Frequently Asked Questions
Personal Property - New Taxpayer Filing Requirements - Single County
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I just opened my business. What and when am I required to file as a new taxpayer?
If you have only one business location in Ohio, Form 920-NT New Taxpayer Return, must be filed within 90 days of commencing your business operations. If multiple locations opened on the same day, Form 945 must be completed with all pro-rations being performed within the individual schedules.
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| 2. |
I incorporated on March 12, 2006 but did not start selling merchandise until June 1, 2007; which date do I use?
June 1, 2007 since this is the date this business opened to begin selling merchandise. “Business” as defined in O.R.C. 5701.08(B) includes all endeavors (except agriculture) conducted for gain, profit or income. Therefore, an entity is not considered to be “in business” until they begin conducting their particular activity for income, gain or profit. Date of incorporation or qualification, or the date a business entity was funded does not constitute the date the business began.
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| 3. |
If I have existing stores in one county and open a new location in another county during the year, do I need to complete a New Taxpayer return (Form 920-NT) for the new location?
No, not if it is an expansion of your current business. However, you should notify the County Auditor where the new store is located that a return was filed in the county of your existing business. The new location will not need to be reported until the following year. If the new location is in a county different from that of the original location, Form 945, Inter-County return, must be filed.
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| 4. |
I was a new taxpayer in 2007 and filed Form 920-NT for that year. While preparing 2008 Form 920, I noticed that I am reporting the same monthly inventories. Isn't that double taxation?
No. The average value of inventory is being reported for two different tax years (2007 for the 920-NT, 2008 for the 920).
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