Zinner & Co. Blog and Newsroom

DeWine Signs Tax Conformity Bill into Law

Posted by Zinner & Co. Tax Team on Apr 2, 2021 1:51:57 PM

Ohio Gov. Mike DeWine signed Senate Bill 18 into law, which ensures that expenses paid with forgiven Paycheck Protection Plan loans become deductible for state income tax purposes.

The legislation, which was supported by the Ohio Society of CPAs (OSCPA) will conform tax laws in the Buckeye State with recent changes to federal tax law, including deductibility of expenses from the Paycheck Protection Program and excluding $10,200 in unemployment compensation from income tax.

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

Senate Votes to Extend PPP Through May 31

Posted by Zinner & Co. Tax Team on Mar 25, 2021 6:01:11 PM

On Thursday, the Senate voted to extend the Paycheck Protection Program for two months.

A week before the Small Business Administration’s PPP was slated to expire, senators voted 92 to 7 to pass the PPP Extension Act of 2021.

Not only does the legislation extend the program to May 31 from the initial March 31 deadline, but it gives the SBA an additional 30 days to process loans.

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Topics: The CARES Act, Paycheck Protection Program, ppp

Ohio Income and School Tax Deadlines Moved to May 17

Posted by Zinner & Co. Tax Team on Mar 25, 2021 12:23:16 PM

S.B. 18 will Conform Ohio with Federal Tax Law Changes

Ohio Tax Commissioner Jeff McClain recently announced Ohio is following the federal government and Internal Revenue Service in extending the deadline to file and pay Ohio individual income and school district income taxes for tax year 2020.

The new deadline is May 17, an extension of approximately one month from the original deadline of April 15.

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Topics: Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, ohio

Tax Filing and Payment Deadline Pushed Back to May 17

Posted by Zinner & Co. Tax Team on Mar 19, 2021 9:44:38 AM

The Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.

The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.

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Topics: tax services, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, IRS, Treasury Department

AICPA asks Congress for PPP and tax filing deadline extensions

Posted by Zinner & Co. Tax Team on Mar 11, 2021 5:39:43 PM

The American Institute of Certified Public Accountants recently asked Congress to extend the Paycheck Protection Program’s March 31 application deadline at least 60 days. Additionally, the AICPA also asked the IRS and the Department of the Treasury to extend the April 15 tax filing and payment deadline to June 15.

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Topics: tax services, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, ppp

IRS Announces New Retirement Plan Limits for 2021

Posted by Zinner & Co. Tax Team on Mar 1, 2021 1:46:00 PM

The IRS has released the retirement contribution limits for the 2021 tax year. The new limits are adjusted based on increases in the cost of living.

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Topics: Taxes - Individual, Retirement Planning & IRAs, IRS

Zinner & Co. Recommends CamScanner- PDF Scanner App to Scan Documents

Posted by Zinner & Co. Tax Team on Feb 16, 2021 4:11:38 PM

Often times, clients will scan over important documents and email them to use.

While this approach works well with a good scanner, some people do not have a scanner at their house. 

The good news is, you can use your cell phone to scan documents. 

For several years, Zinner & Co. employees have used the CamScanner-PDF Scanner App to convert important documents into PDFs.

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Topics: Taxes - Planning, Rules and Returns

ODJFS Warns Ohioans to be on Lookout for Signs of Identity Theft

Posted by Zinner & Co. Tax Team on Feb 2, 2021 5:07:07 PM

Ohioans should be on the lookout for signs of identity theft as they begin to receive their tax documents in the mail.

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Topics: identity theft, Taxes - Planning, Rules and Returns, Taxes - Individual, ODJFS, Ohio Department of Jobs and Family Services

Updates on the Second PPP Program

Posted by Zinner & Co. Tax Team on Jan 29, 2021 12:11:12 PM

The second round of Paycheck Protection Program funding has been open for two weeks and it appears funds are going to the intended recipients. 

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Topics: SBA, Paycheck Protection Program, ppp

Does your Business now Qualify for the Employee Retention Credit?

Posted by Zinner & Co. Tax Team on Jan 28, 2021 4:18:00 PM

The Employee Retention Credit is part of the reconstituted Paycheck Protection Program and is designed to help businesses who have been adversely affected by the COVID-19 pandemic retain their employees.

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Topics: U.S. Small Business Administration, SBA, Paycheck Protection Program, ppp

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