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01/18/2018

New municipal tax process can save you time and expense

Dennis Hetzel Executive DirectorBy Dennis Hetzel, President and Executive Director

ONMA members are encouraged to register with the Ohio Department of Taxation for centralized filing and payment of municipal net profit taxes versus the old practice of having to file with multiple, different jurisdictions.

This can simplify and save expense for any business that must file in more than one jurisdiction. According to the Ohio Society of CPAs, the Ohio Department of Taxation estimates a combined savings to businesses of $800 million annually in red tape and compliance costs if all eligible businesses participate.

Calendar year taxpayers must register by March 1. You can start at this link: https://www.tax.ohio.gov/MunicipalTax.aspx.

The ONMA has been part of a coalition to reform Ohio’s overly complex municipal taxation system, often cited as the nation’s most cumbersome. Unfortunately, some local government groups continue to fight reforms and have filed lawsuits to block implantation. (In fairness, it should be noted that some cities argue that this will result in a revenue loss because of the small fee the state takes for handling the money, but that remains to be seen.)

The pending litigation shouldn’t stop members who can benefit from taking advantage of the state’s new and improved methods of filing taxes through the state’s Ohio Business Gateway. You can learn more at this link from the Ohio CPAs, which also includes a link to a YouTube video explaining the registration process and the benefits of opting in.

If you have any questions, just let us know.

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