Instructions For Ohio Form Ft 1120fi - Ohio Corporation Franchise Tax Report

the earliest of the following dates: (i) the date that it began

taxpayer submits Ohio form FT 1120ER together with payment

doing business in Ohio, (ii) the date that it began owning or

of the second one-third of the estimated tax due. If the taxpayer

using a part or all of its capital or property in Ohio, (iii) the date

will ﬁ le its franchise tax report after March 31, the taxpayer

that it obtained a license authorizing it to do business in Ohio

must submit Ohio form FT 1120ER by March 31 even if no

or (iv) the date that it established nexus with Ohio under the

additional payment is due. But, if the taxpayer is required to

Constitution of the United States. The taxable year ends on

pay by EFT and timely makes its second estimated payment

the taxpayer’s ﬁ scal year ending in 2011.

by March 31, then the taxpayer has an automatic extension

for ﬁ ling its franchise tax report to May 31 and the taxpayer

C. All other new taxpayers must use the accounting period com-

should not ﬁ le Ohio form FT 1120ER (see general instruction

mencing with the earliest of the four dates set forth in B above,

#9D).

and concluding with Dec. 31, 2011. See paragraphs (E)(2) and

(E)(4) of Tax Commissioner Rule 5703-5-03.

Additional Extension

The tax commissioner will grant an additional automatic

If the corporation changed its taxable year in 2010 or 2011

extension of time for ﬁ ling the report beyond May 31, 2012 if

or if the corporation had more than one federal taxable year

the taxpayer has been granted an extension by the Internal

ending in calendar year 2011, please see the above rules to

Revenue Service and by May 31 the taxpayer submits Ohio

determine the taxpayer’s taxable year. See our Web site for a

form FT 1120EX together with the balance of the tax due. The

copy of the rules.

second extension extends the ﬁ ling date to the 15th day of

the month following the month for which the IRS has granted

8. Tax Rate and Minimum Fee

an extension for ﬁ ling the corporation’s federal income tax

A ﬁ nancial institution is subject to the franchise tax at the rate of 13

return. A copy of the federal extension must be attached to

mills (.013) on its net value of stock apportioned to Ohio. However,

the franchise report, Ohio form FT 1120FI, when ﬁ led.

the tax cannot be less than the minimum fee.

If the taxpayer is required to pay by EFT and timely makes

The minimum franchise tax fee is $1,000 if either (i) the sum of the

its third estimated payment by May 31, then the taxpayer has

taxpayer’s gross receipts from its activities within and without Ohio

an automatic extension for ﬁ ling its franchise tax report to

during the taxable year equal or exceed $5 million or (ii) the total

the 15th day of the month following the month for which the

number of the taxpayer’s employees within and without Ohio at any

Internal Revenue Service has granted an extension for ﬁ ling

time during the taxable year equals or exceeds 300. In determining

the corporation’s federal income tax return and the taxpayer

whether the taxpayer’s gross receipts and number of employees

should not ﬁ le Ohio form FT 1120EX (see general instruction

equal or exceed those thresholds, the taxpayer must include its

#9D).

proportionate share of the gross receipts of any pass-through entity

The table below lists the latest possible due dates for ﬁ ling the

in which the taxpayer has a direct or indirect ownership interest and

its proportionate share of the number of employees of the pass-

franchise tax report for tax year 2012 for the various taxable

through entity. Furthermore, “gross receipts,” as used here, includes

years ending in 2011. The table reﬂ ects the following assump-

receipts which generate nonbusiness income and receipts from the

tions:

• If the taxpayer's taxable year ended on or after Aug. 31, 2011,

sale of capital assets and I.R.C. section 1231 assets whether those

the taxpayer has the maximum allowable federal extension,

sales generate business income or nonbusiness income.

• The taxpayer has timely ﬁ led Ohio franchise tax forms FT

The minimum fee is $50 for taxpayers whose gross receipts and

1120E, FT 1120ER and, where applicable, FT 1120EX, and

number of employees are less than the thresholds discussed

• The taxpayer made a good faith effort to timely pay its

above. See R.C. 5733.06(E).

estimated franchise tax.

9. Time, Place and Method for Filing and Payment

Latest Possible Due Date

Taxable Year Ending

Except as otherwise provided, if a payment or document is mailed on

for Filing the 2011

or before the due date but delivered after the due date, the postmark

Franchise Tax Report

date is deemed the date of delivery. If the due date of the report or

05/31/2012

01/31/11 through 7/31/11

the due date of an extension or payment falls on a Saturday, Sun-

day or legal holiday, then the report, extension or payment may be

06/15/2012

08/31/2011

made on the next succeeding day that is not a Saturday, Sunday or

07/15/2012

09/30/2011

legal holiday. Certain large taxpayers must pay by electronic funds

08/15/2012

10/31/2011

transfer (see general instruction #9D).

09/15/2012

11/30/2011

A. Filing Date; Payment Date; Declaration of Estimated Tax

10/15/2012

12/31/2011

The ﬁ ling and payment of the Ohio franchise tax for report year

2012 is due between Jan. 1 and March 31, 2012. However,

Note: Payment of all franchise tax for tax year 2012 is due

if by Jan. 31 the taxpayer does not ﬁ le the report and make

by May 31, 2012, even if the taxpayer has an extension to

full payment of the tax, then by Jan. 31 the taxpayer must ﬁ le

ﬁ le after that date.

Ohio form FT 1120E, Declaration of Estimated Corporation

Franchise Tax and must pay one-third of the estimated tax, but

C. Place

not less than the minimum fee. But, if the taxpayer is required

File the franchise report with the

to pay by electronic funds transfer (EFT) and timely makes an

Ohio Department of Taxation

estimated payment by Jan. 31, then the taxpayer should not

P.O. Box 27

ﬁ le Ohio form FT 1120E (see general instruction #9D).

Columbus, Ohio 43216-0027.

B. Extension

However, if the report is an amended report, please do not send

The tax commissioner will grant an automatic extension of time

the report to the above address. Instead, send the report to:

for ﬁ ling the report until May 31, 2012 if by March 31, 2012 the

- 5 -

Instructions For Ohio Form Ft 1120fi - Ohio Corporation Franchise Tax Report - 2012 Page 6

Related Articles

Related forms

Related Categories