New CAT (Commercial Activity Tax) Deadlines - Tax tip of the Week

An important change was recently made by the Ohio Department of Taxation in regards to the due dates of the Commercial Activity Tax (CAT) returns.If you are a small Ohio business owner with gross receipts in excess of $150,000/year you should have been aware of the need to file an annual CAT return. Previously, the due date of the return was February 10. (Example: if you have gross receipts in your business for 2009 exceeding $150,000 your return would be due February 10, 2010.)Under the new law, these returns are now due May 10, 2010.If your business has gross receipts in excess of $1,000,000/year, you will still need to make quarterly filings, but those due dates have also been changed to the following:

Filing Period	Filing Due Date
January 1 – March 31	May 10th
April 1 – June 30	August 10th
July 1 – September 1	November 10th
October 1 – December 31	February 10th

The due dates under the old law were very difficult for business owners and tax practitioners to comply with because the due dates fell so close to the end of the accounting periods. The due dates under the new law will make life easier for all of us.We thank and applaud the Ohio Department of Taxation for finally doing something that makes compliance easier!As always, call us with any questions. In Dayton, call 937-436-3133 and in Xenia, call 937-372-3504. Or visit www.bradstreetcpas.com....until next week.