Closing A Business
Generally, each corporation which ceases to do business in
Ohio and which no longer owns property in Ohio must file an
“exit income tax return” and pay tax on net income that has
not been reported on a previously-filed Ohio franchise tax
report. For detailed information, please refer to the topic
entitled, “Exit Tax – Ohio Revised Code section 5733.06(H),”
in the instructions to the Ohio corporation franchise tax
report, FT 1120.
For tax questions, refer to contact
us.