Corporation Franchise Tax

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.

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