Zinner & Co. Blog and Newsroom

The Biden Administration's Proposed Tax Law Changes

Posted by Zinner & Co. Tax Team on Jun 8, 2021 9:10:00 AM

In early June, the U.S. Treasury Department released its general explanations of proposed changes to the U.S. tax code.

Please note, the following items have only been proposed. In order to become law, they must pass through both the U.S. House of Representatives and the U.S. Senate.

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Topics: Taxes - Corporate & Business, Taxes - Individual, tax, taxes, income tax, tax avoidance

Ohio Income and School Tax Deadlines Moved to May 17

Posted by Zinner & Co. Tax Team on Mar 25, 2021 12:23:16 PM

S.B. 18 will Conform Ohio with Federal Tax Law Changes

Ohio Tax Commissioner Jeff McClain recently announced Ohio is following the federal government and Internal Revenue Service in extending the deadline to file and pay Ohio individual income and school district income taxes for tax year 2020.

The new deadline is May 17, an extension of approximately one month from the original deadline of April 15.

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Topics: Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, ohio

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.

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

AICPA asks Congress for PPP and tax filing deadline extensions

Posted by Zinner & Co. Tax Team on Mar 11, 2021 5:39:43 PM

The American Institute of Certified Public Accountants recently asked Congress to extend the Paycheck Protection Program’s March 31 application deadline at least 60 days. Additionally, the AICPA also asked the IRS and the Department of the Treasury to extend the April 15 tax filing and payment deadline to June 15.

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Topics: tax services, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, ppp

New 1099-NEC Form For Nonemployee Compensation

Posted by Zinner & Co. Tax Team on Nov 23, 2020 10:31:30 AM

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.

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Topics: Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, tax avoidance

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.

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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.

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

IRS Clarifies 90-Day Payment Relief

Posted by Zinner & Co. Tax Team on Mar 18, 2020 5:21:06 PM

On March 18, the Internal Revenue Service provided clarification to special payment relief for individuals and businesses in response to the COVID-19 Outbreak.

For individual returns, income tax payment deadlines with a due date of April 15, 2020, are automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.

This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. The IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

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Topics: tax services, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, Zinner & Co., Coronavirus, Treasury Department, COVID-19, Deferring Tax Payments

IRS Deferring Tax Payments by 90 Days

Posted by Zinner & Co. Tax Department on Mar 18, 2020 9:29:28 AM

Tax Deadline Remains April 15

While taxpayers still have to file their taxes by April 15, 2020, the deadline to pay taxes has been extended by 90 days until July 15, 2020.

During a March 17th press conference regarding the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin announced taxpayers will have an additional 90-days through July 15, 2020 to pay their taxes, penalty-free and interest-free. 

He said individual taxpayers can defer up to $1 million of tax payments and corporations up to $10 million in tax payments.

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Topics: tax services, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, IRS, Coronavirus, Treasury Department, Steven Mnuchin, COVID-19, Deferring Tax Payments

The Benefits of Filing a Tax Extension

Posted by Brett W. Neate, CPA, MTax on Feb 6, 2020 8:43:00 AM

One of the most common tax-related misconceptions is that filing a tax extension increases your risk of a tax audit. 

This longstanding myth is simply not true, as filing a tax extension can statistically decrease the risk of an audit.

In addition to statistically decreasing the risk of an audit, there is also one other benefit to extending a tax return.

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Topics: tax services, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax

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