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Oklahoma Explains 2017 Form Changes, Amnesty Program – Tax & Accounting Blog

Ohio issued the 2017 personal tax forms and School District income tax forms. Ohio also reminds taxpayers of these changes to the individual income for 2017.

-Low income credit. The Low Income Credit lines is no longer needed, so it has been removed.

-Direct Deposit Changes. A direct deposit refund can no longer be split into multiple accounts. Taxpayers can still direct deposit refunds into an IRA, checking/savings account or an Ohio 529.

-Business Income Deduction. The business income deduction will remain at 100% of the first $250,000 of net business income for single or married filing jointly returns. The deduction is $125,000 for married filing separate returns.

-Ohio IT K-1. The Ohio IT K-1 is used to report each investor’s or beneficiary’s share of the partnership’s, corporation’s, estate’s or trust’s Ohio income and credits. An entity with Ohio income should prepare a separate Ohio K-1 for each investor or qualifying beneficiary. The investor or beneficiary should include the K-1 with their IT 1040.

-Refund Information. Most taxpayers filing electronically and requesting direct deposit will receive a refund in approximately 15 business days. Paper returns take approximately 8 to 10 weeks to process.

Tax Amnesty Program

Ohio is running a tax amnesty program from January 1, 2018 through February 15, 2018. Taxpayers may get rid of a tax debt at lower cost than usual and avoid further legal consequences. Taxpayers paying their full owed amount will pay no penalty and only half of the normal interest. The applicable taxes are:

-Individual Income;

-School District Income;

-Commercial Activity;

-Employer Withholding;

-Employer Withholding School District Income;

-Financial Institutions;

-Pass-Through Entity;

-Sales & Use (state & local); and

-Alcoholic Beverage, Cigarette or Other Tobacco Products (state & local).

The taxes must be due and payable before May 1, 2017.

Whats New in 2017, Ohio Department of Taxation, December 2017

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Author: CCHTaxGroup

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