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"How many lessons of faith and beauty we should lose, if there were no winter in our year!" – Thomas Wentworth Higginson
 

6 Things to keep in mind if you receive a notice from the IRS
6 Things to Keep in Mind if You Receive a Notice from the IRS

By Eric James
Staff Accountant

For some, a simple flip through the day’s mail can soon turn into a panic-producing event. Bad news, bill collectors, or worse, a tax notice from the IRS, state department of taxation, or the local tax agency.  

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No Refunds Before February 15

By Barbara Theofilos, CPA, MBA
Accounting and Tax Services Supervisor
No refunds before February 15

On December 18, 2015, President Obama signed legislation called “Protecting Americans from Tax Hikes” Act of 2015, or the PATH Act for short. 

The PATH Act contained many extensions and changes to existing tax laws.  The Act also included a provision which will delay refunds for certain taxpayers.  The IRS is now required to not issue a refund to anyone claiming the Earned Income Tax Credit or the Additional Child Tax Credit until February 15.  Both of these refunds are considered “refundable credits,” which are essentially treated as additional tax payments, and can reduce one’s tax liability below zero.  More, the PATH Act was enacted to give the IRS more time to review refund claims, in an effort to reduce fraud and catch refunds that may be improperly issued.

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How the 65th Day of the Year Could Help You Save on Your Taxes

How the 65th Day of the Year Could Help You Save on your TaxesBy Gary Sigman, CPA, M.Tax, PFS, AEP®
Senior Tax Manager

The benefits of trusts in managing one’s financial affairs, both during one’s life and after one’s death, are well documented and quite significant.  Among the trade-offs for their benefit are the complexity of their tax structure and the highly compressed tax brackets that apply to them.  In addition, it is important to note that estates are subject to most of the same tax treatment as trusts.

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Education Celebration: Three Cheers for the New FAFSA

Education Celebration: Three Cheers for the new FAFSA

By Jonathan Elliott
Accounting and Tax Services Staff Accountant 

Each academic year, students seeking federal aid funds are required to complete a FAFSA. The FAFSA must be filled out and submitted in order to receive Federal Student Aid for higher education costs.  Federal Student Aid includes a variety of financial aid awards: the PELL grant, Stafford Loans, and College PLUS loans, to name a few. Individual schools may also require students to fill out a FAFSA even if they are paying everything out of pocket.

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Board Member Compensation:
How Much is Too Much?

Major scandals have rocked the not-for-profit financial world in recent years, affecting organizations such as Hale House, Help Hospitalized Veterans, and Central Asia Institute. Because of this, donors, the media, regulators, and the general public became increasingly skeptical of the integrity of not-for-profits, and one of the major areas under scrutiny is compensation.

The content in this publication will help you understand the IRS rules for board member compensation as well as the reporting requirements regarding compensation paid to board members who are volunteers, employees, or independent contractors.

 


2016 Year End Planning Guide

 

Download: 2016 Year End Planning Guide

As we welcome 2017 and with the 2016 tax year at a close, many individuals and business owners are asking what they can do to reduce their tax obligation, discover tax credit opportunities, or set themselves in a more favorable tax position. While some of the "to-do's" had an end-of-year date, there is still much more you can learn to help you prepare and plan right now. Our free Ebook will provide you with options, suggestions, and solutions that may benefit you this filing season and beyond.

Questions? Our CPAs and management advisors are ready to meet with you for a no-cost, no-obligation consultation to ensure you step in to 2017 with a strong financial footing. Contact us at info@zinnerco.com or 216.831.0733. 


 

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Ten Tips for Charitable Taxpayers
By Howard J. Kass, CPA, CGMA, AEP®
Partner 


IRS Lowers Mileage Rates for 2017
By Barbara Theofilos, CPA, MBA
Accounting and Tax Services Supervisor


What to do if You Receive a 'Failure to File' Notice from the Ohio Department of Taxation
By Howard J. Kass, CPA, CGMA, AEP®
Partner 


ODT to Require Drivers License, ID on Returns to Fight Fraud
By the Ohio Society of CPA's


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Know a savvy CPA who’s ready to join one the best accounting firms to work for? We have mid-and upper-level career positions open in both tax and audit.

Learn more at http://www.zinnerco.com/about-zinner/career-opportunities 

 

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