04-18 Amend Municipal Net Profit Taxes 128.22 - 128.2215

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(e) An underpayment of any portion of a combined tax liability shall be due to reasonable cause and the penalty imposed by this section shall not be added to the taxes for the taxable year if any of the following apply: (1) The amount of estimated taxes that were paid equals at least ninety per cent of the combined tax liability for the current taxable year, determined by annualizing the income received during the year up to the end of the month immediately preceding the month in which the payment is due. (2) The amount of estimated taxes that were paid equals at least one hundred per cent of the tax liability shown on the return of the taxpayer for the preceding taxable year, provided that the immediately preceding taxable year reflected a period of twelve months and the taxpayer filed a municipal income tax return for that year. 128.2209 ADDITIONAL PENALTIES. (a) In addition to any other penalty imposed by sections 128.22 to 128.2215 of the Codified Ordinances or Chapter 5703. of the Revised Code, the following penalties shall apply: (1) If a taxpayer required to file a tax return under sections 128.22 to 128.2215 of the Codified Ordinances fails to make and file the return within the time prescribed, including any extensions of time granted by the tax commissioner, the commissioner may impose a penalty not exceeding twenty-five dollars per month or fraction of a month, for each month or fraction of a month_ elapsing between the due date, including extensions of the due date, and the date on which the return is filed. The aggregate penalty, per instance, under this subsection shall not exceed one hundred fifty dollars. (2) If a person required to file a tax return electronically under sections 128.22 to 128.2215 of the Codified Ordinances fails to do so, the commissioner may impose a penalty not to exceed the following: (A) For each of the first two failures, five per cent of the amount required to be reported on the return; (B) For the third and any subsequent failure, ten per cent of the amount required to be reported on the return. (3) If a taxpayer that has made the election allowed under section 128.22 of the Codified Ordinances fails to timely pay an amount of tax required to be paid under this chapter, the commissioner may impose a penalty equal to fifteen per cent of the amount not timely paid. (4) If a taxpayer files what purports to be a tax return required by sections 128.22 to 128.2215 of the Codified Ordinances that does not contain information upon which the substantial correctness of the return may be judged or contains information that on its face indicates that the return is substantially incorrect, and the filing of the return in that manner is due to a position that is frivolous or a desire that is apparent from the return to delay or impede the administration of sections 128.22 to 128.2215 of the Codified Ordinances, a penalty of up to five hundred dollars may be imposed.