State offers tax penalty forgiveness program

State offers tax penalty forgiveness program

The Ohio Department of Taxation announced it will be offering a tax amnesty program from Jan. 1 to Feb. 15.  The program allows individuals and businesses with unreported or underreported income to come clean with tax liabilities. If consumers and businesses pay all of those delinquent taxes, they will owe no penalty charges and only half of the interest charges they would normally be assessed.

The amnesty program was last offered in 2012.

“The Ohio Tax Amnesty is a tremendous opportunity for eligible taxpayers to address an unreported tax debt and eliminate the financial risk of not complying with the obligation to file and pay taxes,” said Ohio Tax Commissioner Joe Testa. “If we all comply with the tax laws, as most Ohio taxpayers do already, we can lower the tax rates for all taxpayers.”

This program covers issues such as unfiled returns, unreported income or underreported income.

During the program in 2012, Ohio collected $30.5 million.

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.

Published in OhioMBE – Jan. 1, 2018