Ohio’s Tax Amnesty Program: What’s in it for You?
Ohio Governor John R. Kasich signed the biennial budget into law on June 30, 2017, enacting legislation to introduce a temporary tax amnesty program that will run from January 1, 2018, through February 15, 2018.
Why should you care?
Outstanding tax liabilities that were due as of May 1, 2017, if paid-in-full during this program, will have all penalties and half the interest waived on qualified delinquent taxes. This could result in significant savings in interest and penalties.
The amnesty program includes the following tax types: individual income tax; school district income tax; employer withholding tax; pass-through entity tax; sales tax; use tax; commercial activity tax; financial institutions tax; cigarette and other tobacco products taxes; and alcoholic beverage taxes.
To be eligible for the amnesty program, an individual or business must not have received a notice of assessment or have received an audit notification letter for the periods in question. Unreported or underreported taxes must be unknown to the Ohio Department of Taxation to qualify for the amnesty program. More information can be found at http://ohiotaxamnesty.gov/.
If you have unpaid taxes that you think may qualify for the amnesty program or questions about the Ohio amnesty program and its impact on you or your business, contact us.
Robert M. Burak?>
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