Beginning on Jan. 1, 2018 and ending on Feb. 15, 2018, individuals and businesses have an opportunity to catch a break and save some money through a new tax amnesty program in Ohio. Taxpayers with delinquent Ohio taxes who voluntarily come forward during this short amnesty period and pay the full amount of all taxes and one-half of the interest due will have the opportunity to have the State of Ohio waive all penalties and one-half of all interest otherwise due. Moreover, taxpayers who utilize this tax amnesty period will have the added benefit that the State of Ohio will not pursue any potential civil or criminal action against them either.
Importantly, this program only applies to taxpayers who voluntarily disclose and pay their delinquent Ohio taxes during the amnesty period and who have not received a notice of assessment or are under audit/have been audited.
Unreported or underreported Ohio taxes which were due and payable as of May 1, 2017 are eligible for this program. Both personal and business taxes are eligible. The amnesty program includes the following taxes: individual income tax; school district income tax; employer withholding tax; employer withholding for school district income 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.
Contact our office today to discuss what the next steps are if you would like to take advantage of Ohio’s Tax Amnesty Program before your window to come clean and save some money closes.