Do I Have to File an Ohio S Corp Return?

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Do I have to file an Ohio S corp return?
QUESTION: MUST AN S CORPORATION FILE THE ANNUAL NOTICE, FORM FT-1120-S, EVERY YEAR? ANSWER: Yes. The corporation must file the annual notice, Form FT-1120-S, each and every tax year for which it claims exemption from the franchise tax imposed by the franchise tax laws set forth in Ohio Revised Code Chapter 5733.
Read more on tax.ohio.gov

You might be unsure whether you must submit a state tax return if you own a S corporation in Ohio. Yes, you do need to submit an Ohio S corp return, to put it briefly. This rule does have a few exceptions, which we will cover below.

In Ohio, how can I form a S Corp?

You must submit Form 2553 to the IRS in order to elect S corporation status for federal tax purposes and register a S corporation in Ohio. In order to elect S company status for Ohio tax purposes, you must also file Form IT-4708 with the Ohio Department of Taxation after receiving IRS approval.

Who Must Submit a Corporate Tax Return for Ohio?

Regardless of whether they are a C corporation or a S corporation, all corporations conducting business in Ohio are obliged to file an Ohio corporate tax return. This includes businesses that have their corporate headquarters in Ohio as well as businesses that are based in other states but have a nexus (a relationship) to Ohio.

Who Must Submit an Ohio IT-1140?

Ohio S corporations are required to file Form IT-1140, the Ohio Pass-Through Entity and Trust Withholding Tax Return, in addition to the corporate tax return. The reporting and payment of Ohio withholding tax on behalf of nonresident shareholders is done using this form.

Can an LLC become a S Corp?

It is possible to change an LLC into a S corporation. The LLC must submit Form 2553 to the IRS in order to elect S corporation status before it may proceed. The LLC can file Form IT-4708 with the Ohio Department of Taxation to elect S corporation status for Ohio tax purposes after receiving IRS approval.

In conclusion, you must submit Form IT-1140 together with your corporate tax return if you operate a S corporation in Ohio. The required procedures with the IRS and Ohio Department of Taxation must be followed, nevertheless, if you are an LLC seeking to convert to a S company. It is crucial to get the advice of a tax expert to make sure you are adhering to all rules and filing dates.

FAQ
You can also ask what is the ohio commercial activity tax?

Businesses in Ohio are subject to the Commercial Activity Tax (CAT), which is a tax on taxable gross receipts of at least $150,000 each calendar year. The privilege of conducting business in Ohio is subject to this privilege tax. The Ohio Department of Taxation or a tax expert should be consulted to ascertain whether a S Corporation is required to file an Ohio S Corp Return given their specific circumstances.