Add Number Fields Legal Oklahoma Franchise Forms For Free

Oklahoma's franchise tax has been eliminated as part of a comprehensive tax reform plan.

Oklahoma withholding tax account ID If you are a new business, register online with the Oklahoma Tax Commission. If you already have a Withholding Tax Account ID, you can find this number on correspondence from the Oklahoma Tax Commission. For additional assistance, contact the agency at 405-521-3160.

The franchise tax is calculated at a rate of $1.25 per $1,000 of capital employed in or apportioned to the business's outpost in Oklahoma. The franchise tax applies solely to corporations with capital of $201,000 or more. Eligible entities are required to annually remit the franchise tax.

(Line 16 of Form 200.) If you request an extension to file your corporate income tax return, a copy of your request to file an extension must accompany your franchise tax return. Extensions of time to file may be granted upon receipt of a tentative return and remittance based on an estimate of the tax due.

Distinguishing an Annual Report from a Franchise Tax Report can be confusing, since the name of the annual report in some states is called an Annual Franchise Tax Report. The name of the report doesn't always indicate exactly what it is, so you'll need to know the state office you're required to file with.

Oklahoma's franchise tax has been eliminated as part of a comprehensive tax reform plan.

What is the standard Oklahoma apportionment formula? Income that is not allocated is apportioned to Oklahoma based on the average of three factors consisting of property, payroll, and sales. The three-factor apportionment formula is altered for corporations that make an investment of $200 million or more.

The traditional evenly weighted three-factor apportionment method weighs property, payroll, and sales in equal measure.

The four states that continue to use three-factor apportionment are Alaska, Hawaii, Kansas, and Oklahoma. As an example of the different methods of application, consider a company that makes 25 percent of its sales in-state, owns 30 percent of its property in-state, and pays 50 percent of its payroll in-state.