Ohio CFT Information Release: Phase-Out Reminder!
Ohio has issued an information release to remind taxpayers that the franchise tax phase-out was complete with the filing of the 2009 franchise tax report (based on the taxable year ending in 2008).
Most corporations are not subject to the franchise tax for tax years (report years) 2010 and thereafter. Corporations that are not subject to the 2010 franchise tax (based on the taxable year ending in 2009) are not subject to the minimum fee and have no report year 2010 franchise tax payment or filing obligation.
For those corporations still subject to the franchise tax, prior filing and payment requirements apply. Financial institutions must file form FT 1120FI; all other corporations still subject to the franchise tax must file form FT 1120.
Click on the following link to access the Release:
Ohio Phase-Out Reminder CFT 2009-01
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Brian Strahle is the owner of LEVERAGE SALT, LLC where he provides state and local tax technical services to accounting firms, law firms and tax research organizations across the United States. He also writes a weekly column in Tax Analysts State Tax Notes entitled, "The SALT Effect." For more info, visit his website: www.leveragestateandlocaltax.com
You can reach Brian at firstname.lastname@example.org.
Because state and local taxes are deceptively simple and endlessly complicated.