Zinner & Co. Blog and Newsroom

IRS Has Restarted the Income Tax Levy Program

Posted by Zinner & Co. Tax Team on Aug 9, 2021 8:55:00 AM

According to Accounting Today, the Internal Revenue Service began sending out letters from its Automated Collection System function in June and restarted the income tax levy program in July.

Suspended last year, the IRS tax levy program includes both tax levy and treasury payments.

Read More

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

IRS Sends Out Letters Regarding Monthly Child Tax Credit Payments

Posted by Zinner & Co. Tax Team on Jun 14, 2021 1:30:00 PM

In early June, the Internal Revenue Service started sending letters to families about how they may be able to qualify for monthly Child Tax Credit payments.

The letters are going out to families who may be eligible based on information they included in either their 2019 or 2020 tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.

Read More

Topics: IRS, tax avoidance, Tax Credit, Child Tax Credit, American Rescue Plan Act

Tax Filing and Payment Deadline Pushed Back to May 17

Posted by Zinner & Co. Tax Team on Mar 19, 2021 9:44:38 AM

The Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.

The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.

Read More

Topics: tax services, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, IRS, Treasury Department

IRS Announces New Retirement Plan Limits for 2021

Posted by Zinner & Co. Tax Team on Mar 1, 2021 1:46:00 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.

Read More

Topics: Taxes - Individual, Retirement Planning & IRAs, IRS

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.

Read More

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.

Read More

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

IRS grants rollover relief for RMDs waived under the CARES Act

Posted by Zinner & Co. on Jun 25, 2020 10:59:40 AM

The Internal Revenue Service recently announced anyone, who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts, now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

This 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, in order to give taxpayers time to take advantage of this opportunity.

Read More

Topics: Brett W. Neate, Taxes - Planning, Rules and Returns, Retirement Planning & IRAs, IRS, cash flow, Zinner & Co.

IRS Announces 2021 Contribution and Expense Limits for HSAs and HDHPs

Posted by Zinner & Co. Tax Team on Jun 23, 2020 4:37:49 PM

In late June, the Internal Revenue Service issued Revenue Procedure 2020-32, in which they set Health Savings Account contribution limits for calendar year 2021, along with minimum deductible and maximum out-of-pocket expenses for the High Deductible Health Plans, with which HSAs are paired.

Read More

Topics: HSA, IRS, HDHP

What you need to know about the economic impact payments

Posted by Zinner & Co. Tax Team on Mar 31, 2020 10:57:59 AM

The Treasury Department and the Internal Revenue Service recently announced the distribution of economic impact payments will begin within the next three weeks, and will be distributed automatically, with no action required by most people.

However, some seniors and others who typically do not file returns, will need to submit a simple tax return to receive the stimulus payment.

Read More

Topics: Taxes - Planning, Rules and Returns, Taxes - Individual, IRS, Economic Impact Payments

Families First Coronavirus Response Act

Posted by Zinner & Co. Tax Team on Mar 24, 2020 4:07:42 PM

The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.

Read More

Topics: IRS, Coronavirus, Treasury Department, COVID-19, Federal Assistance, Families First Coronavirus Response Act, Employee Leave

CATEGORIES

Latest Posts

Learn why Zinner & Co. loves Cleveland

Subscribe to Our Blog