Chris Valponi, CPA
Audit and Assurance Manager
Q: I volunteer as a Board member for a mid-sized not-for-profit. At times, I feel that I am just going through the motions of reviewing and approving the balance sheet or the Treasurer’s report during our monthly board meeting. Are there duties that I could take on to be a more effective board member?
Pat M. – Volunteer board member, Cleveland
A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in today” message before the request.
If you’re a small business owner, time is running out to take advantage of some income tax reduction strategies before the end of the year. As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year. Factors that compound the planning challenge this year include overall economic uncertainty and Congress’s customary failure to act on important tax breaks that will expire at the end of 2016. 
Leaving a philanthropic gift to a charitable organization can be a rewarding experience, both for the donor and the designated organization.
read more…Financial planning is one of the most important (if not the most important) and concerning money topics that many folks share. How much should you have saved by a certain age? Should new parents start to save now for their newborn baby? How does one really plan for and define wealth?
What many keep quiet about during the day is what keeps them up at night. According to a 2016 Gallup poll, not having enough money for retirement remains a top concern (64%) when it comes to financial woes and 37% of Americans worry about not having enough money to pay for their children’s college.
But, how much do YOU need? While there are many thoughts, theories, and percentages out there, the Zinner team offers customized financial reports to help folks plan and project budgets for retirement, education planning, and increasing their net worth.
Senior Tax Manager Gary Sigman commented: “We work closely with our clients to provide a realistic view of the both what is happening today with respect to income, investments, and expenses, and then look at the longer-term goals. We have the ability to input figures based on various financial scenarios, making comes to planning an effective financial future.”
Tax season. For those due a refund, the focus is how to get their refund sooner. While many remain calm realizing it’s time to sift through their shoe box full of 2016 papers and gather needed receipts to get the process in motion, others experience a high level of stress stemming from confusion or uncertainty as to what they will need to help their accountant accurately prepare their income tax return. 
What can you do to be one of the calm and peaceful taxpayers enjoying a speedy refund? Simple. Learn the seven things that your accountant needs to receive from you to prepare your taxes efficiently and, ultimately, help get your tax refund sooner.
For Individual Taxpayers
Your mortgage lender likely issued you an IRS Form 1098 at the beginning of the year that summarizes your mortgage interest and property tax payments you made throughout the previous year. Your accountant should ask you for this form to claim the mortgage-interest deduction that is available to homeowners (there are limitations). Your accountant will also refer to this to calculate part of your home-office deduction, if applicable. If you carry more than one mortgage, be sure to provide Form 1098 for each as you can also potentially deduct interest paid on one other property as a second qualified residence. This is also the case if you have both mortgage interest and home equity loan interest on your residence.
The IRS rewards those who go to school by offering very generous education credits. You can save up to $2,500 by using the American Opportunity Credit and up to $2,000 by using the Lifetime Learning Credit. The education credit is applicable if the college or vocational school is:
The IRS realizes that this generosity has caused criminals to abuse the system by filing fraudulent tax returns claiming these credits to trigger larger refunds. Consequently, with the passage of the Preferences Extension Act of 2015, the IRS added a new requirement that must be met in order to claim an education credit. Starting with the 2016 tax year, you must have a 1098-T tuition statement in order to claim either of these credits.
For Business Owners:
Your company financial statements are the building blocks of your business. Financial statements include three main reports: a balance sheet, an income statement, and a cash flow statement. If possible, bring a clean trial balance and general ledger (your accountant will thank you profusely!). For tax purposes, the income statement and the trial balance are the documents most relied upon by your accountant as they contain all the activity for the year along with the ending assets and liabilities.
If you use your own vehicle for business purposes, you can claim a portion of the car’s upkeep expenses as a tax deduction against your business income. The IRS allows you to calculate this one of two ways: either the actual expenses method or the simplified method.
By Zinner & Co.
Tax Services Department
From wacky tie day to a hilariously difficult spelling bee, CPAinting to “dress as a Partner,” the Zinner team shared wit and wisdom during the firm’s annual United Way of Greater Cleveland fundraising campaign. 
“We are fortunate that the Zinner staff are inherently caring, giving folks. As long-time supporters of the United Way and the people, programs, and organizations they serve, it was our pleasure to find meaningful ways to not only raise funds, but also raise awareness for the work they do,” said Sue Krantz, partner.
Check out some of the fun snapshots from our campaign activities.
Zinner & Co. has held steady to many founding principles. The integrity of the firm is supported by a long-held belief to not only to show community support through fundraising events and company sponsorships, but also from a boots-on-the-ground approach. It...
Cybersecurity. What if I said I can give you five security tips you can implement in five minutes that will help greatly mitigate the risk of your home or business computer system from becoming a target for cybercriminals? Yes, it can be that easy! ...
Do you remember when you were in school and the teacher would give each student a worksheet to “spot the difference” between two side-by-side detailed scenes? You would look carefully at each of the two images, trying to spot subtle details, such as an extra...
“Data breach can’t happen in our company, we are not big enough to be a target.” Have you ever heard someone say this in your company? Whether an intern or an owner, having anybody on staff who thinks their company is exempt from a cyber-threat or a data breach is an...
Q: I am fed up and frustrated trying to keep—and remember passwords that are both complex and creative. This is frustrating and I am at my wit's end. What can I do to make it easier for me to remember but more secure against attacks? -Mary Kay C, Business Executive,...
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