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Did you know that small businesses that fail to file their annual retirement plan returns can face hefty fines of up to $15,000 per return? Our tax team has helped small businesses plan and prepare their annual plan returns. 

Fortunately, the Internal Revenue Service recognizes that some businesses may not even realize that this requirement applies to them. As a result, a tax penalty relief program allows them to pay $500 per return for late filings, up to a maximum of $1,500. The relief is aimed at small businesses whose plans cover a 100% owner or partners in a business partnership, and their spouses.

The U.S. Department of Labor also has a relief program for businesses that have employees. If you’re not sure whether the requirements—or the relief programs—apply to you, be sure to contact us. We can offer advice on how to remain in compliance with critical regulations and minimize your tax outlays. 

Many business owners stress over gathering receipts, recalculating figures and some even lose sleep over filling out their tax yearly organizer. But did you know, there are five things your CPA really wants to see when you submit your information so that he or she can start to work on your taxes? Let’s take a look...

You or your business may qualify for First Time Penalty Abatement (FTA).

As you probably know, the Internal Revenue Service (IRS) can assess penalties to both individuals and businesses for not complying with the tax rules.  For example,

For many, the sting of holiday spending will present itself in the coming weeks by way of credit card bills and department store charges. Spending aside, the few remaining days of the year also present an opportunity to reduce your taxes, whether you are an individual taxpayer or a business owner.

Our tax team has compiled their top ten action steps to ease the burden and possibly lessen the blow of taxes owed come April 15. 

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.