Ohio Administrative Code › Title 5703 - Department of Taxation › Chapter 5703-29 - Commercial Activity Tax › Section 5703-29-09 - Option for quarterly taxpayers to make estimated payments

Current through all regulations passed and filed through July 1, 2024
(A) Division (C) of
			 section 5751.05 of the Revised Code
			 allows the tax commissioner to grant written approval for a calendar quarter
			 taxpayer to use an alternative reporting schedule or estimate the amount of tax
			 due for the calendar quarter if the taxpayer demonstrates the need for such
			 deviation. In addition, this section also grants the commissioner the authority
			 to adopt a rule to allow a group of taxpayers such deviation without prior
			 written approval. Pursuant to this authority, the commissioner hereby grants
			 authority for all calendar quarter taxpayers to make estimated
			 payments of their tax if done pursuant to the procedures prescribed in the
			 following paragraphs.
(B) A
			 calendar quarter taxpayer is allowed to file its commercial activity tax return
			 and make an estimated payment of tax due thereon by the
			 tenth day of the second month after the end of the calendar quarter if
			 all the procedures set forth in this rule are followed.
(1) A calendar quarter taxpayer electing to
			 make an estimated payment shall do all of the following for this rule to apply:
(a)
										File the "rule
			 estimation"  return, report the
			 appropriate estimate of taxable gross receipts, and pay the appropriate amount
			 of estimated tax. Taxpayers seeking to use the "statutory estimation" provided
			 for under division (A)(2) of section
			 5751.051 of the Revised Code
			 shall file that return and shall not use this rule for any calendar
			 quarter in that entire calendar year.
(b) Make an estimated payment of the tax
			 using the tax rate in effect for the calendar quarter for which the estimated
			 payment is being made. Any minimum annual tax amount that is owed is in
			 addition to the estimated tax determined pursuant to this rule.
(c) On or before the due date of the return
			 for the following calendar quarter, the taxpayer must reconcile its actual tax
			 for the calendar quarter for which the estimate was made, using either a form
			 prescribed by the commissioner for such purpose or the actual return. The
			 taxpayer must calculate its actual tax using the tax rate in effect for that
			 quarter for which the estimated payment is made, file its reconciliation report
			 reconciling its actual tax with its estimated tax for that quarter, and, if
			 applicable, pay any underpayment of the actual tax owed for that quarter. If
			 the taxpayer's estimate results in an overpayment of tax, such overpayment will
			 be applied to the next tax return/report. If, after applying the overpayment to
			 such next tax return/report an overpayment remains, such remaining overpayment
			 may be refunded or carried forward to the subsequent return/report filed by the
			 taxpayer. A taxpayer making an election under this rule must file the return
			 for the following calendar quarter. The return for that calendar quarter may
			 again be estimated in accordance with this rule.
(d) In order for this rule to apply, both the
			 estimated payment return/report and the reconciliation report/return, along
			 with all applicable payments for those tax periods, must be made timely, and
			 the taxpayer must not have any outstanding commercial activity tax
			 liability.