In an effort to assist taxpayers and raise revenue, Ohio recently announced a new tax amnesty program that will open January 1, 2018 and will run through February 15, 2018. If you have unreported or underreported taxes that were due and payable as of May 1, 2017, and you have not received a billing notice or tax assessment from the Ohio Department of Taxation, you may be eligible for a waiver of penalties and a reduction of half of the accrued interest on the liability.
Taxes that qualify for the amnesty program include the following:
• Individual Income Tax
• Individual School District Income Tax
• Employer Withholding Tax
• Employer Withholding School District Income Tax
• Pass-Through Entity Tax
• Sales Tax
• Use Tax
• Commercial Activity Tax
• Financial Institutions Tax
• Cigarette or Other Tobacco Products Tax
• Alcoholic Beverage Taxes
To be approved for Ohio Tax Amnesty, you must submit an application, all appropriate tax returns, and full payment of the amount due.
Resolving unpaid or under-reported tax liabilities during the Ohio Tax Amnesty period will save you from incurring penalties, interest, and possibly collection fees on your unpaid taxes. The size and age of your liability determines how significant the savings will be. The larger the obligation and the older the debt, the more significant the savings.
If you think you have unreported or under reported tax obligations, you should consider contacting us for help in deciding if the Ohio tax amnesty program is right for you.
To learn more, please visit http://ohiotaxamnesty.gov/Resources or contact Morgan Mahaffey at 614.528.1454 or email@example.com.