When reconciling the second calendar quarter return by filing its third quarter return, the taxpayer determines its actual taxable gross receipts for the second quarter were eight million five hundred million dollars. The taxpayer applies the effective tax rate for the second quarter to its actual taxable gross receipts, resulting in a tax liability of twenty-two thousand one hundred dollars (.0026*$8,500,000).
By November 10, 2020, the taxpayer will be required to electronically file its reconciliation report, reflecting an additional two thousand three hundred forty dollars tax due (twenty-two thounsand one hundred dollars actual tax liability for the second calendar quarter, less the nineteen thousand seven hundred sixty dollars estimated payment). At the same time, the taxpayer must timely file its third calendar quarter return/report and may elect to make an estimated payment for the third quarter (based on the taxpayer's second calendar quarter actual taxable gross receipts).
Ohio Admin. Code 5703-29-09
Five Year Review (FYR) Dates: 2/21/2020 and 05/10/2025
Promulgated Under: 119
Statutory Authority: 5703.05, 5751.05
Rule Amplifies: 5751.05, 5757.051
Prior Effective Dates: 03/13/2006