Zinner & Co. Blog and Newsroom

Is This Expense Deductible In 2019?

Posted by Zinner & Co. Tax Team on Jan 20, 2020 8:56:32 AM

The tax code is long and complicated and oftentimes, taxpayers do not know what deductions or credits are available, which means they cannot take advantage of possible savings.

With so many changes under the 2017 Tax Cuts and Jobs Act and the 2019 SECURE Act now in place, changes have been made regarding the deductibility of expenses that both business and individual taxpayers may not be aware of.

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Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, Tax Cuts and Jobs Act of 2017

Nonprofit Parking Tax Repealed

Posted by Zinner & Co. Non-Profit Team on Jan 16, 2020 12:51:22 PM

Recently passed legislation will benefit nonprofit organizations by repealing an unpopular unrelated business income tax (UBIT) on expenses of nonprofits that provide transportation fringe benefits to their employees.

The “Parking Tax,” which was imposed under I.R.C. Section 512(a)(7) upon enactment of the 2017 Tax Cuts and Jobs Act, has now been retroactively repealed under the Taxpayer Certainty and Disaster Tax Relief Act.

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Topics: non-profits, non-profit reporting, not-for-profit

The SECURE Act of 2019

Posted by Zinner & Co. Tax Team on Jan 13, 2020 11:56:46 AM

A new piece of legislation enacted in late December will help simplify the retirement system and help individuals increase their savings.

The “Setting Every Community Up for Retirement Enhancement” Act or SECURE Act, which was part of the Further Consolidated Appropriations Act of 2020 expands opportunities for individuals to increase their savings, and makes administrative simplifications to the retirement system.

Among the major changes for individuals are:

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Topics: Taxes - Planning, Rules and Returns, Retirement Planning & IRAs

Zinner & Co. Sponsors Cleveland Play House’s 20th Annual Festival of Trees

Posted by Zinner & Co. on Nov 21, 2019 5:36:00 AM

Zinner & Co. is pleased to sponsor and support our long-time client, The Cleveland Play House, and their 20th Annual Festival of Trees.

The Festival is located in the Allen Theatre Lobby and features over 30 holiday trees decorated and sponsored by leading artists, designers and community organizations. In addition to the tree displays, the festival will feature live choral performances and free photos with Santa.

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Topics: Firm news, Community

IRS Announces New Contribution Limits for FSAs

Posted by Zinner & Co. Tax Department on Nov 20, 2019 10:00:00 AM

The IRS has announced that the contribution limits for Flexible Spending Accounts (FSA) contribution limits have been increased to $2750 for the plan year beginning 2020.

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Topics: medical, FSA, income tax

IRS Announces Inflation-Adjusted Standard Deduction Amounts for 2020

Posted by Zinner & Co. Tax Team on Nov 19, 2019 5:09:00 AM

The IRS issued its annual inflation adjustments for key tax items for the tax year 2020. Among them are new amounts for standard deductions.

For the tax year 2020, the standard deduction for a married couple filing jointly will be raised from $24,400 to 24,800. For single taxpayers and married couples filing separately, the standard deduction will be raised from $12,200 to 12,400. For heads of households, the standard deduction will be $18, 650.

Margin tax rates will change as follows:

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Topics: Taxes - Individual, deductions, income tax, IRS

Ask the Expert: What Does ‘Like-Kind’ Mean in a 1031 Exchange?

Posted by Zinner & Co. Real Estate Team on Nov 12, 2019 5:06:00 AM

Q: What Does ‘Like-Kind’ Mean in a 1031 Exchange?

A: As you are probably aware, a 1031 Exchange refers to a provision in the U.S. tax code, which allows real estate investors to sell or dispose of a piece of real property and purchase another piece of “like-kind” property without incurring any short-term tax consequences. But what does like-kind mean?

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Topics: real estate, income tax, tax avoidance, personal finance, 1031 Exchange

Governor Signs Tax Break for Teachers, Attorneys and Lobbyists into Law

Posted by Zinner & Co. Tax Team on Nov 11, 2019 10:47:05 AM

Governor Mike DeWine has signed a bill into law that will allow Attorneys and Lobbyists to take the Business Income Deduction (BID) deduction.The law was backed by the Ohio Society of CPAs, and was viewed as a fix to a part of the biennial budget that was thought to be unfair in its treatment of two specific professions.

As we wrote about when the bill first passed the General Assembly of the House in October, the law, in part, allows lawyers and lobbyists to take the same deductions as other types of pass-through entities. The law also contains two other provisions of note:

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Topics: Ohio business owners, income tax, business income deduction, ohio

Zinner & Co. Supports Michelle’s Wish Foundation for Thanksgiving 2019

Posted by Zinner & Co. on Nov 8, 2019 9:00:00 AM

For over 7 years, Zinner & Co. has committed to support the mission of client, Michelle’s Wish Foundation. As part of its quarterly commitment to support the local community through charitable giving, Zinner & Co. employees will be donating cash and non-perishable food items to the Foundation’s 2019 “Thanksgiving Baskets” Project. Donations will be used to distribute food baskets to local families in need.

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Topics: Firm news, not-for-profit, Community

Zinner & Co. Sponsors the Magic of Lights for 2019

Posted by Zinner & Co. on Nov 8, 2019 5:57:00 AM

Zinner & Co. is pleased to continue its support and sponsorship of the Magic of LightsTM, being held at the Cuyahoga County Fairgrounds in Berea, Ohio from November 27, 2019 through January 4, 2020.

Magic of LightsTM has become a yearly tradition for many Northeast Ohio families who marvel at thousands of decorative displays and interactive holiday lights. There are also fun activities for all ages, such as the Jolly Holiday Village, which is an exciting experience where guests can exit their cars to take photos with Santa, decorate snowmen, watch classic holiday movies, play games, enjoy hot chocolate and other seasonal treats, and much more! 

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Topics: Firm news, Community

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