Financial Institutions Tax
The Ohio Department of Taxation offers voluntary disclosure programs for various taxes to allow taxpayers to come forward to comply with Ohio’s tax laws. By voluntarily disclosing their liabilities, taxpayers may avoid penalties for failing to file returns and for failing to pay liabilities timely. The Department now offers a voluntary disclosure program for the financial institutions tax (FIT) levied under Ohio Revised Code Chapter 5726. A taxpayer is eligible for the FIT voluntary disclosure program if the taxpayer enters into and executes the FIT voluntary disclosure agreement (VDA) prior to any contact from the Department through any audit, compliance, or criminal investigation programs. Contact for FIT VDA purposes includes any letters from the Department regarding suspected nexus with Ohio.
The disclosure period for a FIT VDA is the current tax year plus the three prior tax years. The current tax year is determined by the date the tax commissioner receives the signed FIT VDA and completed FIT registration. If the signed VDA and registration is received any time during a calendar year, the current tax year is the tax year that coincides with that calendar year. For example, if the tax commissioner receives a signed FIT VDA and registration on September 1, 2020, the VDA will cover the current tax year, the 2020 tax year, and the three previous tax years (2019, 2018, and 2017).
Please note that the Department does not accept anonymous letters requesting to file as part of the FIT VDA program. If a taxpayer desires to establish an agreement, the taxpayer or their representative must send the following information to the Department:
- A signed copy of the FIT VDA (PDF) (PDF fill-in)
- A completed FIT registration (Form FIT 1) (PDF) (PDF fill-in)
Such correspondence should be sent to:
Ohio Department of Taxation
Business Tax Division
Financial Institutions Tax
Voluntary Disclosure Program
PO Box 16158
Columbus, Ohio 43216-6158
Taxpayers who are not eligible for the VDA program or who do not provide all of the required information will not be given the favorable protections offered by the VDA.
If the taxpayer is eligible, upon receipt of the signed VDA and the completed registration, the tax commissioner will register the taxpayer for a FIT account. Once registered, the taxpayer must electronically file all applicable returns and pay the tax and interest due under the terms of the agreement via the Ohio Business Gateway within sixty (60) days of the date the taxpayer signs the VDA. If the due date for any payment or return for the current tax year has not passed, the payments must be remitted, and the returns must be filed, on or before the due dates prescribed by law.
Additional information regarding the FIT can be found here.
Please note: Most other taxes administered by the Department (commercial activity tax, employer withholding, pass-through entity, resort and sales & use tax, etc.) offer a VDA program for taxpayers to come forward under more favorable terms than if discovered by the Department. For additional information, please see those specific taxes by selecting "Resources for Business" across the top of our website then selecting "Voluntary Disclosure Program" under “Additional Resources” and then the tax type you wish to consider.
Please direct any questions you may have to the Business Tax Division of the Ohio Department of Taxation at 1-888-405-4039. For persons using TTY, please contact the Ohio Relay Service at 1-800-750-0750 and give the operator the Ohio Department of Taxation’s telephone number.