Zinner & Co. Blog and Newsroom

Electronic Tax Payments: Can Individuals Pay Income Taxes Online?

Posted by Zinner & Co. Tax Team on Sep 22, 2021 1:12:00 PM

Over the past decade, more people have moved to electronic payments of their monthly bills and expenses.

The days of sitting down and writing checks to pay bills has quickly become a thing of the past. In fact, for many people under the age of 30, they do not know, nor have they ever had a physical checkbook!

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Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, ohio, Online Tax Payment, Digital Tax Payment, Electronic Tax Payments, RITA, U.S. Department of the Treasury

Employee Retention Credit

Posted by Zinner & Co. Tax Team on Sep 1, 2021 9:41:07 AM

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.

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OPERS Healthcare Coverage Changes

Posted by Zinner & Co. on Aug 30, 2021 1:51:59 PM

Men and women who retired as members of the Ohio Public Employees Retirement System, commonly called OPERS, need to be aware of a change that may affect their healthcare coverage.

OPERS retirees who are not of Medicare age will need to opt in during an upcoming open enrollment period in order to receive monthly payments to purchase health coverage. This is required, as the current OPERS group healthcare plan will be terminated at the end of the year.

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Topics: Retirement Planning & IRAs, health care, OPERS

What Has COVID Taught Us From a Not-for-Profit Perspective?

Posted by Sue Krantz, CPA, Partner on Aug 30, 2021 12:12:23 PM

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.

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New Guidance for SVOG and RRF Grants and Single Audit Requirements

Posted by Zinner & Co. Audit and Assurance Team on Aug 23, 2021 9:00:00 AM

Shuttered Venue Operators Grants and Restaurant Revitalization Fund Grants can pose accounting challenges.

On Aug. 10, the AICPA released a Technical Question and Answer (TQA) surrounding how a recipient should account for these grants. TQA 5270.01, Recipient Accounting for Shuttered Venue Operators Grants (SVOG) and Restaurant Revitalization Fund (RRF) Grants Received Under the Small Business Administration (SBA) COVID-19 Relief Program provides nonauthoritative guidance about how to account for SVOG and RRF grants. It applies to not-for-profit organizations who were only eligible for SVOG and private businesses entities who were eligible for both grants.

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Topics: Audit and Assurance Department, audits, COVID-19, SVOG, RRF

IRS Has Restarted the Income Tax Levy Program

Posted by Zinner & Co. Tax Team on Aug 9, 2021 8:55:00 AM

According to Accounting Today, the Internal Revenue Service began sending out letters from its Automated Collection System function in June and restarted the income tax levy program in July.

Suspended last year, the IRS tax levy program includes both tax levy and treasury payments.

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Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, IRS

Change to QuickBooks Payroll

Posted by Zinner & Co. on Aug 4, 2021 5:02:00 PM

As a QuickBooks Payroll subscriber, you have probably received the following email from Intuit regarding a change to QuickBooks Payroll in that will be implemented in early fall 2021. 

This service will allow The Work Number® from Equifax to access your employees’ identifying information, as well as historical earnings directly from your QuickBooks file.  From the information outlined in the Frequently Asked Questions, this verification would happen without your knowledge

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Topics: quickbooks, Zinner & Co.

House Bill 168 and Ohio’s State Unemployment Tax Savings

Posted by Zinner & Co. Tax Team on Jul 30, 2021 9:29:55 AM

As small business owners complete the second quarter 2021 filing of their state unemployment tax payments with the Ohio Department of Job and Family Services, they should be aware that tax saving benefits have been preserved for the coming years.

On June 29, Gov. Mike DeWine signed House Bill 168, which appropriates $2.2 billion of the $2.7 billion that Ohio is slated to receive this year under the federally funded American Rescue Plan.

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Topics: Ohio business owners, Taxes - Corporate & Business, Unemployment Benefits, Ohio Department of Jobs and Family Services

Ohio Budget Includes Changes to Municipal Income Tax

Posted by Zinner & Co. Tax Team on Jul 2, 2021 2:22:00 PM

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.

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AICPA Not for Profit Conference Highlights Upcoming Changes

Posted by Zinner & Co. Non-Profit Team on Jun 30, 2021 3:07:00 PM

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.

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