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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

Reporting of Other Government Payments

Posted by Zinner & Co. Tax Team on Jan 21, 2021 11:48:12 AM

Many businesses who received Ohio Bureau of Worker Compensation rebate or dividend checks during 2020 recently received a letter from the Ohio Bureau of Workers Compensation requesting that they provide the BWC a completed Form W-9 to provide the information needed to complete the IRS tax statement Form 1099-G, which reports taxable Government Payments. This action also indicates that these rebate payments could potentially be subject to both Ohio state income tax and Commercial Activity Tax.

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Topics: Bureau of Worker's Compensation, income tax, ohio, Department of Job and Family Services, Unemployment Benefits

New 1099-NEC Form For Nonemployee Compensation

Posted by Zinner & Co. Tax Team on Nov 23, 2020 10:31:30 AM

The PATH Act accelerated the due date for filing Form 1099 that includes nonemployee compensation (NEC) from February 28 to January 31 and eliminated the automatic 30-day extension for forms that include NEC. Starting with tax year 2020, taxpayers should use Form 1099-NEC to report nonemployee compensation.

Form 1099-NEC replaces the use of box 7 on Form 1099-MISC from previous years. Other uses of 1099-MISC have not changed and will continue to be used for common payments such as rent and payments to an attorney.

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

IRS Announces New Retirement Plan Limits for 2021

Posted by Zinner & Co. Tax Team on Oct 27, 2020 5:08:57 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

Distribution of $1.3 Billion in OBWC Rebates Set To Begin

Posted by Zinner & Co. Tax Team on Oct 21, 2020 4:54:14 PM

Just over $1.3 billion in Ohio Bureau of Worker Compensation rebates will be mailed out in late October.

The news comes as many businesses are struggling to recover from the coronavirus pandemic and the related shutdown issued by Ohio Gov. Mike DeWine earlier this year.

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Topics: Bureau of Worker's Compensation, The CARES Act

Concern Over IRS Guidance on Presidential Order Deferring Payroll Tax

Posted by Zinner & Co. Tax Team on Sep 1, 2020 4:56:19 PM

On Aug. 8, President Donald Trump issued a memorandum on deferring payroll tax obligations in light of the ongoing COVID-19 Disaster, which directed the Treasury Department to suspend collection of the employee portion of Social Security taxes from Sept. 1 through the end of 2020.

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Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, deductions, taxes, IRS, Coronavirus, COVID-19

Don't Panic if You Received a Tax Notice from the IRS or State of Ohio

Posted by Zinner & Co. Tax Team on Aug 21, 2020 9:31:32 AM

Over the past few weeks, we have received dozens of calls from clients, who have received tax notices from both the Internal Revenue Service and the State of Ohio.

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

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