October 25, 2001
FOR IMMEDIATE RELEASE
Ohio Tax Commissioner Zaino Announces Ohio Tax Amnesty.
In a recent press release, Commissioner Thomas Zaino announced Ohio's plan
to offer a tax amnesty program. The program began on October 15, 2001
and will continue through January 15, 2002. This is a unique opportunity
for those who have known liabilities to achieve compliance without the
ramifications of penalties and a 50% reduction of interest.
Commissioner Zaino expressed that this program will be beneficial for
everyone involved. With the State of Ohio predicting a deficit, this program
offers incentive to those taxpayers who have not previously been forthcoming
with their contributions to the state, county and school district programs
that are funded by these taxes. In the same instance, the State is planning
a more aggressive approach to their current enforcement and auditing policies.
Those who fail to take advantage of this one time only opportunity will
most certainly take the risk of falling prey to the full scrutiny of the
forthcoming amendments in policy. The penalty rates in Ohio run from 15%
to 50% currently, which in itself is a financial encouragement to "come
clean."
What is tax amnesty?
Ohio's Tax Amnesty Program is a limited-time opportunity offering certain
taxpayers an incentive to file outstanding returns and pay "qualifying
delinquent taxes" owed to the Department of Taxation. "Qualifying delinquent
taxes" are taxes that on May 1, 2001 were due and payable from a taxpayer
or employer, that were unreported, underreported and/or remain unpaid.
During the program, Ohio is authorized to forgive penalty and one-half
of the interest charges in exchange for full and prompt payment of all
tax and half the interest.
Who qualifies for tax amnesty?
Any taxpayer subject to "qualifying delinquent taxes" (personal property,
public utility excise, corporate franchise, sales, use, pass-through entity,
employer withholding and school district withholding, and individual and
school district income taxes), which, on May 1, 2001 were due and payable
from a taxpayer, vendor, seller or employer and that, remain unpaid. Taxes
that have been billed or assessed by the Department of Taxation or for
which an audit by the Department is underway are not eligible for amnesty.
If you have any questions regarding the matters discussed above, or require
any assistance concerning Ohio tax matters, please contact Mr. G. Brint Ryan, Managing Principal
of Ryan & Company, at 972.934.0022. Mr. Ryan can
also be reached via e-mail.
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