This form authorizes the release of the client's tax information to his attorney.
Oklahoma Tax Release Authorization
State:
Multi-State
Control #:
US-PI-0261
Format:
Word;
Rich Text
Instant download
Description
How to fill out Tax Release Authorization?
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FAQ
If a federal consolidated return is filed, an Oklahoma consolidated return may be required or permitted under certain circumstances. ( Instructions, Form 512, Oklahoma Corporation Income Tax Return) The election to file a separate return or a consolidated return is made with the timely filing of the return.
To check the refund status, visit OkTAP at tax.ok.gov and click ?Where's My Refund.?
The tax rate is 4.75%. Part 2 ? Enter members who are corporations, S corporations and partnerships. The tax rate is 4%. Enter the Federal Employer Identification Number or Social Security Number of each member of the electing PTE.
PTE tax allows an entity taxed as a partnership or S Corporation to make a tax payment on behalf of its partners. The business pays an elective tax of 9.3% of qualified net income to the Franchise Tax Board.
File as Oklahoma married filing separate. The Oklahoma resident, filing a joint federal return with a nonresident civilian spouse, may file an Oklahoma return as married filing separate. The resident will file on Form 511 using the married filing separate rates and reporting only his/her income and deductions.
The withholding rate is 5% of the Oklahoma share of the taxable income distributed to the nonresident member. A pass-through entity is not required to withhold tax for a nonresident member if the nonresident member files a withholding exemption affidavit, OTC Form OW-15.
With regard to each member of an electing PTE, the electing PTE shall multiply such member's Oklahoma distributive share of the electing PTE's Oklahoma net entity income by the applicable 4.75% or 4% tax rate.
For example, if the business income is taxed as self-employment income, the PTET can reduce the amount of income that is subject to self-employment tax (and to the 0.9% Additional Medicare Tax, for single filers with over $200,000 in combined wages and self-employment income or married filers over $250,000).
