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The end of year brings about changes, extenders and provisions in the world of individual and business taxation. One of the IRS changes announced for 2016 is the 3.5 cent reduction in standard mileage rates for business use of a vehicle. 

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.

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. 

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.

As we head into the last quarter of 2015, it's time to take a look at what is happening on the federal level that may impact the deductions and credits for you or your business. 

Below is a list of some of the most significant tax provisions affecting individuals and businesses that expired on 12/31/14.  It is quite possible that Congress will extend some, or all, of these through the end of 2015.  However, as of the current date this has not yet been done.  We may not know conclusively about the fate of these provisions until much later in the year.

The Highway Act is making changes to our familiar due dates for business income tax returns. To recap current due dates, form 1120 (U.S. Corporation Income Tax Return) is initially due two and a half months after the close of the corporation’s tax year and can be extended for a six month period. 

Calendar year corporations are, therefore, initially due on March 15^th following the end of the calendar year and can be extended through September 15^th. Form 1065 (U.S. Return of Partnership Income) is initially due three and a half months after the close of the calendar year with an option for a five month extension. Calendar year partnerships are initially due April 15^th with an extension making the due date October 15^th.

Read more by Barb Theofilos: When Are Severance Payments Made to FICA? 

With each passing year, additional states are considering legalizing the sale of marijuana for medical and/or recreational purposes.  Ohio is among those states considering legalization, with the issue up for vote on the upcoming November ballot. 

While state law is becoming more and more accepting of the idea, the act is still prohibited under federal law.  As one can imagine, this can create some interesting tax issues. 

Related read: How to Deduct Expenses Related to Personal Property

For engaged couples, there seems to be a never-ending list of things to plan ahead of the “big day,” including invitations, bridal party, the venue, wedding colors, first-dance song, and most romantically, the IRS. 

With so many Americans conducting business outside their office, the recent IRS announcement of the 2015-2016 business travel expense rates will certainly impact many.  In 2011 alone, American businesspeople took a total of 445 million trips for work-related matters, (source: NYTimes.com 05/03/12) and that figure grows steadily each year.