By Brett Neate, CPA, MT

Businesses with unreported or underreported Ohio tax liabilities have reason to rejoice!

In addition to the Ohio Consumer’s Use Tax Amnesty Program, which is detailed out in another of my blog entries, the General Tax Amnesty Program was created when the state budget was signed by Governor Kasich on June 30, 2011.  It provides relief from a variety of state taxes.

The General Tax Amnesty Program begins on May 1, 2012 and will conclude on June 15, 2012.  Businesses 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. 

Ohio taxes eligible for the General Tax Amnesty include:

–         Commercial Activity Tax (CAT)

–         Corporate Franchise Tax

–         Sales Tax

–         Motor Fuel

–         Cigarette or other tobacco products

–         Intangible Property

–         Employer Withholding

If business owners 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.  Your success is our business!