Ohio: S Corporation STATUS Filing Requirement WAIVED!

According to an Ohio Department of Taxation Information Release (CFT 2009-02), the Tax Commissioner has waived, for tax year 2010, the requirement that S corporations file form FT 1120S – Notice of S Corporation Status.

The Ohio Tax Commissioner has issued an administrative journal entry, dated Oct. 29, 2009, waiving the filing requirement for S corporations for tax year 2010, based on taxable year ending in 2009.

Accordingly, S corporations do not need to file Form FT 1120S for tax year 2010. Investor information previously reported on the FT 1120S will now be reported on either the (a) IT 4708 – Composite Income Tax Return for Certain Investors in a Pass-Through Entity or (b) IT 1140 – Pass-Through Entity and Trust Withholding Tax Return.

Please see the INFORMATION RELEASE for complete details.