If you’re a business owner looking for a new way to receive quick and easy payments, look no further. Intuit and Square now offer devices to accept credit card payments from the accessibility of your own phone.
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Zinner CPAs talk Business Money-Management
Zinner & Co.’s Howard J. Kass, CPA, and Joe Ramey, CPA, will be speaking on February 25 at a meeting of the Cleveland Digital Publishing Users Group (CDPUG), a nonprofit organization dedicated to the education and professional development of those in the graphic arts and digital publishing industries.
read more…The Supreme Court’s ruling on DOMA : How Does It Impact Ohio Same-Sex Couples?
On June 26, 2013, the United States Supreme Court issued its decision in the case of The United States v. Windsor which essentially ruled the federal Defense of Marriage Act (DOMA) unconstitutional. Given the widespread national press this case received, we will not rehash the details of the case here, but in short, the Windsor case treats same-sex couples who are validly married under state law as married for federal purposes. While this case is viewed as a huge civil rights win, it could potentially be a huge financial win for same-sex couples, but the ruling has raised as many questions as it has answered particularly in states such as Ohio that do not currently recognize same-sex marriage.
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Efforts by Ohio to Prevent Tax Fraud May Cause Refund Delays
The following is an information release from the Ohio Department of Taxation…
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Extension Periods for Various Tax Returns Revised
The Highway Act changed the filing due dates of business income tax returns beginning for tax years after 12/31/15. Along with these changes the extension periods for other types of returns have also been updated. The following chart highlights these important revisions.
read more…Income Tax Treatment of Fringe Benefits Provided to Pass-Through Entity Owners
Posted by: Howard J. Kass, CPA, AEP®
Inflation Adjustments for 2014
The IRS recently announced 2014 inflation adjustments for several key tax provisions including the following:
read more…Windfalls: Be Prepared
Posted by: Michael Hermes, Tax Senior
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We’re Growing! Join our team as a Tax Supervisor
Due to a number of recent promotions and to accommodate our growing workload, the firm is searching for an outstanding professional to join our tax staff as a Tax Supervisor.
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New Legislation Includes Tax-Free IRA Distributions
As anticipated, Congress has written new legislation extending certain tax provisions. “Protecting Americans From Tax Hikes Act of 2015” is expected to be signed by President Obama within the next several days.
One important provision has permanently extended the rule which allows tax-free IRA distributions (up to $100,000) to charitable organizations, and will be retroactive to January 1, 2015. This rule allows owners of IRAs who are at least 70 1/2 years of age to direct up to $100,000 of their IRA distributions to charity. 
The funds that are given to charity are counted toward the IRA owner’s annual required minimum distribution, or RMD. Since these funds are going directly to charity, the distribution is not included in one’s Adjusted Gross Income (A.G.I.), which helps in potentially reducing state income taxes, and may also allow certain other tax breaks to occur, due to a lower A.G.I. (i.e., medical expenses and miscellaneous itemized deductions).
Legislation affecting tax law can be confusing. The Zinner tax department is up-to-date with the latest provisions affecting individuals and businesses and is ready to help ensure your financial strategy remains favorable, If you have any questions or concerns about taxes or your IRA, please contact me at gsigman@zinnerco.com or 216-831-0733. I’m ready to start the conversation and help you guide your retirement plan.
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.
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