Zinner & Co. Blog and Newsroom

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.

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

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.

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

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

Welcome 2020 Tax Season Interns

Posted by Zinner & Co. Tax Team on Feb 21, 2020 2:00:00 PM

Zinner & Co. is proud to introduce our new 2020 tax season interns. We hope this snapshot of them will help you get to know them, as some of our clients will be receiving communications from our interns, as they will work on tax returns this season. 

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Topics: Taxes - Planning, Rules and Returns, Taxes - Individual, tax, Zinner & Co., Tax Interns

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

Plan for Tax Season

Posted by Brett W. Neate, CPA, MTax on Jan 30, 2020 9:13:00 AM

Many individuals may think the time to plan for tax season occurs during the tax season, which occurs after their tax year has ended.

Unfortunately, this is often too late to make any adjustments, which may have benefited the taxpayer.  

Similarly, businesses can also fall into this line of thinking and fail to plan for tax season during their tax year.

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

Extensions are not an Invitation for an Audit

Posted by Zinner & Co. Tax Team on Jan 24, 2020 12:52:05 PM

Due to many changes in the tax law under numerous tax acts that have been implemented over the past decade, including delay in the issuance of tax forms needed to complete individual income tax returns, the compression of the tax preparation and filing season has become even more severe. 

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

Is This Expense Deductible In 2019?

Posted by Zinner & Co. Tax Team on Jan 20, 2020 8:56:32 AM

The tax code is long and complicated and oftentimes, taxpayers do not know what deductions or credits are available, which means they cannot take advantage of possible savings.

With so many changes under the 2017 Tax Cuts and Jobs Act and the 2019 SECURE Act now in place, changes have been made regarding the deductibility of expenses that both business and individual taxpayers may not be aware of.

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Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, Tax Cuts and Jobs Act of 2017

The SECURE Act of 2019

Posted by Zinner & Co. Tax Team on Jan 13, 2020 11:56:46 AM

A new piece of legislation enacted in late December will help simplify the retirement system and help individuals increase their savings.

The “Setting Every Community Up for Retirement Enhancement” Act or SECURE Act, which was part of the Further Consolidated Appropriations Act of 2020 expands opportunities for individuals to increase their savings, and makes administrative simplifications to the retirement system.

Among the major changes for individuals are:

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Topics: Taxes - Planning, Rules and Returns, Retirement Planning & IRAs

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