OUR THOUGHTS ON:

Ohio Municipal Net Profit Tax Registration

State and Local Tax|Tax

By Allen Wassel

As noted in our summary of Ohio’s 2018-2019 Budget (House Bill 49), for tax years beginning on or after January 1, 2018, taxpayers have the option of filing a single municipal net profit return with the Department of Taxation, rather than filing individual returns with each municipality in which they are doing business.  The Department recently released a Tax Alert to inform taxpayers that the registration for the centralized filing is now open.

The centralized filing would reduce not only the number of annual net profit returns a business is required to file, but it would also reduce the number of separate payments that need to be remitted on an annual and quarterly basis.   

In order to take advantage of this option, taxpayers can register either electronically through the Department’s website, or by completing and remitting Form MNP R, Municipal Net Profit Tax Registration.

If you have questions regarding the registration process, or municipal net profits returns in general, please contact a member of our State and Local Tax group or email us here

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments