Who
Needs to File a Piqua Income Tax Return
1. All persons living in Piqua.
2. Persons living inside or outside the
city limits receiving taxable earnings not fully withheld by a
Piqua employer.
3. Business net profits earned in Piqua.
Filing Dates
Filing and estimated tax payment dates
are:
Final tax return for preceding year
.......................April 15
First quarter estimated tax
payment.....................
April 15
Second quarter estimated tax payment…........…June
15
Third quarter estimated tax payment…..…September
15
Fourth quarter estimated tax payment…...…..January
15
Some Examples of
Taxable Income
1. Employee contributed retirement
programs, such as IRAs, Keough Plans or other deferred
compensation plans.
2. Commissions earned directly or through
an agent.
3. Tips.
4. Any non-monetary compensation.
5. Compensation received in the form of
property is taxable at fair market value at the time of receipt.
6. Lottery and other chance-related
earnings.
7. Covenant not to compete.
8. Employer-paid sick pay, regardless of
whether paid direct or through a third party insurer
(unemployment compensation or similar extended payments are
excluded from taxation).
9. Miscellaneous corporate benefits such
as golf memberships, insurance policies, car rentals, etc.
Forms Needed For Tax
Filings
1. To verify tax amounts when filing a
city return, the tax department requires Federal form
1040 and employer-issued W2s or 1099 or a combination, whichever
is applicable.
2. W2 - Needs to clearly identify the
locality where the withheld taxes were paid or an employer
statement identifying each city and amount.
3. For the local resident taxpayer whose
earnings are from out-of-town activities, please provide the
other city's income tax return and the form 1040 accompanied by
the appropriate Federal schedules (i.e., "C",
"E", or "F").
4. Generic forms are acceptable if they contain the prescribed
information required by the tax ordinance.
Income Estimates
Only income estimates based on preceding
year's income, and paid upon the prescribed due dates (quarterly
installments) will avoid either additional interest and penalty
assessments or filing of an amended estimate. If the preceding
year's tax liability, or anticipated current year's liability is
less than $20, there is no requirement to file an income
estimate.
Taxpayers who fail to file an estimate or
pay upon prescribed due dates shall not qualify for this
treatment and will be required to have paid 80 percent of the
final liability by January 31. If the payment is not made on
time, a $20 minimum penalty charge will be assessed. Additional
interest and penalty charges accrue if the payment is delayed.
Income Tax Refund
1. For individuals younger than 18 years
of age, evidence must be furnished by a driver's license or
birth certificate. A copy is permissible.
2. For Piqua withheld taxpayers living out
of town, whose entire earnings, or a portion of their earnings,
are derived from activities outside Piqua, a refund request form
must be completed by the non-resident and certified by the
employer before any refund will be issued.
Extended Payments
Taxpayers who choose extended payments for
tax delinquencies will be assessed up to the 25 percent maximum
for penalties (one percent per month) and interest costs at one
percent per month on the total unpaid tax.
Delinquency Costs
INTEREST RATE:
The interest rate is one percent per month
on the unpaid tax liability.
PENALTIES:
The penalty charge is assessed at one
percent per month (on the unpaid tax) with a maximum of 25
percent of the total tax liability and an annual minimum of $20.
The $20 minimum is waived for first-time filers and if taxes are
paid within two weeks of filing.
Example of 25 percent maximum penalty: If
a total tax liability equals $1,000, the maximum penalty is
$250.
Example of $20 annual minimum: If the one
percent per month is less than $20, a $20 annual minimum will be
charged. For amounts greater than $20 the penalty will be up to
the maximum of 25 percent of the annual tax liability. The $20
minimum applies to each tax year, so if three tax years are
identified as delinquent, the total minimum is $60.
A late filing charge of $25 is charged if the taxpayer fails to
file a return by the due date or by the date resulting from an
extension.
Board of Review
The Board has the responsibility
of reviewing, upon the taxpayer's request, decisions rendered by
the Administrator. Tax appeals must be filed within 30
days after the Administrator's ruling and a hearing shall be
scheduled within 45 days. The Board's decision shall be
rendered within 90 days after the final hearing.
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