< Back to Thought Leadership

Simplifying Ohio Municipal Tax

In June 2017, Ohio enacted HB 49 to provide taxpayers the option to file one municipal net profit tax return effective starting with the 2018 tax year. Businesses will be able to file one form and one payment to municipalities through the Ohio Business Gateway. The Ohio Department of Taxation will handle all administrative functions for those centrally-filed returns and will distribute payments to the appropriate municipalities. They will also handle audits and appeals. All business must opt-in to take advantage of the centralized filing.

How to Register

To make the election, taxpayers must register with the Department of Taxation and notify all municipalities of previous filed net profit tax returns by the first day of the third month of the taxpayer’s taxable year. New businesses need only register with the Department of Taxation.

There are two ways to register with the Department of Taxation.

  1. At the Department’s website – tax.ohio.gov
  2. Filling out and submitting a paper registration form – Form MNP-R

The election automatically renews after each tax year. Businesses have to notify the Department of Taxation and municipalities to terminate the election.

If you have questions in the meantime, please contact your local Blue & Co. tax representative.

 

 

Blue & Co.,LLC - Read more in our Hot Topic Archive! Click Here. Like what you read? Subscribe to our newsletter. Click Here.

 

Related Articles

Donor Gift Receipts – IRS Substantiation Requirements

Donor Gift Receipts: IRS Substantiation Requirements

With the end of the year approaching, many not-for-profits see an increase in giving. Therefore, we thought it would be helpful to provide a brief summary of donors’ documentation requirements for tax-deductible gifts and what not-for-profits can provide to donors to assist in fulfilling these requirements. The Internal Revenue Service has provided documentation requirements for […]

Learn More
Buying Qualifying Business Assets Before Year-End Could Reduce Your Tax Liability

Buying Qualifying Business Assets Before Year-End Could Reduce Your Tax Liability

There is still time to reduce your 2018 tax liability by purchasing qualifying business assets, but you need to act soon! The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these tax-saving measures, you must purchase qualifying assets and […]

Learn More
Make 2019 NQDC Plan Deferral Elections Now

Make 2019 NQDC Plan Deferral Elections Now

Employers may offer executives or other key employees a nonqualified deferred compensation (NQDC) plan. NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation. But to receive this attractive tax treatment, NQDC plans must meet many requirements. One is that employees must […]

Learn More