Tax Tip of The Week | No. 227 | Millions Owed In Business Tax Refunds

Tax Tip of the Week | December 4, 2013 | No. 227 | Millions Owed In Business Tax RefundsHow To Get Your Share...

The Ohio Department of Taxation owes millions in business tax refunds. Ohio Tax Commissioner Joe Testa said his agency is accelerating its outreach to businesses that inadvertently overpaid their taxes in order to make sure they are refunded every dollar owed to them.

Testa said the department has identified about $30 million owed to business taxpayers and will be contacting those businesses and helping them apply for their refund. This new wave of refunds involves three taxes:1.  Sales and use2.  Corporate franchise3.  Employer and school district withholdingIt is unclear how many companies were affected because it’s likely many recipients were eligible for a refund in more than one tax period.Nearly a year ago, the Department of Taxation discovered there were overpayments associated with the CAT and began issuing refunds. This latest round primarily deals with other tax payments.In the past, businesses were not made aware of tax overpayments or the amount. Refunds were only made if businesses caught the mistake themselves and asked for their money back, and then refunds were only made for the amount the taxpayer requested.“We were shocked when we learned that the department historically made no effort to alert business taxpayers that they may be due a refund" Testa said. "The law may not have required them to notify taxpayers but that’s not how this administration works. We believe strongly that this money belongs to the taxpayer, not the government, and we are changing our systems and culture to make sure the taxpayer’s interest is protected now and in the future.”Find out whether your business is eligible for a refund by calling 800.304.3211.You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.

Rick Prewitt - the guy behind TTW...until next week.