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Fill Your Oklahoma Minimum Franchise Tax Form

The Oklahoma Minimum Franchise Tax form is a tax return specifically designed for corporations that owe either the minimum tax of $10 or the maximum tax of $20,000. This form is crucial for ensuring compliance with state tax obligations and must be filed correctly to avoid penalties. Delinquent filers should act promptly to submit this form to the Oklahoma Tax Commission to maintain good standing.

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Fill Your Oklahoma Minimum Franchise Tax Form

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The Oklahoma Minimum Franchise Tax form, officially known as Form 215, is specifically designed for corporations that find themselves in a delinquent filing situation. It is crucial for businesses operating in Oklahoma to understand the eligibility criteria for this form, as it applies only to those with a tax liability ranging from a minimum of $10 to a maximum of $20,000. The form requires taxpayers to provide their Federal Employer Identification Number (FEIN), the reporting period, and the due date for the tax payment. Completing the form involves a series of calculations based on the corporation's balance sheet, including total company assets and business done both statewide and nationwide. To accurately determine tax liability, corporations must use a worksheet that guides them through the necessary steps, including calculating capital employed in Oklahoma. The completed form must be returned with payment to avoid penalties and interest. Additionally, any discrepancies in preprinted information should be corrected directly on the form. Understanding these key aspects will help ensure compliance and avoid the potential pitfalls of late filings.

Different PDF Templates

Oklahoma Franchise Tax Repeal - It’s essential for corporations to update officer information accurately, including Social Security Numbers.

When engaging in a transaction involving valuable assets, it is crucial to have proper documentation established at the outset. A well-crafted Bill of Sale not only protects the interests of both parties involved but also provides a clear record of the exchange. For those looking for a reliable resource to create a Bill of Sale form, visit legalpdf.org to obtain a comprehensive template that suits your needs.

Oklahoma State Campus - Emergency contact relationships can include family members or guardians.

Important Questions on Oklahoma Minimum Franchise Tax

What is the Oklahoma Minimum Franchise Tax form and who needs to file it?

The Oklahoma Minimum Franchise Tax form is a tax return that corporations doing business in Oklahoma must file annually. This form is specifically for those whose tax liability is either the minimum of $10 or the maximum of $20,000. Corporations that do not meet these criteria must contact the Oklahoma Tax Commission for the appropriate form. Filing is required by July 1 each year, and failure to do so can result in penalties.

What should I do if the preprinted information on the form is incorrect?

If any preprinted information, such as the corporation's name or address, is incorrect, you should check Item E on the form. Make the necessary corrections on the back of the return. It is important to ensure that all information is accurate to avoid any processing issues or potential penalties.

How is the franchise tax calculated using this form?

The franchise tax is calculated based on the capital employed in Oklahoma. You will need to complete a worksheet that includes total company assets, business done, and liabilities. The tax rate is $1.25 per $1,000 of capital employed, with specific minimum and maximum amounts applicable. If your capital is below $8,000, you will enter $10. If it exceeds $16,000,000, you will enter $20,000. For capital between these amounts, a different form is required.

What happens if I miss the filing deadline?

If the franchise tax return is not filed by the due date of July 1, it will be considered delinquent after August 31. A penalty of 10% will apply, calculated on the amount of tax owed. Additionally, interest will accrue at a rate of 1.25% per month from the due date until the tax is paid. It is crucial to file on time to avoid these additional costs.

Who can I contact for assistance with the Oklahoma Minimum Franchise Tax form?

If you have questions or need assistance regarding the Oklahoma Minimum Franchise Tax form, you can contact the Oklahoma Tax Commission at (405) 521-3160. They can provide guidance on filing requirements, penalties, and any other related inquiries.

How to Write Oklahoma Minimum Franchise Tax

Filling out the Oklahoma Minimum Franchise Tax form is a straightforward process. It is essential to complete the form accurately to avoid penalties and ensure timely processing. Follow these steps to fill out the form correctly.

Obtain the Oklahoma Minimum Franchise Tax form (Form 215) specifically for delinquent filers.
Enter your Taxpayer FEIN in the designated box at the top of the form.
Fill in the Reporting Period and Due Date as specified on the form.
Determine your tax liability using the worksheet provided. If your tax liability is below $10 or exceeds $20,000, contact the Oklahoma Tax Commission (OTC) at (405) 521-3160 for the correct form.
If the preprinted name and address are incorrect, check Item E and make the necessary corrections on the back of the return.
Complete lines 1 through 6 on the detachable report below, following the instructions carefully.
Return the detachable report along with the schedule of officers and your payment in the enclosed envelope before the due date to avoid penalties.
Ensure that all figures are printed within the boxes as shown, and do not fold, staple, or paper clip the form.

After completing the form, review all entries for accuracy. Submit the form and payment promptly to avoid any additional fees or penalties. If you have questions, don’t hesitate to reach out to the Oklahoma Tax Commission for assistance.

Similar forms

The Oklahoma Minimum Franchise Tax form shares similarities with the IRS Form 1120, which is the U.S. Corporation Income Tax Return. Both documents require corporations to report financial information, including income and expenses, for a specific reporting period. While the Oklahoma form focuses on franchise tax liability based on capital employed in Oklahoma, Form 1120 assesses corporate income tax based on net income. Each form mandates the inclusion of a federal employer identification number (FEIN) and requires signatures to certify the accuracy of the information provided.

Another comparable document is the California Franchise Tax Board Form 100, also known as the California Corporation Franchise or Income Tax Return. Like the Oklahoma form, Form 100 is designed for corporations operating within the state and requires detailed financial disclosures. Both forms determine tax liability based on specific thresholds—minimum and maximum amounts in Oklahoma and a graduated tax rate in California. Additionally, both documents necessitate the timely submission to avoid penalties and interest on unpaid taxes.

The Delaware Franchise Tax form is another relevant example. This form is used to calculate the franchise tax owed by corporations registered in Delaware. Similar to the Oklahoma Minimum Franchise Tax form, it allows corporations to choose between different methods for calculating their tax liability. Both forms emphasize the importance of accurate reporting and timely submission to avoid penalties. Furthermore, they both require corporations to provide their FEIN and other identifying information, ensuring that the state can accurately track and assess tax obligations.

The California Articles of Incorporation form is an essential document for businesses wanting to establish themselves legally as corporations in the state. By outlining crucial information about the company such as its name, purpose, and stock structure, this form serves as a foundational element of the legal and financial journey for companies in California. Understanding the intricacies of this document is critical, and for more detailed insights into its requirements and processes, you can visit legalformspdf.com.

The Texas Franchise Tax Report is also akin to the Oklahoma Minimum Franchise Tax form. This report is required for businesses operating in Texas and is based on a company's revenue rather than capital employed. Both forms require corporations to assess their tax liability annually and provide necessary financial data. While the Oklahoma form has a minimum and maximum tax, the Texas form utilizes a tiered system based on revenue levels. Each form includes instructions for completion and deadlines for submission, emphasizing compliance to avoid penalties.

Lastly, the New York State Corporation Franchise Tax form is similar in that it requires corporations to report income and calculate tax liability based on their business activities within the state. Both forms require the submission of financial information for a specified reporting period and the inclusion of a FEIN. While the New York form employs a more complex calculation method based on income and tax rates, the essential purpose remains the same: to ensure that corporations contribute fairly to state revenues. Both documents stress the importance of timely filing to avoid additional fees and interest.

Example - Oklahoma Minimum Franchise Tax Form

OKLAHOMA TAX COMMISSION

OKLAHOMA MINIMUM/MAXIMUM FRANCHISE TAX RETURN

FORM 215

Delinquent Filers Only

This version of Form 215 is for delinquent filers only.

Not for use for current reports.

FRX	0600103
		OKLAHOMA MINIMUM/MAXIMUM
	FRX0001-05-1999-BT	OKLAHOMA MINIMUM/MAXIMUM
	Form 215
	Revised 3-2007
A. TAXPAYER FEIN		B. REPORTING PERIOD	C. DUE DATE

FRANCHISE TAX RETURN

1.You qualify to file this return if your tax liability is the minimum of $10.00 or the maximum of $20,000. Use the worksheet to determine your tax liability. If you do not qualify to file this return, call the OTC at

(405) 521-3160. The correct form will be mailed to you.

2.If the preprinted name and address on this form is incorrect check Item E and make corrections on the back of the return.

3.Follow the instructions on the back of this form for the completion of lines 1 through 6 on the detachable report below.

4.Return the detachable return below and schedule of officers with your payment in the enclosed return envelope before the due date to avoid assessment of interest and penalty.

TAX WORKSHEET

The basis for computing your tax is the balance sheet as shown by your books		(A) Everywhere	(B) Oklahoma Only
of account at the close of your most recent income tax accounting year.		(A) Everywhere	(B) Oklahoma Only

		(Do not use if all property is in OK)
1.	Enter total company assets	________________________________	_______________________________
2.	Enter business done	________________________________	_______________________________
3.	Total assets and business done (Line 1 plus Line 2)	________________________________	_______________________________
4.	Percentage of capital employed in Oklahoma. Select the option	________________________________
	you will use to determine the apportionment of Oklahoma Assets
	Option 1: Percent of Oklahoma Assets and business done to total assets and
	business done. (Line 3B divided by line 3A) Round to 4 decimal points.
	Option 2: Percent of Oklahoma Assets to total net assets
	(Line 1B divided by line 1A) Round to 4 decimal points.
5.	Enter total current company liabilities; i.e. accounts payable, short term debt, etc.	_________________________________	________________________________
6.	Calculate the capital employed in Oklahoma	_________________________________
	--Everywhere (Line 1A minus Line 5A multiplied by Line 4)
	OR
	--Oklahoma only (Line 1B minus Line 5B)		_________________________________
7.	Calculate your franchise tax. The tax rate is $1.25 per $1,000.00, or portion thereof,	_________________________________	_________________________________
	of capital employed in Oklahoma. Use Line 6A if company employs capital in states
	other than Oklahoma. Use 6B if all company capital is in Oklahoma.

If your capital on Line 6(A) or 6(B) above is less than $8,000, enter $10 in the box for line 1 below. If your capital on Line 6(A) or 6(B) above is more than $16,000,000 enter $20,000 in the box for Line 1 below. If your capital is between $8,000 and $16,000,000 you cannot use this form. Please call (405) 521-3160 to order the correct form.

	Special Note: To insure that your report will be properly		1	2	3	4	5	6	7	8	9	0	X
	processed, please print all figures within boxes as shown.
											• Write only
• Do not fold, staple or paper clip		PLEASE DETACH HERE AND RETURN REPORT BELOW									• Write only			in white areas

FRX

0600103 I.

000

OKLAHOMA MINIMUM/MAXIMUM FRANCHISE TAX RETURN
A. Taxpayer FEIN	B. Reporting Period	C. Due Date
		G. TAXPAYER FEIN	H. TAX PERIOD
M M D D			Y Y
			-- DOLLARS --	CENTS

-OFFICE USE ONLY- F.C.

P.T. D. FOREIGN E. CHANGE

F. ESTIMATED

CORP.

RETURN

1. Tax

(Minimum $10 or Maximum $20,000)

Registered Agent Fee

(see instructions)

Interest

Name

Penalty

Reinstatement Fee

Address

(see instructions)

6. Total Due

City

State

ZIP

(Min. $10)

I declare that the information contained in this document and any attachments is true and correct to the best of my knowledge and belief.

Sign Here

Date

INSTRUCTIONS FOR COMPLETING THE MINIMUM/MAXIMUM FRANCHISE TAX RETURN

GENERAL INSTRUCTIONS

Please write only in the white areas. This return

SPECIFIC LINE INSTRUCTIONS • CONTINUED

WHEN TO FILE

must be legible and suitable for microfilming Please

Line 4 • Penalty

The tax is due on July 1 The report and tax will be

form your entries as shown in the character

It this return is postmarked after the due date, the

delinquent if not paid on or before August 31, and

formation guide with a #2 pencil or black ink pen.

tax is subject to a penalty of 10%. Multiply the

is delinquent on September 1 of each year, or if

amount on Line 1 by 0.10 to determine the

you elected to change your filing period to be the

SPECIFIC ITEM INSTRUCTIONS

penalty. Enter the amount of penalty due.

same as your corporate income tax, the report and

tax, will be delinquent if not paid by the fifteenth

• Item D

Line 5 • Reinstatement Fee

(15) day of the third month following the close of

Place an 'X' in the box if you are a foreign

the corporate income tax year. Penalty and

If the corporation has been suspended, it must be

corporation, not incorporated in Oklahoma.

interest is charged after the delinquency date. A

reinstated. Enter $15 00 on Line 5.

corporation may be suspended if the tax is not

• Item E

paid and/or officer information is not provided. A

Place an `X" in the box if any preprinted information is

Line 6 • Total Due

reinstatement fee of $15.00 is required to return

incorrect. Make corrections in the space provided

Add the amounts of lines 1 through 5 and enter

the corporation to good standing after it has been

below.

the total on line 6.

suspended.

• Item F

Schedule A • Officer Information

Place an X` in the box if you have not completed a

If you file an extension to file your corporate

year end balance sheet You must file an estimated

Enter the reporting period indicated in Item B.

income tax return, a copy of your request for

return.

If any preprinted officer information (Schedule A)

an extension must accompany your estimated

is incorrect, please make the necessary changes

• Item G

franchise tax return.

on Schedule A and mail with your tax return and

If your FEIN is not preprinted, please enter your

FEIN.

payment. Be sure to update the corporate

PAYMENT INFORMATION

• Item H

officers' name, address and social security

number. Failure to provide this information could

To assist us in processing your return accurately

Enter the tax year for which you are filing a return.

result in the corporation being suspended.

and assure proper credit to your account, please

send a separate check with each report submitted.

SPECIFIC LINE INSTRUCTIONS

WHO MUST FILE

Please put your FEIN on your check.

Line 1 • Tax

Every corporation doing business in the state of

WHO TO CONTACT FOR ASSISTANCE

Enter the amount computed from your

Oklahoma must file an annual franchise tax return

worksheet. The amount must be either the

and pay the franchise tax by July 1 of each year.

For franchise tax assistance, call the Oklahoma

minimum $10.00 or maximum $20,000.00 tax.

The report and tax will be delinquent if not paid

Tax Commission at (405) 521-3160.

on or before August 31, or if you elected to

Line 2 • Registered Agent Fee

change your filing period to be the same as your

Mandatory inclusion of Social Security and/or

If you are incorporated in a state other than

corporate income tax, the report and tax will be

Federal Employer's Identification numbers is

Oklahoma, the Secretary of State of Oklahoma

delinquent if not paid by the fifteenth (15) day of

required on forms filed with the Oklahoma Tax

charges an annual registered agent fee of $100.00.

the third month following the close of the

Commission pursuant to Title 68 of the Oklahoma

If this applies to your corporation, enter $100.00 on

corporate income tax year. The report and tax are

Statutes and regulations thereunder, for

line 2.

due annually until the corporation ceases under

identification purposes, and are deemed to be part

the provisions of the Oklahoma General

Line 3 • Interest

of the confidential files and records of the

Corporation Act. If you wish to make an election

Oklahoma Tax Commission.

If this return is postmarked after the due date, the

to change your filing frequency for your next

tax is subject to 1.25% interest per month from the

reporting period, please complete OTC Form

MAILING INSTRUCTIONS

due date until it is paid. Multiply the amount on Line

200F: Request to Change Franchise Tax Filing

I by .0125 for each month the report is late. Enter

Period. You may file this return if your tax

the amount of interest due.

Please mail your completed return, officer

liability is the minimum of $10.00 or the

information and payment to

maximum of $20,000.00. If you do not quality to

file this form call the OTC at (405) 521-3160 for

Oklahoma Tax Commission

the correct form.

Franchise Tax

The Oklahoma Tax Commission is not required to give actual notice of changes in any state tax law.

P.O. Box 26930

Oklahoma City, OK 73126-0930

CHANGES IN PRE-PRINTED INFORMATION:

If you checked Box E.,indicate the changes only below.

Name _______________________________________________________

Address _____________________________________________________

City ________________________________________________________

State ________________________________________________________

ZIP Code ____________________________________________________

FRX

0600102 000

Name

Address

City

State

ZIP

FEDERAL EMPLOYER’S

IDENTIFICATION NUMBER

SCHEDULE A

CORPORATE OFFICERS FOR THE REPORTING PERIOD OF ______________ ARE AS FOLLOWS:

	(Date)

President	Social Security Number

Home Address (street and number, city, state, ZIP code)	Home Phone (area code and number)

Vice President	Social Security Number

Home Address (street and number, city, state, ZIP code)	Home Phone (area code and number)

Secretary	Social Security Number

Home Address (street and number, city, state, ZIP code)	Home Phone (area code and number)

Treasurer	Social Security Number

Home Address (street and number, city, state, ZIP code)	Home Phone (area code and number)

Note: If additional space is needed, please attach a schedule in the same format.

Mandatory inclusion of social security and/or federal identification numbers are required on forms filed with the Oklahoma Tax Commission pursuant to Title 68 of the Oklahoma Statutes and rules thereunder, for identification purposes, and are deemed part of the confidential files and records of the Oklahoma Tax Commission.

Documents used along the form

When filing the Oklahoma Minimum Franchise Tax form, several other documents may be required to ensure compliance and accuracy. These documents help provide additional information about your business and its financial standing. Below is a list of commonly used forms and documents associated with the franchise tax filing process in Oklahoma.

Schedule A - Corporate Officers: This document lists the names and addresses of the corporation's officers. It's essential for maintaining accurate records with the Oklahoma Tax Commission.
Form 200F - Request to Change Franchise Tax Filing Period: If a corporation wishes to change its filing frequency, this form must be completed and submitted. It helps ensure that the corporation's tax obligations align with its accounting practices.
Estimated Corporate Income Tax Return: If a corporation files for an extension on its corporate income tax, it must include this return. It provides a preliminary estimate of the corporation's tax liability.
Registered Agent Documentation: Corporations must designate a registered agent in Oklahoma. This document confirms the agent's name and address, which is necessary for legal correspondence.
ATV Bill of Sale Form - When engaging in transactions involving all-terrain vehicles, utilize the detailed ATV Bill of Sale document template to ensure a secure and compliant exchange.
Payment Voucher: This is a separate document that accompanies the tax payment. It ensures that the payment is credited to the correct account and reporting period.
Delinquency Notice: If the franchise tax is not paid by the due date, a delinquency notice may be issued. This document outlines any penalties or interest that may apply.

These documents work together to create a complete picture of a corporation's tax obligations in Oklahoma. Ensuring that all forms are accurately filled out and submitted on time can help avoid penalties and maintain good standing with the state.

Key takeaways

Here are key takeaways for filling out and using the Oklahoma Minimum Franchise Tax form:

Eligibility: You can use this form if your tax liability is either the minimum of $10 or the maximum of $20,000. If you don't qualify, contact the Oklahoma Tax Commission (OTC) for the correct form.
Incorrect Information: If the preprinted name or address is wrong, check Item E and make corrections on the back of the return.
Completion Instructions: Follow the instructions on the back of the form to complete lines 1 through 6 on the detachable report.
Timely Submission: Send the detachable return and schedule of officers along with your payment before the due date to avoid penalties and interest.
Tax Calculation: Use the worksheet provided to determine your tax based on your company’s balance sheet at the end of the most recent income tax year.
Capital Employed: Calculate the capital employed in Oklahoma by subtracting total current liabilities from total assets, then apply the appropriate percentage based on your business operations.
Payment Method: Send a separate check for the tax amount with your return. Ensure your FEIN is on the check for proper credit.
Filing Deadline: The tax is due on July 1. If not paid by August 31, it becomes delinquent and incurs penalties.
Contact Information: For assistance, call the OTC at (405) 521-3160. They can help with questions about the form and filing process.

▼ Oklahoma Minimum Franchise Tax