By Brett W. Neate, CPA, MT
Have you filed and paid all of your Ohio taxes? Did those returns include the correct figures and tax liabilities? Are you sure? If not, now is the time to identify any unreported or underreported taxes and seek relief through the Ohio General Tax Amnesty Program.
The General Tax Amnesty Program, which was created when the state budget was signed by Governor Kasich on June 30, 2011, provides significant relief from a variety of state taxes including:
- Personal Income Tax
- School District Tax
- Commercial Activity Tax (CAT)
- Estate Tax
The General Tax Amnesty Program begins on May 1, 2012 and will conclude on June 15, 2012. Individuals utilizing this program must pay unreported and under-reported tax delinquencies plus one-half of the related interest charges for taxes due and payable through May 1, 2011. All penalties and one-half of the interest charges will be abated. Unfortunately, no payment plan is available under this amnesty program and payment of the taxes and one-half of the interest must be made during the amnesty period.
If individual taxpayers have questions about their exposure, they should contact their trusted tax adviser who will aid them in determining if an unreported tax liability exists and provide guidance on how to participate in the amnesty program to minimize taxes, penalties and interest.
If you have questions about the Ohio General Tax Amnesty Program, please visit the Zinner & Co. LLP website, www.zinnerco.com, or call us at (216) 831-0733 to contact one of our tax professionals.
