Changes mandated by Ohio Revised Code Chapter 718 ( House Bill 5 – Municipal Income Tax Uniformity) effective January 1, 2016: The State of Ohio has made sweeping changes to municipal income tax laws (via the Ohio Revised Code) effective for tax years beginning on January 1, 2016.
ESTIMATED TAX RETURNS: Any taxpayer, business or individual, is required to file an estimated tax form if the amount owed the City (over the withholding amounts) is $200.00 or more in a calendar year. To clarify: If your Bryan tax is not fully withheld by your employer, you MUST make estimated tax payments using the following schedule to avoid an underpayment of estimated tax penalty if the estimated tax is $200.00 or greater for the year.
Filings are due the 15th of the month as follows:
Failure to have 90% of your Bryan tax liability paid via withholding credits and/or estimated payments will result in a penalty of 15% of the amount not timely paid. This penalty applies to each quarter that was not timely paid. You may also avoid this penalty by having 100% of your previous year’s Bryan tax liability paid via withholding credits and/or estimated payments by the April 15th due date or the federal revised due date.
Interest for tax year 2016 and beyond is changing to an annualized rate based on the Federal Reserve rate for the prior year plus 5%. Interest Rates by Tax Year: 2021, 5%; 2020, 7%; 2019, 7%; 2018, 6%; 2017, 6%; 2016, 5%.