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.
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.
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Having been a CPA for over 30 years, I can honestly say that the last three months of my career have been some of the most challenging, but also some of the most rewarding.
The coronavirus pandemic has changed the way that all of us work and also how we see the world. For many years, I cherished the role of being my clients “most trusted advisor.” This meant I provided financial counsel related to income and estate tax matters and assisted in management consulting projects to help business owners maximize their profits. While all of these types of engagements brought value to the business owner, little did I know 2020 would transform my role to becoming a “front line” worker.
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During the COVID-19 pandemic, the need to plan for taxes has become even more important due to all the changes from recently passed coronavirus relief legislation and especially for those businesses seeking forgivable loans through the Paycheck Protection Program (PPP).
While the PPP legislation was designed to help businesses weather the economic storm that many “Stay at Home” orders have created by providing funding to continue to employ workers and, the ramifications of not fully understanding the restrictions for use of these funds could ultimately cause further challenge for business owners.
Business owners and non-profits are strongly urged to reach out to their Zinner & Co. Client Service Team and should feel comfortable accessing information provided by our team of Recovery Specialists, not only in the Paycheck Protection Program (PPP) application process, but also in the proper documentation and accounting for loan proceeds.
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Since April, Zinner & Co. staff members have held weekly Zoom meetings.
As part of the discussion, staff members talked about the “silver linings” that they have found during the COVID-19 pandemic.
Here are a few of the notable positive actions and thoughts to come out of these discussions: read more…
Since April, Zinner & Co. staff members have worked hard to maintain regular communication with their clients during the COVID-19 pandemic.
During some of our conversations, we have heard many uplifting stories of how our clients are making the most of the “Stay at Home” order. Here are few stories we wanted to bring to your attention: read more…
During the current “Stay at Home” issued by Ohio Gov. Mike DeWine, Zinner & Co. staff are working remotely to meet the needs of all of our clients.
Thanks to the efforts of all Ohioans, in April we have successfully “flattened the curve” and avoided overwhelming our hospitals with COVID-19 cases.
By practicing social distancing during this challenging time, you have helped to make a difference and save lives.
In late April, Gov. DeWine announced the Responsible Restart Ohio Program, which allowed healthcare institutions including hospitals, clinics, dental offices and veterinarians to begin outpatient procedures and treatments for other life threatening conditions on May 1. read more…
For three Zinnner & Co. interns, their internships were ones they will likely never forget, as they had to overcome a challenging tax season.
When their internships began, Allen Li (Case Western Reserve University), Kyoko Tosi (Kent State University) and Brett Carney (CWRU) likely thought they were in for a normal tax season.
“We learned how to prepare individual tax returns and to issue the 1099 tax forms,” said Tosi. “We were provided with weeks of training, practice period and real work with senior’s reviews.”
The work kept them busy as they began an in-depth journey into the world of accounting.
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Ohio Gov. Mike DeWine and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Stephanie McCloud today proposed giving up to $1.6 billion to Ohio employers this spring to ease the economic impact of the coronavirus pandemic on Ohio’s economy and business community.
“This is great news for Ohio’s businesses, and will assist in relieving some of the financial pressures many are experiencing,” said DeWine. “Administrator McCloud and I both encourage businesses to reinvest this money in the health and safety of their employees.”
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The City of Cleveland wants to help businesses in the city, who were impacted by COVID-19.
Until Jan. 1, 2021, the City of Cleveland is offering loans of up to $10,000 with 0 percent interest. Loan payments of $150 per month would begin on Jan. 1, 2021.
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...
Firm also hires two additional employees Zinner & Co. is proud to announce two employees were recently promoted into management roles, while the firm hired two additional employees to fill important roles. Zinner & Co. Promotions Laura Haines, CPA, was...
Individuals who have set up 529 plans need to be aware of recent changes to the plans. Created to fund educational expenses, 529 plans are tax-advantaged education savings plans. All contributions to a 529 account grow tax-free, and withdrawals are tax-free if the...
While student loan forgiveness was a hotly debated topic throughout the past year, one piece of legislation was passed to help those with student loan debt get out from under it faster. Language in the SECURE 2.0 Act of 2022 has the ability to allow employers to...
On Jan. 1, new rules targeting the origin of electric vehicle battery materials from countries considered hostile to the U.S. went into effect and limited the number of EVs eligible to receive U.S. tax credits. As part of the Inflation Reduction Act, the guidelines...
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