Instruction For Form Br - City Of Mason Income Tax Return
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1CITY OF MASON INCOME TAX RETURN FORM BR
GENERAL INFORMATION
WHO MUST FILE
WHEN AND WHERE TO FILE
C-Corporations: C-Corporations are required to file as entities
The City of Mason Income Tax Return BR must be filed on or
on the net profits earned that are derived from sales made, work
before April 16th for entities whose fiscal year ends on December
done, services performed or rendered and business or other
31. Taxpayers on another fiscal or partial year basis must file
activities conducted in Mason, whether or not such corporation
within four months following the end of such period.
has a place of business in Mason.
Tax returns (including a copy of the Federal Income Tax Return
S-Corporations: S-corporations are required to file in the same
and all applicable schedules) should be mailed to City of Mason
manner as C-corporations and report any income or loss. If the
Tax Office, 6000 Mason-Montgomery Road, Mason, Ohio
S-Corporation has net income, the corporation must pay the tax due.
45040. Any balance owed should be payable to the City of Mason.
Resident shareholders are required to include the distributive
EXTENSION OF TIME TO FILE
income and losses on their individual returns. If a taxable
Taxpayers can request an extension of time in which to file their
income is reported, credit may be claimed for taxes paid by
Mason Income Tax Return by submitting a copy of their federal
the S-corporation.
extension request to the Tax Office on or before the original
due date of the return. The extended due date of the municipal
S-corporations do not need to file and pay Mason income tax if
income tax return shall be the last day of the month to which the
all shareholders of the S-corporation were residents of Mason for
due date of the federal income tax return has been extended.
the entire year. The distributive share must be reported on the
Extension will not be approved if the taxpayer has a delinquent
individual tax return of the S-corporation’s resident shareholders.
balance or has not filed a prior years’ tax return. If estimated tax
payment requirements are not met, penalty and interest charges
Partnerships: Partnerships are required to file as an entity. If the
will apply. No verbal extensions will be honored.
partnership has net income, the partnership must pay the tax due.
OPERATING LOSS CARRYFORWARD
Partners are required to include all partnership income and losses
The portion of any taxable year’s operating loss, allocable to the
on their individual returns. If a taxable income is reported, credit
City of Mason, may be applied against the portion of the profit of
may be claimed for taxes paid by the partnership.
the next five (5) succeeding tax years or until exhausted prior to
the five year limit. No portion of an operating loss shall be carried
A partnership does not need to file and pay Mason income tax if
back against net profits of a prior tax year.
all partners were residents of Mason for the entire year. Individual
partners must report the taxable income on their individual Mason
PENALTIES AND INTEREST
tax return.
Tax returns not filed by the due date or the approved extended
due date are subject to penalties and interest. Penalties and
LLC(s): A limited liability company is required to file consistent
interest are also assessed for not paying 90% of the current year’s
with its federal filing. For example, if the LLC is recognized as a
liability or an amount equal to 100% of the previous year’s tax
partnership at the federal level, it should file as a partnership at
liability by January 31 (or by the end of the first month following
the local level.
the end of the fiscal year.)
Miscellaneous Entities: Any undertaking, not specifically defined
ADJUSTED FEDERAL TAXABLE INCOME (AFTI)
above, conducting activities or producing income, including but
As defined by Ohio Revised Code 718.01, AFTI means a
not limited to rental of real estate and personal property, and a
C-corporation’s federal taxable income before net operating
business conducted by a trust or guardianship of an estate that
losses and special deductions. Other business entities must
produces a net profit shall be subject to city income tax and is
compute the AFTI as if they were a C-corporation. Generally this
required to file a return as an entity.
is the line titled “Income/(Loss) Reconciliation” on the Schedule K
of the Form 1120S for S-corporations or Line 1 page 4 of the
ESTIMATED TAX PAYMENTS
Form 1065 Analysis of Net Income (Loss) for partnerships and
Any entity anticipating taxable income is required to file a
limited liability companies. A copy of the Federal Tax Return
declaration of estimated income tax for the current year and to
(the entire form and schedules) is required to be submitted
make quarterly payments throughout the year. Taxpayers must
with the Mason Income Tax Return, including K-1s.
have 90% of their current year’s liability or an amount equal to
100% of their previous year’s tax liability paid by January 31 of the
DISCLAIMER
following year (or by the end of the first month following the end of
Definitions and instructions are illustrative only. The City of
the fiscal year.) Otherwise, penalties and interest will be imposed
Mason Income Tax Ordinance and the Ohio Revised Code
as provided by the City of Mason Income Tax Ordinance.
supersede any interpretation presented.
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