Does My Business Have An Ohio Sales and/or Use Tax Liability ...

Most businesses are aware that their activities could result in an Ohio sales and/or use tax liability.? However, many companies struggle with determining their actual exposure to these taxes and how to apply Ohio?s sales and use tax guidelines to specific transactions.? These businesses should consider undergoing a formal sales and use tax analysis to highlight potential weaknesses in the application of these taxes and accurately determine the total exposure generated from their past and present operations.

An appropriate analysis provides the following:

1. A thorough review of the same information and documentation that an Ohio auditor would request (readying your business for audit should one occur).
2. As assessment of your operations/business activities to determine if your business qualifies for an exemption from sales and/or use tax (reducing your tax exposure).? Many companies are not aware of the exemptions for which they qualify.? The study would underscore applicable exemptions and identify the support needed to substantiate these exemptions.
3. Application for Ohio sales tax amnesty if applicable.? This amnesty program is only available from May 1^st, 2012 until June 15^th, 2012.? This program allows you to avoid penalties and one half of the interest owed on prior unreported sales taxes.
4. Application for Ohio use tax amnesty if applicable.? Use tax amnesty is available until May 1, 2013.? This program allows your business to report activity from January 1, 2009 and forward, avoid penalties and all of the interest owed on prior unreported use taxes.? What this means is that your potential liability will be waived from before January 1, 2009 and your business will only owe the tax incurred on purchases from January 1, 2009 and forward.
5. Issuance of a report highlighting your business?s deficiencies, if any, and providing suggestions for ongoing best practices.

The June 15, 2012 deadline for the Ohio sales tax amnesty program of is quickly approaching.? Consequently, now is a great time for your business review its sales and use tax position.

William Vaughan Company offers an Ohio Sales and Use Tax Analysis based upon guidance provided in the Ohio Revised Code and applicable court cases.? In addition, William Vaughan Company?s analysis is conducted by professionals who have direct experience in the application and reporting process associated with Ohio?s amnesty programs.? Please contact your William Vaughan Company representative for further information regarding this opportunity.

By: Nate Bernath, CPA

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This entry was posted in Business Consulting, Tax and tagged accountants in Toledo, amnesty program, maumee cpa, Maumee CPA firm, ohio dept tax, ohio sales & use tax, ohio sales tax exemption rules, ohio use tax, sales & use tax, sales and use tax services, state tax amnesty, tax amnesty programs, toledo cpa, use tax, use tax liability, william vaughan, william vaughan company. Bookmark the permalink.

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