It’s finally here…Ohio’s General Tax Amnesty. If you’ll recall, GBQ published a special edition SALT Watch last month as a reminder of the amnesty program that kicks off today. Not to be confused with the Ohio consumer’s use tax amnesty that lasts until May 2013, the General Tax Amnesty is a more traditional state tax amnesty offering and lasts only 45 days…until June 15th.
As tax practitioners, and even taxpayers, it’s likely we all know someone who has been waiting for this day to arrive. Taxpayers refers to both individuals and businesses. Ever since the announcement in the mid-year biennial budget bill released last July, tax practitioners have urged clients and taxpayers alike to take a hard look at any and all potential tax positions which may have caused underpayments of Ohio taxes. Reminder: All. Unpaid. Taxes. Statutory limitation periods do not apply to taxes paid under the General Tax Amnesty.
Are you worried? I started hearing radio commercials as early as last week, and just last night saw a television commercial while watching the 6 o’clock news. Is it the right decision for you? Be sure before you apply.
Hint: Ohio’s voluntary disclosure program is still available…make sure you’re asking the right questions if you’re considering amnesty.