OSCPA staff report
The Ohio Department of Taxation on Oct. 23 published a new information release regarding the municipal net profit tax net operating loss deductions.
MNP 2018-04, “Net Operating Loss Deductions—October 2018,” explains how two separate categories of net operating loss deductions will operate in the calculation of municipal net profit tax liability.
This Information Release only applies to businesses that have opted-in with the Ohio Department of Taxation, which brings us to this reminder: Ohio businesses with a taxable year that begins on Sept. 1 and that want to file their 2019 muni net profits tax return with ODT must register by midnight, Nov. 1.
Click here to opt in now with the Ohio Department of Taxation. More details about this new filing and payment option are spelled out in ODT’s Taxpayer Information Guide.
Also by Nov. 1, businesses that intend to file centrally must notify each municipal corporation in which the taxpayer conducted business during the previous taxable year, using Form MNP-MN. The tax commissioner has prescribed two versions of the form: one for tax preparers and the other for taxpayers.
For more information about the municipal net profit tax, including registration, forms, and frequently asked questions, visit the municipal net profit tax webpage or call 844.238.0403.
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