In response to Covid-19 (coronavirus), the Secretary of Treasury released guidance on March 20, 2020 providing for an extension to file tax returns for 90 days aligning the due date with the previously extended due date for tax payments. In addition, the IRS and Treasury expanded the earlier guidance permitting unlimited tax deferral, interest and penalty free, for individuals and business for the 90-day extended period.
On Friday, March 27, 2020, Tax Commissioner, Jeff McClain, announced that Ohio will be following the federal government guidance in extending from April 15 to July 15 the deadline to file and pay Ohio state tax. No interest and penalties will be charged against any tax-due payments during the extended period. This delay will apply to the Ohio individual income tax, the school district income tax, the pass-through entity tax and some municipal net profits tax.
The announcement did not include information regarding any other taxes such as sales and use taxes, commercial activity taxes, withholding taxes.
We will continue to monitor the development and will keep you posted.
Sebastian Pascu is an associate at Walter Haverfield who focuses his practice on Tax & Wealth Management. He can be reached at spascu@walterhav.com or at 216-619-7870.