(Center Square) – A bill passed by the Ohio House of Representatives removes the steps business owners must take to file taxes with state and local governments, creating more jobs and doing business. Free time to expand ..
The law allows companies to choose a system operated by the Ohio Tax Department to pay the state a net income tax, and the state will notify each county of the tax. Currently, employers can choose to join the state system, but they must report to the municipality itself and not a one-time notification.
“Ohio’s current net income tax filing system creates unnecessary paperwork for hardworking business owners,” said Bill Roemer, Congressman R-Richfield. “As if the complexity of tax law alone wasn’t enough, the state also requires companies to skip unnecessary controls in order to meet their tax obligations. The invoice goes through this process. To streamline and simplify, our business owners can spend more time creating jobs and contributing to the local economy rather than completing cumbersome application requirements. “
House building 228 Uses an existing system by leveraging an existing Tax Department web portal to securely transfer information between national and local governments.
It also extends the taxpayer’s opt-in or opt-out period for the local tax profits tax state administration to April 15, the same date as the taxpayer’s first due date.
Another part of the bill allows some companies or companies to deduct pensions or retirement benefits paid to retired partners, shareholders or members. According to the Ohio Legislative Services Commission, this is likely to result in unsafe statewide loss of revenue for local governments.
Ohio Can Make Business Tax Filing Easier | Ohio
Source Link Ohio May Facilitate Business Tax Filing | Ohio