While student loan forgiveness was a hotly debated topic throughout the past year, one piece of legislation was passed to help those with student loan debt get out from under it faster.
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New Treasury rule limits EV Tax Credits to 19 vehicles
On Jan. 1, new rules targeting the origin of electric vehicle battery materials from countries considered hostile to the U.S. went into effect and limited the number of EVs eligible to receive U.S. tax credits.
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Nonprofit Parking Tax Repealed
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was imposed under I.R.C. Section 512(a)(7) upon enactment of the 2017 Tax Cuts and Jobs Act, has now been retroactively repealed under the Taxpayer Certainty and Disaster Tax Relief Act.
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IRS ERC Voluntary Disclosure Program requires 80 percent payback
In late December, the Internal Revenue Service launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing Employee Retention Credit (ERC) claims in error.
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Ohio Sales Tax Holiday begins Aug. 4
Ohio’s annual sales tax holiday is right around the corner.
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IRS increases 2024 contribution limits for 401(k) and IRAs
On Wednesday, the Internal Revenue Service announced it will increase the amount individuals can contribute to their 401(k) plans in 2024.
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IRS places a moratorium on Employee Retention Credit claims
DOJ to pursue fraud from aggressive marketing while IRS will add safeguards to prevent future abuse and protect businesses from predatory tactics
On Sept. 14, the Internal Revenue Service announced an immediate moratorium through at least the end of the year on processing new Employee Retention Credit claims, following reports of a flood of improper claims for the pandemic-era relief program.
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Hurricane Ian Casualty Loss
Many of our clients who live in the Southwest Florida region, as well as North and South Carolina, were affected by Hurricane Ian.
On Oct. 5, 2022, the IRS published IR-2022-173, which allows hurricane victims in those states an extension of time to file their 2021 income tax returns until Feb. 15, 2023. This meant that if a valid extension was granted for your individual tax return through until Oct. 17, 2022, you had until Feb. 15. The affected states have followed the same stance as well. read more…
Sale of Home and Capital Gains Tax
Are you thinking about selling your home but worried about the additional tax it could generate?
It is possible that you could be one of the many who can sell your home while avoiding the capital gains tax. read more…
Protect yourself and your business with cyber insurance
With the increased use of digital devices, the number of cyberattacks has steadily risen.
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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February
WASHINGTON — The Internal Revenue Service released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help...
6 Common Tax Mistakes You Should Avoid
Tax season is here, once again! I anticipate that this season will be different than tax years of the recent past due to the Tax Cuts and Jobs Act (“TCJA”). While a lot has changed, there are a few things about tax season that never change – mistakes. Every year...
IRS Introduces New W-4 for 2020
The IRS has unveiled the new, redesigned Form W-4 for the tax year 2020. This new form eliminates many of the complex tables used in previous versions and includes many enhancements from the earlier draft version.The Treasury and IRS heeded calls from several...
IRS Waives Estimated Tax Penalties for 400,000 Taxpayers
The IRS has announced it will be automatically waiving penalties for over 400,000 taxpayers. The waived penalties apply to those who have already filed their 2018 taxes, but did not file a waiver seeking forgiveness for the under-payment penalty. In March 2019, the...
Additional guidance issued relating to Section 199A pass-through deduction
Recently, proposed regulations were issued to provide some clarity concerning the new Section 199A deduction. As part of the Tax Cuts and Jobs Act, which became effective as of the beginning of this year, this new deduction generally provides a 20 percent...
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