticipate having to reduce their workforce after using the loan. Among those companies, half expect to dismiss one to two employees, and 12 percent say they will likely lay off at least ten people.

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Topics: Zinner & Co., Paycheck Protection Program, ppp

Zinner & Co. Adopting QuickBooks Support Policy

Posted by Zinner & Co. Tax Team on Jun 26, 2020 8:49:37 AM

Zinner & Co. has officially adopted Intuit’s QuickBooks Discontinuation policy.

If you are using QuickBooks version 2017 or older, we encourage you to upgrade to maintain compliance. This policy will maintain support for the three most recent versions of Intuit QuickBooks.

QuickBooks Desktop 2020 includes new productivity-boosting features to help you save more time and stay more organized. Some of the new/improved features include:

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Topics: quickbooks, Zinner News, Zinner & Co.

IRS grants rollover relief for RMDs waived under the CARES Act

Posted by Zinner & Co. on Jun 25, 2020 10:59:40 AM

The Internal Revenue Service recently announced anyone, who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts, now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

This 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, in order to give taxpayers time to take advantage of this opportunity.

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Topics: Brett W. Neate, Taxes - Planning, Rules and Returns, Retirement Planning & IRAs, IRS, cash flow, Zinner & Co.

IRS Announces 2021 Contribution and Expense Limits for HSAs and HDHPs

Posted by Zinner & Co. Tax Team on Jun 23, 2020 4:37:49 PM

In late June, the Internal Revenue Service issued Revenue Procedure 2020-32, in which they set Health Savings Account contribution limits for calendar year 2021, along with minimum deductible and maximum out-of-pocket expenses for the High Deductible Health Plans, with which HSAs are paired.

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Topics: HSA, IRS, HDHP

Music Settlement Moves Online During Pandemic

Posted by Zinner & Co. on Jun 17, 2020 5:30:12 PM

The COVID-19 pandemic has proved challenging for many businesses and non-profit organizations, forcing them to rethink how they go about their work.

For The Music Settlement (TMS), it has included re-imagining the ways they do things.

The Music Settlement is a centuries-old community music school forged out of the Settlement Movement as a way to welcome immigrants to Cleveland and unite them through the common language of music.

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Topics: Silver Linings

LAND studio – Transforming Open Spaces for the Greater Social Good

Posted by Zinner & Co. on Jun 17, 2020 5:17:21 PM

In the wake of recent protesting over racial inequality and injustice, LAND studio stands with those, who are using the public realm to speak out.

The mission of LAND studio is to create places and connect people through public art, sustainable building and design, collaborative planning and dynamic programming.

They are a gatekeeper to public arts investment and look for ways their work can better reflect Cleveland’s diverse neighborhoods and eliminate barriers to participation. As dialogue related to racial equity and inclusion continues to evolve, they are committed to creating and maintaining opportunities for everyone, regardless of race, gender, ability or the community in which they live.

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Topics: Silver Linings

Eileen Saffran – Moving the Needle to next Phase of Her Career

Posted by Zinner & Co. on Jun 17, 2020 4:57:08 PM

While some people struggled trying to figure out what to do while stuck at home due to Ohio’s “Stay at Home” order, Eileen Saffran was busy starting a new business, MTN Strategies.

The founder and former CEO of The Gathering Place, Saffran retired in 2019 after 20 years with the non-profit organization.

In her final years at The Gathering Place, she knew it was time to move on, as the organization was in good hands and was in a great financial position. Saffran wanted to find a new purpose. She was grateful for her Gathering Place community, but it was time for a new challenge.

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Topics: Silver Linings

Ohio BWC Defers Monthly Premium Payments For Summer 2020

Posted by Zinner & Co. Tax Team on Jun 9, 2020 2:51:44 PM

On May 28, Ohio Gov. Mike DeWine announced the Ohio Bureau of Workers’ Compensation (BWC) will defer Ohio employers' premium installments this summer.

DeWine’s announcement was to help businesses focus on the well-being and safety of their customers and employees.

Businesses will have the option to defer their monthly premium payments with no financial penalties in the months of June, July, and August.

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Topics: Bureau of Worker's Compensation, Coronavirus, COVID-19, Mike DeWine

Some Front Line Workers Have Concerns Over PPP Rather Than PPE

Posted by Robin Baum, CPA, Managing Partner on May 22, 2020 3:34:32 PM

Having been a CPA for over 30 years, I can honestly say that the last three months of my career have been some of the most challenging, but also some of the most rewarding. 

The coronavirus pandemic has changed the way that all of us work and also how we see the world.  For many years, I cherished the role of being my clients “most trusted advisor.” This meant I provided financial counsel related to income and estate tax matters and assisted in management consulting projects to help business owners maximize their profits. While all of these types of engagements brought value to the business owner, little did I know 2020 would transform my role to becoming a “front line” worker.

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Topics: Robin Baum, Zinner & Co., Coronavirus, COVID-19, The CARES Act, Paycheck Protection Program, first responders

Zinner & Co. Clients Share Their Silver Linings

Posted by Zinner & Co. on May 12, 2020 5:23:04 PM

Since April, Zinner & Co. staff members have worked hard to maintain regular communication with their clients during the COVID-19 pandemic.

During some of our conversations, we have heard many uplifting stories of how our clients are making the most of the “Stay at Home” order. Here are few stories we wanted to bring to your attention:

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Topics: Zinner News, Zinner & Co., Coronavirus, COVID-19, Stay at Home Order, Silver Linings

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