Unfiled or unpaid business or payroll taxes can create serious problems. Depending on how the business is set up, the IRS can and will pursue the owners or managers personally for the employee share of the taxes withheld by the company and not sent to the government. Even the company bookkeeper can be held personally responsible for unpaid payroll taxes. These are called "Trust Fund Recovery Penalties" and can never be discharged in bankruptcy. If a company has received notices from the IRS regarding:
Tax changes percolating in the legislature this session
When it comes to tax policy, there are two ways of making changes. You can lower the need for revenues, and then reduce tax collections. Or you can increase taxes to raise revenue. The first option is difficult as cutting programs are difficult. There are often well-funded interest groups who oppose cuts and population growth and other factors often drive costs. It is problematic to reduce the Ohio Department of Transportation without shutting down roads.
Missed Ohio Income Taxes Filing Deadline?
All is not lost if you weren't able to file your 2014 Federal and Ohio income taxes by the April 15, 2015 deadline. As with many things in life, an ounce of prevention is worth a pound of cure when it comes to filing your taxes. Even if you didn't file an extension, there will be no penalty assessed for filing late if you're entitled to a refund. However, it's important to remember that the IRS and State of Ohio have 3 year Statutes of Limitations on claims for Refunds. If you wait too long you could miss out on your federal and state tax refunds.
Ever use Ohio's Use tax?
Everyone is familiar with sales tax. We see it on every receipt of every taxable purchase we make in Ohio. If you operate a business in the state, you are also familiar with calculating the amount of sales tax you must charge your customers and remit to the Ohio Department of Taxation.
