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News & Press: Industry News

Centralized Filing for Municipal Net Profit Tax

Monday, February 26, 2018   (0 Comments)
Posted by: Alana Settle
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Register by March 1 through the Ohio Business Gateway

Ohio businesses operating on a calendar-based fiscal year can now opt-in to file just one, centralized municipal net profit tax return. But you must opt-in by Thursday, March 1, 2018.

• Businesses with a calendar year end MUST both opt in by March 1 and notify the cities you operate in no later than that date to centrally file for the 2018 tax year.

• Once registered, you can continue to file quarterly estimated returns and payments through OBG.

• The first quarter payment is due April 15, 2018.

• You can schedule the filing and payment dates for the year through one visit to OBG.

• 2018 tax return will be due in April 2019.

• If you do not operate on a calendar fiscal year, the OBG opt-in, filing and city notification deadline will be the first day of the third month of your first quarter

• Register here: https://www.tax.ohio.gov/MunicipalTax.aspx  ODT has provided step-by-step instructions.

• Questions or need more information? Visit https://www.tax.ohio.gov.

Press Release via the Ohio Department of Taxation

Columbus,OH—More than 400,000 Ohio businesses can now choose the benefit of centralized filing of their municipal net profit tax return. Rather than file a tax return in each and every municipality in which they earn income, business can now ‘opt-in’ and file just one return through the Ohio Business Gateway (OBG).

Ohio Tax Commissioner Joe Testa says this centralized filing option is one the Ohio business community asked for and worked hard to get implemented.
 
“Businesses have been complaining for decades about this part of the municipal tax system.  Having to file a separate tax return in many different communities is a huge and costly burden. In meeting with multiple business groups, they made it clear to us that fixing this problem was their top priority. The solution to that problem is available now.”
 
Testa says businesses that want to file their 2018 municipal net profit tax with the state, must register with OBG by March 1st. Once registered, they can file quarterly estimated returns and payments through OBG. The first quarter payment is due April 15th. For convenience, taxpayers can schedule the quarterly filing and payment dates for the year during one visit to OBG.
 
The Ohio Department of Taxation will process all returns and payments and distribute the money to the appropriate communities. The Department will also handle all the administrative functions including audits, appeals, and processing of annual returns. The 2018 tax return will be due in April of 2019.
 
Testa says the Department of Taxation has estimated that business taxpayers could save $800 million a year in compliance costs if all eligible businesses opt to file through the state system.
 
“Registration at OBG is simple,  and filing a single net profit tax return with the state will make life a lot easier and a lot less expensive for our business taxpayers.”
 
More information can be found here: https://www.tax.ohio.gov/MunicipalTax.aspx 


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