In the past few months, phrases like “tariffs on Chinese imports” and “trade war with China” have been floating around in the news. The government levied a 25 percent tariff on over $50 billion of products imported from China.
On July 24, Zinner & Co. honored Gabe Adler, CPA, CGMA, Partner and Howard Kass, CPA, CGMA, AEP, Partner, for their nearly 90 combined years of public accounting experience with a retirement party at Acacia Clubhouse in Lyndhurst.
Both Adler and Kass graduated from Cleveland Heights High School in 1971 and 47 years later, they are both retiring after successful careers.
“In today’s world, it’s almost unheard of to have that kind of longevity in a single field and most notably, together in the same firm for the last 19 years,” said Zinner & Co. Managing Partner Robin Baum, CPA.
The deadline is approaching for private employers to “true-up” with the Ohio Bureau of Workers’ Compensation (BWC).
A press release posted on the Ohio BWC website reminds employers they have until Aug. 15 to complete an important action necessary for the BWC to accurately calculate premiums.
According to the press release, prior to each policy year (July 1- June 30), employers' payroll amount, the basis for their premium, is estimated based on historical data. When the policy year-ends, employers are required to true-up, which means they must report the actual payroll for the policy year that ended on June 30 and reconcile any difference in premium paid.
Back to school shoppers have the opportunity to pay a little bit less for purchases in early August.
Ohio’s sales and use tax holiday begins at midnight on Aug. 3 and runs through Aug. 5 at 11:59 p.m.
The state’s legislature passed legislation in March to create a permanent sales tax holiday each year on the first Friday, Saturday and Sunday of August.
On June 21, the Supreme Court handed down a landmark decision in South Dakota vs. Wayfair (“Wayfair”). The fallout of this decision will significantly change the way online vendors handle sales and use (“S&U”) tax for out-of-state consumers going forward. It will, therefore, also affect online consumers. Are you impacted!?
In June, Zinner & Co. Partner Howard J. Kass, CPA, AEP®, CGMA, finished his one-year term as president of the Cleveland/Akron Chapter of the Society of Financial Service Professionals (CAFSP).
A CAFSP member since 2010, Kass was thankful for the support he received from the organization’s officers and board members during his term.
Zinner & Co. LLP Partner Susan Krantz, CPA, CGMA, was honored with a prestigious Rainmaker award as the Nonprofit Certified Public Accountant (CPA) member of the year.
Presented during the Rainmaker Companies’ annual SuperConference, held in Indianapolis from May 31 through June 2, the award is given annually to a member best described as someone who is a constant source of value to other members. Other criteria include an individual who engages in group activities and contributes to the success of the alliance through leadership, collaboration and the sharing of resources and best practices.
The Tax Cuts and Jobs Act of 2017 generally lowered federal income tax rates, with some exceptions. Among the ways in which lower rates impact tax planning, they make unmatched contributions to traditional employer retirement plans less attractive.
Example 1: Chet Taylor has around $100,000 in taxable income a year. Chet contributed $12,000 to his company’s traditional 401(k) in 2017, reducing his taxable income. He was in the 28 percent tax bracket last year, so his federal tax savings were $3,360 (28 percent of $12,000). An identical contribution this year will save Chet only $2,880, because the same income would put him in a lower 24 percent bracket.
Not everyone will be in this situation.
The Tax Cuts and Jobs Act of 2017 affected the tax deduction for interest paid on home equity debt as of 2018.
Under prior law, you could deduct interest on up to $100,000 of home equity debt, no matter how you used the money. The old rule is scheduled to return in 2026.
The bad news is that you now cannot deduct interest on home equity loans or home equity lines of credit if you use the money for college bills, medical expenses, paying down credit card debt, etc.
The good news is that the IRS has announced “Interest on Home Equity Loans Often Still Deductible Under New Law.”
A proposed bill has the potential to put taxpayers in a charitable mode.
U.S. Rep. Chris Smith (R-NJ) and U.S. Rep. Henry Cuellar (D-TX) recently introduced the “Charitable Giving Tax Deduction Act,’ a bipartisan bill that would make charitable tax deductions “above-the-line,” allowing taxpayers to write off charitable donations without limitation, whether or not they choose to itemize.
The proposed bill would address concerns that changes made by the Tax Cuts and Jobs Act will result in fewer taxpayers itemizing their deductions, reducing the tax incentive to make charitable contributions.
