Interest & Penalties

TAX RETURN – INTEREST & PENALTIES

Interest - Based on the Federal Reserve rate and may change annually in accordance with Ohio Revised Code 718:

2024 - 10% per annum (.8333% per month)
2023 - 7% per annum (.58% per month)
2022 - 5% per annum ( .42% per month)
2021 - 5% per annum ( .42% per month)
2020 - 7% per annum ( .58% per month)
2019 - 7% per annum ( .58% per month)
2018 - 6% per annum ( .50% per month)
2017 - 6% per annum ( .50% per month)
2016 - 5% per annum ( .42% per month)
Late Payment Penalty - 15% of the amount past due
Late Filing Penalty - $25.00

WITHHOLDING – INTEREST & PENALTIES

Interest - Based on the Federal Reserve rate and may change annually in accordance with Ohio Revised Code 718:

2024 - 10% per annum (.8333% per month)
2023 - 7% per annum (.58% per month)
2022 - 5% per annum ( .42% per month)
2021 - 5% per annum ( .42% per month)
2020 - 7% per annum ( .58% per month)
2019 - 7% per annum ( .58% per month)
2018 - 6% per annum ( .50% per month)
2017 - 6% per annum ( .50% per month)
2016 - 5% per annum ( .42% per month)
Late Payment Penalty - Not to exceed 50% of the amount past due.
Late Filing Penalty - $25.00 per month or fraction thereof with a maximum of $150.00