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.
Zinner & Co. Recommends CamScanner- PDF Scanner App to Scan Documents
Zinner & Co. Tax Team Taxes - Planning, Rules and ReturnsOften times, clients will scan over important documents and email them to use.
While this approach works well with a good scanner, some people do not have a scanner at their house.
The good news is, you can use your cell phone to scan documents.
For several years, Zinner & Co. employees have used the CamScanner-PDF Scanner App to convert important documents into PDFs.
ODJFS Warns Ohioans to be on Lookout for Signs of Identity Theft
Zinner & Co. Tax Team identity theft , Taxes - Planning, Rules and Returns , Taxes - Individual , ODJFS , Ohio Department of Jobs and Family ServicesOhioans should be on the lookout for signs of identity theft as they begin to receive their tax documents in the mail.
New 1099-NEC Form For Nonemployee Compensation
Zinner & Co. Tax Team Taxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , income tax , tax avoidanceThe 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.
Concern Over IRS Guidance on Presidential Order Deferring Payroll Tax
Zinner & Co. Tax Team Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , deductions , taxes , IRS , Coronavirus , COVID-19On 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.
Don't Panic if You Received a Tax Notice from the IRS or State of Ohio
Zinner & Co. Tax Team Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , tax , taxes , IRSOver 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.
Ohio Sets Sales Tax Holiday For Aug. 7
Zinner & Co. Tax Team Taxes - Planning, Rules and Returns , taxThe pandemic is not stopping Ohio’s observation of its annual sales tax holiday.
The event kicks off on midnight on Aug. 7 and lasts until Aug. 9 at 11:59 p.m.
During the “holiday,” the following items are exempt from sales and use tax:
IRS grants rollover relief for RMDs waived under the CARES Act
Zinner & Co. Brett W. Neate , Taxes - Planning, Rules and Returns , Retirement Planning & IRAs , IRS , cash flow , Zinner & Co.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.
What you need to know about the economic impact payments
Zinner & Co. Tax Team Taxes - Planning, Rules and Returns , Taxes - Individual , IRS , Economic Impact PaymentsThe 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.
IRS Clarifies 90-Day Payment Relief
Zinner & Co. Tax Team 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 PaymentsOn 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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