Oklahoma Business Form Help
The following information has been provided to assist in the preparation of Oklahoma Business Returns.
Oklahoma Corporation Income Tax Return help.
Any corporation doing business within or deriving income from sources within Oklahoma is required to file an Oklahoma Corporation Income Tax Return, whether or not a tax is due. NOTE: Small Business Corporations (Subchapter S) must use Form 512-S.
The return must be filed on or before the 15th day of the third month following the close of the taxable year. In the case of complete liquidation or the dissolution of a corporation, the return shall be made on or before the 15th day of the fourth month following the month in which the corporation is completely liquidated. When the last date for filing any document or performing any act required by the Oklahoma Tax Commission (OTC) falls on a day when the offices are not open for business, the filing of the document or performance of the act shall be considered timely if it is performed by the end of the next business day.
A valid extension of time in which to file your federal return automatically extends the due date of your Oklahoma return if no Oklahoma liability is owed. A copy of the federal extension must be enclosed with your Oklahoma return. If your federal return is not extended, or an Oklahoma liability is owed, an extension of time to file your Oklahoma return may be granted on Form 504. The Form 504 must be filed on or before the due date of the return. To avoid delinquent penalty for late payment, 90% of the tax liability must be paid with the extension. To avoid delinquent interest for late payment, 100% of the tax liability must be paid with the extension.
Indicate whether this is a separate or consolidated return and select one of the three options for income determination. Check the appropriate boxes in the Question and Answer area, answering all applicable questions that are not automatically completed from information from the Client Data screen and the Federal return. For all fiscal year and short period returns, the beginning and ending dates of the tax year must be shown on the top portion of the return where indicated. Omission of this information may cause a significant delay in the processing of the return and no interest will accrue on any refund pending.
Beginning with tax year 2013, the Form 512 will be used to file an amended return. Make sure to check the box when electing to amend your return. The Form 512X will only be used for tax year 2012 and prior.
Schedule A, Column A is to be completed by all corporations. All corporations start with Schedule A.
Schedule A, Column B is to be used by all corporations domesticated in Oklahoma deriving all of their income within Oklahoma or by corporations whose business within and without Oklahoma is oil and gas production, mining, farming, or rental. This should be completed using the direct accounting method.
Income (loss) shall be allocated in accordance with the situs of such property. Overhead expense shall be allocated on the basis of direct expense in Oklahoma to the total direct expense everywhere.
Indicate date of incorporation. Complete the Question and Answer area, answering all applicable questions that are not automatically completed from information from the Client Data screen and the Federal return.
Part 2, Column A and Part 3, Column A are to be completed by all S corporations. All S corporations start with Part 2.
Part 2, Column B and Part 3, Column B, are to be completed by S corporations deriving all of their income from within Oklahoma or by S corporations whose business within and without Oklahoma is oil and gas production, mining, farming, or rental. This should be completed using the direct accounting method.
Part 4is to be completed by S corporations conducting a business of a unitary nature. A unitary business is one whose income is derived from the conduct in more than one state of a single business enterprise, all the factors of which are essential to the realization of an ultimate gain derived from the enterprise as a whole, and not from its component parts which are too closely connected and necessary to each other to justify division or separate allocation.
Check one of the boxes under “Income Determination” that best describes the S corporation, and then go to Part 2.
Complete a Form 512-S K-1 Worksheet for each shareholder. Information will flow to each K-1 from the corresponding federal Schedule K-1.
The K-1 worksheet allows for selecting which type of state K-1 to file (Resident or Non-resident) for each shareholder by selecting/unselecting a checkbox related to OK residency.
Oklahoma Partnership Income Tax Return help.
Every partnership, including syndicates, groups, pools, joint ventures or other unincorporated organizations (exclusive of trusts, estates or corporations defined by the act), having Oklahoma source income, shall make a return of income on Form 514, for the calendar year or fiscal year ended on the last day of any month other than December. Each partner having Oklahoma source income sufficient to make a return, shall make such return as required by law.
Partnerships filing Federal Form 1065-B will file Form 514.
Complete a Schedule 514 K-1 for each partner. Information will flow to each K-1 from the corresponding federal Schedule K-1.
Use 514-PT there is a nonresident partner electing to be included in a composite return. If there are more than 15 partners, access an overflow form by pressing “Worksheet” on any of the fields below.
Oklahoma taxable income of an individual shall be calculated as if all income were earned in Oklahoma. Complete columns A, B, C, D, E, F, G, H, I, J, and K. Column B is the total of lines 4 6 , and 8. Column C additions or subtractions are entered on the OK Sch. K-1 for partner. Column E tax rate is 5.25%.
Complete columns A, F, H, I, J and K only. Skip columns B, C, D, E, and G. For column H, multiply the Oklahoma distributive income by the 6% tax rate.
Complete this form if applying for a New Jobs Credit or Investment Credit.