Details
Understanding Ohio's Commercial Activity Tax (CAT) and Current Audit Trends
Year: 2021
Original Air Date: July 21, 2021
Presented by OADA, featuring Stephen Worth from Schneider Downs
We are seeing an increasing number of Ohio auto dealers targeted under Ohio's commercial activity tax (CAT) audit program. This audit program aggressively pursues additional tax, penalties and interest on unreported CAT gross receipts. The CAT program has been in existence for several years, but in the past year we saw a spike in the number of auto dealers targeted for audit.
Ohio instituted the Commercial Activity Tax (CAT) over 15 years ago replacing the outgoing Corporate Franchise and Tangible Personal Property taxes. The CAT is an annual tax imposed on the privilege of doing business in Ohio, measured by gross receipts from business activities in Ohio. If you are a dealer with Ohio gross receipts in excess of $150,000 annually, you should be currently filing a CAT return.
OADA is pleased to bring you this program with Stephen Worth, State Tax Practice Leader at Schneider Downs. Specifically, this webinar will include a discussion on the following topics:
- Overview of various CAT audit issues specific to auto dealers
- Including treatment of various manufacturer payments, incentives and credits
- Gross receipts sourcing
- Combines versus consolidated reporting requirements
- What to do if you find yourself the target of an audit
- Preparing for the audit and responding to audit inquiries
- Closing the audit
- Final review of CAT compliance best practices to follow
- Key CAT updates impacting auto dealers
