Oklahoma Tax Compliance Map

Email: hou4ww@evershinecpa.com
or

Contact by phone in the Texas time zone:
The Engaging Manager Ian Lin, a well-English speaker
Tel: +1-510-996-2685

GLA – United States – Oklahoma Corporate Income Tax

GLA-US(OK)-01 GLA Tax Entity

Question from client:
Is United States corporate income tax a federal income tax? A state income tax? Or is there a federal and states income tax?
What if the federal income tax and the states income tax are levied separately or levied together?
What is the standard tax rate? What is the special tax rate?

Answer from Evershine RD:
United States (U.S.) companies must pay both Federal Tax and State Tax.

Federal
Federal Corporate Income Tax Rate is 21%.
S corporation is exempt from federal income tax and exempt from paying taxes at the corporate level.

States – Oklahoma
Corporations in Oklahoma are required to pay taxes to both levels of government: state and local.
For tax year 2022, the Oklahoma corporate income tax rate is 4%.
Oklahoma does not have either fixed dollar minimum tax or alternative minimum tax on corporation.

GLA-US(OK)-02 Registration

Question from client:
Which government unit is responsible for the collection of United States corporate income tax?
The registration of the country’s corporate income tax status, that is, the tax certificate number application procedure, paper certificate number application?
Or online account application? URL?
What is the advance certificate number for applying for this certificate number?
Do I need to use the industrial and commercial certificate electronic card to apply?

Answer from Evershine RD:  

Federal
Federal taxes are governed by Inland Revenue Service (IRS).
Employer Identification Number (EIN) serves as a tax ID number for organizations.
EIN can be registered online via www.irs.gov/ein and get the EIN immediately online.
It must be registered under the responsible party, who is someone in control and must be an individual.

States – Oklahoma
Oklahoma taxes are administered by Oklahoma Tax Commission (OTC).
Register at https://www.ok.gov/tax/Businesses/Tax_Types/Income_Tax_Corporate/ at the section of Register for business.
Oklahoma tax ID is the same as Federal Employer Identification Number (FEIN).

GLA-US(OK)-03 GLA Order (OD)

Question from client:
What is the order of United States corporate income tax return (information flow determines tax base) and payment (fund flow)?
Pay first and then declare? Report first and then pays?
At the same time as the declaration and payment?

Answer from Evershine RD:
Deposit first (DF). Pay by installment first and declare later.

GLA-US(OK)-04 Mechanism of Filing (MOF)

Question from client:
What is the return method for United States corporate income tax return (information flow determines the tax base)?
Filing cycle: monthly? Every bimonthly? Every season? every half year? Per year?
Electronic filing? Manual filing? Electronic filing and manual filing coexist?
If electronic filing is possible: website URL?

Answer from Evershine RD:

Federal
Filing deadline for final corporate tax return:
C corporation – 15^th day of the 4th month following the fiscal year.
S corporation – 15^th day of the 3rd month following the fiscal year.

Filing form:
C corporation – 1120 (income tax), 1120-W (estimated tax)
S corporation – 1120S (income tax), 1120-W (estimated tax)

Filing method:
In general, corporations may file returns either on paper or electronically.
Companies that need to file their tax returns electronically and choose to make their own income tax returns should purchase software approved for electronic filing and take steps to register and complete the IRS e-filing application.
Companies that purchase tax preparation software and prepare their own income tax returns should discuss various electronic filing methods with the software vendor.
Otherwise, companies should check with a tax professional to prepare their electronic income tax returns earlier and ensure they are an IRS-authorized electronic document provider.

https://www.irs.gov/tax-professionals/e-file-provider-services

States – Oklahoma

Filing form:
C corporations – Form 512: Corporation Income and Franchise Tax Return
S corporations – Form 512-S: Small Business Corporation Tax Return
ITE OW-8-ESC: Oklahoma Corporate Estimated Tax

Filing deadline for final corporate tax return:
Form 512 – Within 30 days after their federal corporate income tax return is required to be filed.
For example, filers with a March 31, 2022, fiscal year end, the actual due date is Aug. 15, 2022.
Except for filers with a June 30, 2022, fiscal year end, the actual due date is Oct. 17, 2022.

Filing deadline for an estimated corporate tax return:
First installment file by April 15^th for calendar year taxpayers.
First installment file by the 15^th of 4^th month for fiscal year taxpayers.

Filing method:
Oklahoma now mandates electronic filing for corporations.
Form EF, Income Tax Declaration for Electronic Filing must be signed by a corporate officer.

GLA-US(OK)-05 Mechanism of Payment (MOP)

Question from client:
What is the funding method for United States corporate income tax payment (funds flow)?
Payment cycle: M per month? B every bimonthly? Q every season? H every six months? A every year?
Automatically authorize deduction of ACH (that is, take the initiative of the recipient)?
Electronic remittance to EFT (that is, the payer takes the initiative)?
Bank counter payment OCT?
Or the above methods coexist?

Answer from Evershine RD:

Federal

Payment deadline for estimated corporate tax return (Form 1120-W):

15th day of the 4th, 6th, 9th, and 12th months of the tax year.
It is 25% of the corporation’s estimated total taxes for the current year or 25% of the corporation’s taxable income for the previous year (the latter option is not available to corporations with annual income of over $1 million).
Installment payments are not required if the estimated tax is less than $500.
Any corporation that is required to deposit estimated taxes must do so through electronic funds transfer.
A U.S. bank account is not required for such transfers if other requirements are met.

Payment method:

EFTPS – Electronic Federal Tax Payment System via https://www.eftps.gov/eftps/.

States – Oklahoma

Payment deadline for estimated corporate tax:

15th day of the 4th, 6th, and 9th months of the tax year, and by Jan. 15th of the following year.
In Oklahoma, corporations are required to make estimated tax payments for the taxable year if their state estimated tax can reasonably be expected to be at least $500.
The “required annual payment” is the lesser of 70% of the tax shown on the return for the taxable year; or 100% of the tax shown on the return for the preceding taxable year of 12 months. Annualized income installment method is allowed.

Payment method:

Pay electronically via Oklahoma Online Services- www.tax.ok.gov/payments.
Electronic funds transfer (EFT)
Credit card

SUT – United States – Oklahoma Sales and Use Tax

SUT-US(OK)-01 VAT Tax Entity

Question from client:
Is United States Sales and Use Tax (SUT) levied at Federal? States? Or is there a federal plus States SUT?
What if the Federal and States SUT are levied separately or levied together?
What is the standard SUT rate? What are the special SUT rate?

Answer from Evershine RD:
There is no VAT in the United States.
The U.S. federal government currently does not levy either a national VAT or a national general sales tax. Nor do any states impose a VAT.
U.S. state SUT rates range between 2.9% and 7.25%.
Many municipalities also levy local sales taxes.

States – Oklahoma

Oklahoma Tax Commission (OTC) assesses, collects, and administers Oklahoma’s sales and use tax.
Oklahoma imposes sales and use tax at a uniform rate across the state. Each county & city sales tax rates vary according to city code.

SUT-US(OK)-02 Registration

Question from client:
Which government unit is responsible for the levying of Sales and Use Tax in the United States?
The registration of United States Sales and Use Tax levy status, that is, the application procedure for Sales and Use Tax certificate number, paper certificate number application? Or online account application? URL?
What is the advance certificate number for applying for a Sales and Use Tax certificate number?
Do I need to use an industrial and commercial certificate electronic card to apply?

Answer from Evershine RD:
States customarily require sellers, vendors, and retailers to register with the state to obtain a permit to collect and remit sales and use tax, provided certain thresholds are met.
You need a sales permit when you have physical presence or economic nexus of $100,000 annual sales.
Businesses that conduct taxable transactions in several states are required to register separately in each state.

States – Oklahoma
Register for a sales tax permit on the website at https://oktap.tax.ok.gov/OkTAP/Web?_/
Once file and paid, the sales tax permit will be mailed within 5 business days.
It consists of 10-digits account number to create login to the oktap.tax.ok.gov.
Sales Tax Permit is valid for 3 years. After that, it can be renewed on OkTAP.

SUT-US(OK)-03 WWT Order (OD)

Question from client:
What is the order of United States Sales and Use Tax declaration (information flow determines the tax base) and payment (fund flow)?
Pay first and then declare? First declare and then pay?
At the same time as the declaration and payment?

Answer from Evershine RD:
Same period (SP): Filing of SUT return and pay the taxes.

SUT-US(OK)-04 Mechanism of Filing (MOF)

Question from client:
What is the return method for United States Sales and Use Tax declaration (information flow determines the tax base)?
Reporting cycle: every month? Every bimonthly? Every season? every half year? Per year?
Electronic filing? Manual filing? Electronic filing and manual filing coexist? If electronic filing is possible: Website URL?

Answer from Evershine RD:

U.S. state sales and use tax laws most commonly require filings (with payment) monthly, although smaller sellers and special situations may be accorded less frequent filing intervals.
The most common times specified for filing and payment are 15 or 20 days after the close of a month.

States – Oklahoma

Deadline for sales and used tax returns

1. Sales from 1^st day to 15^th each month, due on the 20^th of such month.
2. Sales from 16^th day to end of the month, due on the 20^th day of the following month.
3. Semi-Annual filing: 1/22 (Jan-June) and 7/20 (July-Dec).

Sales and use tax forms

1. Oklahoma STS20002: Sales Tax Return
2. Oklahoma SCU20004: Consumer Use Tax Return
3. Oklahoma SVU20005: Vendor Use Tax Return
4. Oklahoma 13-96: Applicable for Direct Payment Permit

Filing option for Sales and used tax returns

1. File online at oktap.tax.ok.gov
2. File by mail – if tax payable amount not more than $2,500 per month

SUT-US(OK)-05 Mechanism of Payment (MOP)

Question from client:
What is the funding method for United States Sales and Use Tax payment (funds flow)?
Payment cycle: M per month? B every bimonthly? Q every season? H every six months? A every year?
Automatically authorize deduction of ACH (that is, take the initiative of the recipient)?
Electronic remittance to EFT (that is, the payer takes the initiative)?
OCT payment at the bank counter? Or the above methods coexist?

Answer from Evershine RD:

States – Oklahoma
Oklahoma requires taxpayers who owed an average of $2,500 or more per month in total sales taxes in the previous fiscal year to pay sales tax via EFT.

Deadline for sales and used tax payments (by EFT)

1. Sales from 1^st day to 15^th each month, due on the 20^th of such month.
2. Sales from 16^th day to end of the month, due on the 20^th day of the following month.

Payment Methods

1. Payment by Electronic Funds Transfer (EFT)
2. ACH Credit and ACH Debit

Please be aware below Warning:
The above contents are digested by Evershine R&D and Education Center in October 2021.
Regulations might be changed as time goes forward and different scenarios will adopt different options.
Before choosing options, please contact us or consult with your trusted professionals in this area.

Contact Us

Houston Evershine BPO Service Limited Corp.
E-mail: hou4ww@evershinecpa.com
or

Contact by phone in the Texas time zone:
The Engaging Manager Ian Lin, a well-English speaker
Tel: +1-510-996-2685

or
For how to exchange data files between your Finance Accounting System and Evershine Cloud Accounting Information System,
please send an email to HQ4hou@evershinecpa.com
Dale Chen, Principal Partner/CPA in Taiwan+China+UK will be accountable for your case.
Email address:dalechen@evershinecpa.com
LinkedIn address:Dale Chen

Additional Information

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Email: kerrychen@evershinecpa.com
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