Your SlideShare is downloading. ×
0
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Ohio Use Tax Webinar
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Ohio Use Tax Webinar

456

Published on

Changes in Ohio Use Tax laws will impact 300,000 Ohio businesses. Ohio Use Tax expert Justin Mohler, CPA addressed the Ohio Unse Tax Amnesty Program during his presentation. The recorded webinar is …

Changes in Ohio Use Tax laws will impact 300,000 Ohio businesses. Ohio Use Tax expert Justin Mohler, CPA addressed the Ohio Unse Tax Amnesty Program during his presentation. The recorded webinar is like at www.ohiousetax.com, where you can also receive a free use tax assessment.

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
456
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Small Business Strategies To Increase Your Cash Flow How to Become Compliant With Ohio’s Use Tax
  • 2. Use Tax History • Use tax law established in 1936 • Applies to storage, use or other consumption of goods and services • Use tax rate same as sales tax rate www.ohiousetax.com
  • 3. Ohio Use Tax Compliance • 300,000 small to medium size businesses likely owe Ohio use tax money • 18,000 voluntarily comply with the use tax law Source: Ohio Department of Taxation www.ohiousetax.com
  • 4. Use Tax Examples Exceptions • Out of state purchases (e.g. vehicles, supplies, etc.) • Not taxed or improperly taxed from in-state or out-of-state purchase (e.g. repair/maintenance services, different county rates, etc.) • Over 100 exceptions to use tax law www.ohiousetax.com
  • 5. Why comply now? • Ohio’s recent budget $8.0 billion deficit • Use tax will be enforced on small and medium size businesses (UTEP) • The Ohio Department of Taxation compiled a list of companies • Businesses not in compliance will receive letters beginning in August 2011 www.ohiousetax.com
  • 6. Use Tax Barriers to Overcome Companies unaware Difficult to apply of use tax use tax law Use Tax Education 96% of purchase Program (UTEP) audits show taxes due www.ohiousetax.com
  • 7. Do Nothing About Use Tax • Will likely receive an assessment from Ohio Department of Taxation • Collection efforts will be outsourced to non-tax firms through the Ohio Attorney General’s Office • Records needed – invoices, receipts, cancelled checks, etc. • Will be subject to penalties and interest • Shareholders, officers, key employees, have personal liability for the use tax www.ohiousetax.com
  • 8. Should I Do Nothing? Research purchase history Determine potential exposure Establish procedures immediately www.ohiousetax.com
  • 9. Proactive Approach - Use Tax Amnesty • Program dates: October 1st 2011 – May 1st 2013 • Potential benefits - Limit look back period to January 1, 2009 - Abatement of penalties - Abatement of interest - Payment Plan Option www.ohiousetax.com
  • 10. Taxpayers Previously Registered • Consumers registered as of June 1, 2011 - No tax, penalty or interest will be assessed for periods prior to January 1, 2009 - Participant is responsible for interest and penalty on the delinquent use tax - No criminal prosecution for those who participate www.ohiousetax.com
  • 11. Taxpayers NOT Previously Registered • Consumers NOT registered as of June 1, 2011 - No tax, penalty or interest will be assessed for periods prior to January 1, 2009 - Penalty and interest will be fully abated - No criminal prosecution for those who participate • Consumers that do NOT participate in the Use Tax Amnesty Program will be subject to audit by ODT www.ohiousetax.com
  • 12. Other Budget Bill Provisions • Limitation on consumer use tax assessments (may impact current audits) • General Tax Amnesty - May 1, 2012 to June 15, 2012 - Other taxes (sales, CAT, income, etc.) - Abatement of penalty and ½ of the interest www.ohiousetax.com
  • 13. Recommendations • Research all in-state and out-of-state transactions to determine tax liability • Work with a use tax expert to self-report findings and minimize exposure • Limit look back period to January 1, 2009 • Avoid all interest, penalties and make payments • Determine if refunds are available to offset use tax liability (four year refund period) www.ohiousetax.com
  • 14. Ohio Use Tax Open Forum for Your Questions
  • 15. Contact Information Justin P. Mohler, CPA Watson Associates, Inc. 3749 County Road 55 Bellefontaine, OH 43311 Office: 937.592.6926 Fax: 937.592.5195 Mobile: 614.361.8458 jmohler@watson-tax.com www.watson-tax.com www.ohiousetax.com www.ohiousetax.com
  • 16. Thank You for Attending!
  • 17. Contact Information Justin P. Mohler, CPA Watson Associates, Inc. 3749 County Road 55 Bellefontaine, OH 43311 Office: 937.592.6926 Fax: 937.592.5195 Mobile: 614.361.8458 jmohler@watson-tax.com www.watson-tax.com www.ohiousetax.com www.ohiousetax.com

×