Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
State is Auditing Ohio CUs on Sales/Use Tax
COLUMBUS, Ohio (4/5/13)--The Sales and Use Tax Division of the Ohio Department of Taxation is auditing several Ohio credit unions regarding payment of sales and use tax, the Ohio Credit Union League said.

The state auditors are looking for expenses and products and services that have not been assessed sales tax (eLumination Newsletter April 3).

"This is not singling out credit unions," John Kozlowski, the Ohio league general counsel told News Now. "The state conducts these type of audits on both for profit and non-profit entities on an annual basis."

Services performed by out-of-state vendors could possibly be subject to further taxes. "For example, this could apply to companies that conduct business over the Internet and do not have their nexus in Ohio," Kozlowski said.

To help credit unions facing audits, the league has added an education session to its InVest48 conference agenda. The session "State Charters: Planning for and Surviving a Sales Tax Audit," will be held April 24.

League staff continues to meet with legislators and the state tax commissioner's office about the effects of the proposed expansion of the state sales tax. Gov. John Kasich's biennium budget would expand the products and services subject to sales tax and lower the overall rate to 5% from 5.5%.

Some tax provisions may be separated from the budget bill; however, Gov. Kasich and some legislators remain committed to funding an income tax cut for state residents, the league said.  

A sub-bill is expected to be introduced in next week, Kozlowski said.

In March, the league sent two letters to key legislators and has provided written testimony, sharing credit unions' concerns and highlighting how the proposed changes could hamper credit unions' ability to serve their members and impact the state-charter system (News Now March 22).


RSS print
News Now LiveWire
The Hill reports House Republicans plan to delay Aug. recess to stay in D.C. until they have enough votes to pass bill on border crisis.
9 hours ago
The FHLBs of Des Moines and Seattle announce they have entered into an exclusivity arrangement regarding potential merger of the 2 entities.
9 hours ago
SunCorp and @AlloyaCorp have announced their intent to merge.
11 hours ago
.@TheNCUA bars former employee of Southwest Communities FCU,Melissa Rosing,from work at any federally insured FI. http://t.co/owtVnPxVZT
12 hours ago
Fryzel added @TheNCUA is fed. governmt, thereby will B criticized, but always tried 2 do what is right. McWatters still 2 B sworn in.2of2
14 hours ago