General Instructions For All Business Entities Including Estates And Trusts - City Of Loveland Ohio Business Income Tax Return - 2003 Page 2
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2NET OPERATING LOSS
The portion of a net operating loss allocated to Loveland may be carried forward a maximum of five tax years, during which time such
loss may used to offset Loveland Taxable Income reported. No losses may be carried forward from a year when no allocation was
made to the City of Loveland or from a year that a Loveland income tax return was not properly filed. Accumulated losses will not be
carried over if a business organizes from one entity type to another.
FILING DEADLINE
The Loveland Business Income Tax Return is due on or before April 30 or the last day of the fourth month following the entity’s fiscal
year end. The tax office will use the postmark as evidence of timely filing.
EXTENSION OF TIME TO FILE THE TAX RETURN
A business entity may request an extension of time to file its City of Loveland tax return by mailing or faxing to the Loveland tax
office a photocopy of the Request for Extension which was filed with the Internal Revenue Service, on or before the original due date
of the return. Your tax preparer may also mail or fax a written request for extension provided it is on official letterhead. The entity
must have obtained a Federal extension. Extensions are granted for an automatic six -month period and you will receive confirmation
only upon request and by supplying a stamped, self-addressed envelope. There is no need to submit a copy of the request for
additional time to file. If the extension request is denied, a letter of explanation will be mailed. The Ohio Revised Code (Section 718)
and the Loveland tax ordinance (Section 97.17) outline several instances that may result in your request being denied. Requesting an
extension of time to file does not extend the due date for payment of 2003 taxes owed or 2004 estimated tax payments.
PENALTY AND INTEREST
Penalty and/or interest charges are imposed for late filing of complete returns, late payment of taxes and underestimation of estimated
taxes.
Late filing penalty: $25.00 for the first occurrence, $50.00 for each subsequent occurrence. There is a ten business day grace period
permitted before the penalty is assessed (postmark date is used).
Interest: 1% per month, or fraction of a month, for each month the tax liability remains unpaid after it becomes due.
Underpayment of estimated tax: Penalty is 10% of the tax due in excess of $100.00 at time of filing. To avoid assessment of this
penalty the following “safe harbor” rules apply: 1) remit at least 100% of the previous year’s tax liability; 2) remit at least 90% of the
current tax year liability; or 3) have a tax liability of less than $100.00. All safe harbor rules require that estimated payments be
made on a timely basis.
ESTIMATED TAXES
Any business entity that had Loveland taxable income equal to or greater than $10,000 for 2003, and estimates taxable income to be
the same or more for 2004, is required to make estimated payments. If a declaration is not made on line 16 of the return or other
Declaration form, courtesy st atements will not be sent. For tax year 2003 and after, new rules regarding the percentage of estimated
tax required to be remitted and changes to the due dates have been enacted. Please contact the Tax Administrator or review Section
97.07(D)(2) of the Loveland tax ordinance for further information. The ordinance may be viewed or downloaded from our website,
, Forms and Documents Library.
ESTATES AND TRUSTS
The profits (losses) from the business operations of an estate or trust are taxable for municipal income tax purposes. The unique nature
of an estate or trust, relative to municipal income tax, makes the adjustments from federal taxable income to municipal taxable income
different from other entities using this return. Only trusts and estates having income or losses listed on lines 3, 5, 6, 7, or 8 of federal
form 1041 should be filing a Loveland income tax return. It will only be necessary to include the portions of the entity’s business
income (Schedule C, E, F or 4797 gains or losses) that are applicable to the City of Loveland on this return. All income computations
for estates and trusts are done on Schedule X and entered only on lines G and M. Line G is for the reporting of net profit (loss) from
business operations attributable to Loveland. On line M you may enter the amount of fiduciary and return fees directly associated
with Loveland business operations. If the entity conducts multiple business operations, itemize these separately on lines G and M.
Enter -0- on line 1 or leave blank. Amounts from lines G and M are entered on lines 2A and 2B, with the associated computations
resulting in Adjusted Net Income (Loss). Attach copies of the 1041 and all applicable Schedules (C, E, F, and 4797).
ADDITIONAL INFORMATION
If line 15, 2003 Total Due is less than $2.00, no remittance need be made. Overpayments under $2.00 are not refundable; however,
such amounts may be carried over to the next year.
The Loveland tax ordinance requires any entity that compensates a nonemployee individual or other entity for services, work or sales
made submit such information to the tax office. Copies of 1099MISC or other listing that provides the same information are to be
submitted annually, on or before February 28.
References to line numbers (other than in the Table on page 1) are specific to the Loveland Business Income Tax Return form that the
City generates.
How to contact our office:
513-583-3035, ext. 1 (Tax Administrator)
513-583-3037 (Fax #)
(website)
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