Archive for August, 2011

Understand Ohio’s New Use Tax Amnesty Program?

Wednesday, August 31st, 2011

A new use tax amnesty program in Ohio will provide businesses with a one-time opportunity to save thousands of dollars in use tax, interest and penalties. This program was established by the Ohio legislature as part of Ohio’s biennial budget bill that passed in early July 2011.  Ohio’s amnesty program is one of the most taxpayer-friendly programs ever enacted by the State of Ohio. (more…)

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Have Offshore Income? Time is Running Out for Voluntary Disclosure

Friday, August 26th, 2011

If you have undisclosed income through offshore accounts, time is running out to voluntarily disclose it and bring your taxes current. The IRS is winding down a voluntary disclosure program that began February 8 and will end on August 31. (more…)

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Heard about Ohio’s Use Tax Amnesty Program? Learn More at Our Webinar

Tuesday, August 23rd, 2011

Rea & Associates, Inc. will host a webinar detailing Ohio’s use tax amnesty program on Thursday, September 8. The webinar will provide details on what the amnesty program does, how it will work and what steps businesses should take to participate.

What is the Ohio Use Tax Amnesty Program?

The Ohio legislature established Ohio’s use tax amnesty program as part of Ohio’s biennial budget bill that passed in early July 2011. It is an improved version of the voluntary disclosure agreement program (VDA) that has existed for some time. Among other things, the new law eliminates several years of unpaid use tax liabilities for over 300,000 Ohio businesses, by:

  • Shortening the statute of limitations
  • Shortening the look-back period for amnesty participants
  • Abating all penalties and interest for amnesty participants
  • Providing a payment plan for those who cannot pay the entire use tax due

We will provide details about what to do if your business enrolled in the use tax voluntary disclosure program earlier this year. The VDA program is still open for taxpayers who don’t qualify for amnesty. However, guidance from Ohio indicates that all taxpayers qualifying for the amnesty program will need to use this new amnesty program, even if they have a VDA in process.

Ohio’s use tax amnesty program will operate October 1, 2011 through May 1, 2013, and applies to businesses that have not been issued a formal assessment as of early July 2011. We’ll walk webinar participants through Ohio’s use tax amnesty enrollment process step-by-step.

The new amnesty program will provide Ohio businesses with a one-time opportunity to save thousands of dollars in use tax, interest and penalties. It is one of the most taxpayer-friendly programs ever enacted by the State of Ohio. As our government looks for additional revenue, it’s certainly possible that this program could change or be eliminated at a later date – so be sure to take advantage of it now while it is in effect.

To learn more or register for the webinar, click here.

Contact Our Ohio Use Tax Professionals

If you are unsure what to do regarding the Ohio Use Tax Amnesty Program, then contact us now! For additional information please contact Chad Bice, CPA at  740.454.3198, or click here to contact Chad. In a brief consultation he can assess your situation and determine the best way to proceed.
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Waiting on the Airline Refund? Now It’s Not on the Way

Thursday, August 11th, 2011

So much for the airline tax refund you may have been expecting.

If you traveled by air and purchased a plane ticket on or before July 22, 2011, for a trip leaving July 23 or later, you may have heard that you may be eligible for a refund on the air transportation excise tax you paid. Recent legislation means there will not be a refund. (more…)

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Are You Eligible for an Airline Tax Refund?

Wednesday, August 10th, 2011

If you traveled by air and purchased a plane ticket on or before July 22, 2011, for a trip leaving July 23 or later, you may be entitled to a refund on the air transportation excise tax you paid. (more…)

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