COLUMBUS, Ohio, June 12, 2012 /PRNewswire/ -- Taxpayers who haven't yet taken advantage of Ohio General Tax Amnesty need to act fast; the window closes for good on Friday.
After that, individuals and businesses who are delinquent on their Ohio taxes will again be subject to full penalties and interest in amounts that can rise to hundreds or thousands of dollars.
"There will never be a better deal for taxpayers than this one," said Ohio Tax Commissioner Joe Testa. "Participating in amnesty now may mean the difference between eliminating the debt for good or allowing penalties and interest to grow into a financial burden that can take months, and sometimes years, to get out from under."
The Ohio General Tax Amnesty Program applies to Ohio taxes owed as of May 1, 2011. To be eligible, taxpayers cannot have been issued a billing or assessment notice or have been notified of an audit for the tax period for which they are applying for amnesty. The amnesty program applies to the following taxes:
- Individual Income
- Individual School District Income
- Commercial Activity Tax
- Sales and Seller's Use (excludes Consumer's Use Tax)
- Employer Withholding
- School District Employer Withholding
- Corporation Franchise
- Pass-Through Entity
- Gross Receipts of a Natural Gas Company or a Combined Electric and Gas Company
- Motor Fuel
- Cigarette or Other Tobacco Products
- Dealers In Intangibles
Testa stressed that the Ohio Department of Taxation continues to strengthen its discovery and enforcement capabilities but would prefer that taxpayers come forward on their own.
"Participating in amnesty now may mean the difference between eliminating the debt for good and allowing penalties and interest to grow to insurmountable levels," Testa said. "It also avoids the need for legal procedures, which are more costly for the taxpayer and for the State."
Applications and additional information are available at www.ohiotaxamnesty.gov.
SOURCE Ohio Department of Taxation