From an early age, Lorenzo Miller realized he loved dogs.
Growing up in the inner city, the 6-year-old saw the stray dogs in his neighborhood knocking over garbage cans looking for food and wanted to help them. Soon, he began to bring the dogs into his home, but was not allowed to keep them. He had to smuggle them into his bedroom and trained them, knowing they had to be quiet in order to keep them hidden.
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.
Zinner & Co. is pleased to continue its support and sponsorship of the Magic of LightsTM, being held at the Cuyahoga County Fairgrounds in Berea, Ohio from November 25, 2020 through January 2, 2021 between the hours of 5:30 and 10 p.m.
Magic of LightsTM is a yearly tradition for many Northeast Ohio families, who marvel at thousands of decorative displays and interactive holiday lights.
The event is a dazzling, drive-through holiday lights experience featuring favorite holiday scenes and characters of the season using the latest LED technology and digital animations.
For the past 94 years, University Settlement, a 501(c)(3) nonprofit, has provided much needed social services to the residents of the Broadway-Slavic Village neighborhood.
They have been the main social services provider to the community and have followed their mission: To offer the individuals and families they serve the resources by which they can learn, grow and thrive.
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.
Over the past month, many of our clients and referral sources have asked if we have re-opened our office.
The short answer is that is yes, we are open for business and available to meet with our clients. The longer answer to the question addresses many other issues including our greatest resource - our people.
When the pandemic quarantine began in mid-March, Zinner & Co. quickly pivoted to continue to address our client needs, frankly, at the busiest time of the year for our tax practice. We sent our staff home and connected everyone through secured methods to our office servers. We even found a way to keep our tax season interns on staff while many other firms discontinued all internship programs at time.
Over the past few weeks, some of our local commercial lenders have slowly begun to open their online portals to allow those businesses who received Paycheck Protection Program (PPP) Loans to file their applications to obtain forgiveness of the debt related to qualified expenses.
While the loan application process was a heated fury of business owners rushing to obtain the much needed funds so that they could continue to employ and pay their employees, retain health insurance coverage and pay their rent, the loan forgiveness process seems to be occurring at much less of an accelerated rate. Although credit should go to the Small Business Administration for issuing some guidance to the lenders who have extended these loans, not all the related questions have been answered.
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.
For many commercial real estate owners, the real estate bubble of 2008 was far in the rearview mirror as they rang in the 2020 New Year.
Nearly 12 years later, they survived the drop in property valuations, frozen lines of credit, mortgage defaults and renegotiations, which the credit markets had served up in 2008. Little did they know, the arrival of the COVID-19 pandemic in the U.S. would usher in a far greater challenge than they ever experienced.
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.
