Important Tax Information that could affect you.
Ohio Revised Code Chapter 718
Due to changes to ORC 718 resulting from the passage of House Bill 5, the following Penalty and Interest rates will be in effect for payments made for the tax year 2016 and subsequent years.
Interest Rates on unpaid Income tax and Withholding.
- Tax year “2016” 0.42% Monthly Interest Rate 5% Yearly Interest Rate
- Tax year “2017” 0.50% Monthly Interest Rate 6% Yearly Interest Rate
- Tax year “2018” 0.50% Monthly Interest Rate 6% Yearly Interest Rate
- Tax year “2019” 0.58% Monthly Interest Rate 7% Yearly Interest Rate
- Tax year “2020” 0.58% Monthly Interest Rate 7% Yearly Interest Rate
- Tax year “2021” 0.42% Monthly Interest Rate 5% Yearly Interest Rate
- Tax year “2022” 0.42% Monthly Interest Rate 5% Yearly Interest Rate
- Tax year “2023” 0.58% Monthly Interest Rate 7% Yearly Interest Rate
- Tax year “2024” 0.83% Monthly Interest Rate 10% Yearly Interest Rate
Penalties
Late filing penalty (includes late tax returns, withholding payments and withholding reconciliations): $25 per month or fraction thereof; with a maximum of $150 for each failure, plus interest and penalty charges.
Penalty for unpaid or late paid Income tax: 15% per occurrence, plus interest charges.
Penalty for late/unpaid Withholding tax: 50% of the amount not timely paid per occurrence, plus interest charges.
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