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The Oklahoma Tax Return 200 form serves as the Annual Franchise Tax Return for corporations operating within the state. It requires taxpayers to provide essential information such as their Federal Employer Identification Number (FEIN), the reporting period, and the state of incorporation. The form is structured to capture various financial metrics, including total net assets in Oklahoma, current liabilities, and the capital employed within the state. Taxpayers must also report their gross business done both in Oklahoma and overall, which contributes to the calculation of the franchise tax owed. The tax is computed at a rate of $1.25 per $1,000 of capital, with a maximum cap of $20,000. Other components of the form include schedules for current officer information, related companies, and detailed balance sheet data. The form also outlines the due date for filing, which is July 1st each year, and establishes penalties for late submissions. Understanding the requirements and structure of Form 200 is crucial for compliance and accurate tax reporting in Oklahoma.
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Important Questions on Oklahoma Tax Return 200
What is the Oklahoma Tax Return 200 form?
The Oklahoma Tax Return 200 form is an annual franchise tax return that corporations operating in Oklahoma must file. This form applies to all corporations organized under Oklahoma law or doing business in the state, including foreign corporations. The form collects information about the corporation's assets, liabilities, and business activities within Oklahoma. It is essential for determining the franchise tax owed, which is based on the capital employed in the state.
Who is required to file the Oklahoma Tax Return 200 form?
All corporations, including non-profits and foreign entities doing business in Oklahoma, must file the Oklahoma Tax Return 200 form unless specifically exempted by law. This includes joint stock companies, associations, and business trusts. If a corporation's tax liability is $10 or less, it still needs to file the return, although no tax payment is required. However, foreign corporations must also pay a registered agent fee of $100.
When is the Oklahoma Tax Return 200 form due?
The form is due on July 1st each year. If the corporation has chosen to align its filing date with its corporate income tax, the due date shifts to the fifteenth day of the third month following the close of the corporate income tax year. Failure to file or pay by the due date incurs a penalty of 10% and interest of 1.25% per month on the unpaid amount. If the charter is suspended, a reinstatement fee of $15 is required.
How is the franchise tax calculated on the Oklahoma Tax Return 200 form?
The franchise tax is computed based on the balance sheet of the corporation at the end of the last income tax year. The tax rate is $1.25 for every $1,000 of capital allocated or employed in Oklahoma. If a corporation operates both within and outside of Oklahoma, the tax is calculated on the proportion of assets and business conducted in Oklahoma compared to total assets and business done everywhere. If the calculated tax exceeds $20,000, the maximum tax amount of $20,000 applies.
What happens if I need to make changes to the Oklahoma Tax Return 200 form?
If any information on the form is incorrect, such as the names or addresses of corporate officers, you should make the necessary changes directly on the Schedule A of the form. It is crucial to keep the information accurate, as this can affect the processing of your return and any potential tax liabilities. Additionally, if you need to request an extension for filing, you must include a copy of your extension request with the return.
How to Write Oklahoma Tax Return 200
Filling out the Oklahoma Tax Return 200 form is an important task for corporations operating in the state. Make sure to have all necessary information at hand, such as financial statements and details about your business structure. Follow these steps to complete the form accurately.
- Enter your Federal Employer Identification Number (FEIN) in the designated box at the top of the form.
- Fill in the reporting period using the format MM/DD/YYYY - MM/DD/YYYY.
- Provide the due date for the tax return.
- Indicate the state of incorporation.
- Complete your name, address, city, state, and ZIP code in the taxpayer section.
- For line 1, report the total net assets in Oklahoma as per your balance sheet.
- For line 2, report the total net assets from your balance sheet. If all assets are in Oklahoma, enter “0”.
- For line 3, enter the total current liabilities from your balance sheet.
- If line 2 is zero, complete line 4; otherwise, continue to lines 5-11.
- For line 4, calculate the capital employed in Oklahoma (line 1 minus line 3) and round to the next highest $1,000.
- For line 5, report the total gross business done by the corporation in Oklahoma.
- For line 6, add lines 1 and 5 to get the total value of assets and business done in Oklahoma.
- For line 7, enter the total gross business done by the corporation everywhere.
- For line 8, add lines 2 and 7 for the total value of assets and business done everywhere.
- For line 9, calculate the percentage of Oklahoma assets and check the appropriate box for the option you choose.
- For line 10, subtract line 3 from line 2 to find the value of capital subject to apportionment.
- For line 11, multiply line 10 by line 9 to determine the capital apportioned to Oklahoma, rounding to the next highest $1,000.
- Compute the tax at $1.25 per $1,000 of capital from either line 4 or line 11. If the tax exceeds $20,000, enter $20,000 on line 12. If it is $10 or less, you are exempt and should file on Form 215.
- Complete lines 13-16 for any additional fees, interest, or penalties applicable.
- Calculate the total due by adding all relevant amounts together and write it on the designated line.
- Sign and date the form to declare that the information is true and correct.
Once you have completed the form, make sure to double-check all entries for accuracy. After that, submit the form by the due date to avoid any penalties. Keep a copy for your records.
Similar forms
The Oklahoma Annual Franchise Tax Return Form 200 shares similarities with the IRS Form 1120, which is the U.S. Corporation Income Tax Return. Both forms require corporations to report their financial information, including income, expenses, and assets. While Form 200 focuses on franchise tax calculations specific to Oklahoma, Form 1120 is used for federal income tax purposes. Both documents necessitate accurate reporting of total gross business done and may include penalties for late filing. In essence, they serve as critical tools for tax compliance at different governmental levels.
In the realm of corporate responsibilities, understanding the nuances of various forms is crucial for compliance. For instance, much like the Oklahoma Employer’s Quarterly Report and the Business Personal Property Tax Return, clarity regarding employment-related documentation is important. Employers can refer to resources such as https://fastpdftemplates.com/ to simplify the employment verification process, ensuring that they meet all legal obligations effectively.
Another document comparable to Form 200 is the Oklahoma Corporate Income Tax Return, known as Form 511. This form is specifically designed for corporations operating in Oklahoma to report their income tax obligations. Like the Franchise Tax Return, Form 511 requires detailed financial data, including gross receipts and deductions. Both forms emphasize the importance of accurate balance sheets and income statements, ensuring that corporations fulfill their tax responsibilities within the state.
The IRS Form 990 is another relevant document, particularly for non-profit organizations. While Form 200 applies to for-profit corporations, Form 990 serves as an annual reporting return for tax-exempt organizations. Both forms require detailed financial disclosures, including income, expenses, and assets, but they differ in their tax implications. Form 990 focuses on maintaining tax-exempt status, while Form 200 calculates the franchise tax owed to the state of Oklahoma.
Form 1065, the U.S. Return of Partnership Income, also shares characteristics with the Oklahoma Franchise Tax Return. This form is used by partnerships to report their income, deductions, and credits. Both documents require a breakdown of financial data, including total gross business done. However, while Form 200 is focused on franchise tax, Form 1065 is concerned with the income tax obligations of partnerships, showcasing the different tax structures that exist for various business entities.
Lastly, the Oklahoma Sales Tax Return, often referred to as Form STS, has similarities with Form 200 in that both are essential for tax compliance in Oklahoma. The Sales Tax Return is used by businesses to report and remit sales tax collected from customers. Both forms require accurate financial reporting and adherence to deadlines. However, the key difference lies in the nature of the taxes being reported; Form 200 pertains to franchise taxes based on capital, while Form STS focuses on sales tax obligations based on revenue generated from sales transactions.
Example - Oklahoma Tax Return 200 Form
FRX |
0600202 |
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Form 200 Revised |
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OKLAHOMA ANNUAL FRANCHISE TAX RETURN |
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A. TAXPAYER FEIN |
B. REPORTING PERIOD |
C. DUE DATE |
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MM/DD/YYYY - MM/DD/YYYY |
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STATE OF INCORP
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D. OKLA E.OTHER F.CHANGE G.ESTIMATED |
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RETURN |
Character Formation Guide
1 2 3 4 5 6 7 8 9 0 X
Y Y
H. TAXPAYER FEIN |
I. TAX YEAR |
_____________________________________________
Name
_____________________________________________
Address
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J. BALANCE SHEET DATE |
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1.Total Net Assets in Oklahoma
(Balance Sheet: Line 15, Column B) ...........................................................
2.Total Net Assets(Balance Sheet: Line 15 Column A)
If all assets are in Oklahoma, enter “0” .......................................................
3.Total Current Liabilities (Balance Sheet: Line 23)
If line 2 is zero, complete line 4. If line 2 is not zero, complete lines
4.Capital Employed in Oklahoma (line 1 minus line 3)
Round to next highest $1000., If line 4 is completed, skip to line 12 .....................
5.Total Gross Business Done by Corporation in Oklahoma
(Balance Sheet: Line 34) ............................................................................
6.Total Value of Assets and Business Done in Oklahoma
(Total of lines 1 and 5) ................................................................................
7.Total Gross Business Done by Corporation
(Balance Sheet: Line 33) ............................................................................
8.Total Value of Assets and Business Done
(Total of lines 2 and 7) ................................................................................
9.Percentage of Oklahoma Assets (See instructions)
Check appropriate Box: |
Option1 |
Option 2 |
10.Value of Capital Subject to Apportionment
(Line 2 minus line 3) ...................................................................................
11.Capital Apportioned to Oklahoma
(Line 10 multiplied by line 9) Round to the next highest $1000 ..................
0 0
0 0
0 0
0 0 0 0 0
0 0
0 0
0 0
0 0
•
0 0
0 0 0 0 0
Compute tax at $1.25 per $1,000.00 of capital. (Either line 4 or line 11) If tax is more than $20,000 enter $20,000 on line 12. See instructions. If tax is $10.00 or less, you are exempt from the tax. File on Form 215.
K. IF YOU CHECKED BLOCK F. PLEASE MAKE CHANGES BELOW.
_____________________________________________
Name
_____________________________________________
Address
_____________________________________________
City |
State |
ZIP |
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 |
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12.Tax
13.Registered Agents Fee
($100.00 - See instructions)
14.Interest
15.Penalty
16.Reinstatement Fee
($15.00 - See instructions)
17.Total Due
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FRX
0600102 000
Name
Address
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FEDERAL EMPLOYER’S
IDENTIFICATION NUMBER
SCHEDULE A: CURRENT OFFICER INFORMATION
CORPORATE OFFICERS EFFECTIVE AS OF
(Date)
Examples: Reporting period 07/01/2006 –
Reporting period 01/01/2006 –
Schedule A: Current Officer Information
Enter the current officers effective date. Example: if the reporting period is 07/01/2006 through 06/30/2007, the effective date should be 06/30/2006. The officers listed should be those whose term was in effect as of 06/30/2006. If any of the officer information is incorrect, please make the necessary changes on the Schedule A. Be sure to update names, addresses, and Social Security Numbers.
President |
Social Security Number |
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Home Address (street and number, city, state, ZIP code) |
Home Phone (area code and number) |
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Vice President |
Social Security Number |
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Home Address (street and number, city, state, ZIP code) |
Home Phone (area code and number) |
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Secretary |
Social Security Number |
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Home Address (street and number, city, state, ZIP code) |
Home Phone (area code and number) |
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Treasurer |
Social Security Number |
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Home Address (street and number, city, state, ZIP code) |
Home Phone (area code and number) |
Please include Social Security Numbers of officers.
If
All returns, applications, and forms required to be filed with the Oklahoma Tax Commission (Commission) in the administra- tion of this State’s tax laws shall bear the Federal Employer’s Identification Number(s) or the Social Security Account Number (or both) of the person, firm, or corporation filing the item and of all persons required by law or agency rule to be named or listed. If more than one number has been issued to the person, firm, or corporation, then all numbers will be required. [Source: Amended at 16 Ok Reg 2628, eff
All Federal Employer’s Identification and/or Social Security Account Numbers are deemed to be included in the confidential records of the Commission.
Please Enter Your Federal Employer’s Identification
Number
Here...
FORM # 203 SCH |
SCHEDULES B, C, D AND BALANCE SHEET |
REVISED |
(TO BE FILED WITH FORM 200: OKLAHOMA ANNUAL FRANCHISE RETURN)
This form contains Schedules B, C, and D and also a Balance Sheet for the completion of Form 200: Oklahoma Annual Franchise Tax Return. You may attach additional pages if further space is needed on Schedules C and D.
SCHEDULE B
GENERAL INFORMATION (TO BE COMPLETED IN DETAIL)
If the business is not a “corporation,” please list the type of business structure, the date of formation, and county in which filed.
Name and address of Oklahoma “registered agent”
Name of parent company and their FEI number, if applicable: |
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FEI: |
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Percent of your outstanding stock owned by the parent company, if applicable: |
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In detail, please list the nature of your business: |
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Amount of authorized capital stock or shares: |
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(a) Common: |
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shares, par/book value of each share |
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(b) First Preferred: |
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shares, par/book value of each share |
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Total capital stock or shares issued and outstanding at the end of fiscal year: ________________________ |
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(a) Common: |
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shares, par/book value of each share |
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(b) First Preferred: |
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shares, par/book value of each share |
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SCHEDULE C |
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RELATED COMPANIES: SUBSIDIARIES AND AFFILIATES
•SUBSIDIARIES (Companies in which you own 15 percent or more of the outstanding stock)
Name of Subsidiary |
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Federal Employer’s ID Number Percentage Owned (%) |
Financial Investment ($) |
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•AFFILIATES (Companies related other than by direct stock ownership)
Name of Affiliate |
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Federal Employer’s ID Number How related? |
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SCHEDULE D
DETAILS OF CURRENT DEBT SHOWN ON BALANCE SHEET
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Original Amount |
Original Date of Issuance |
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Maturity Date |
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of Instrument |
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Balance remaining of amounts payable within 3 years of Date of Issuance
Please Enter Your Federal Employer’s Identification
Number
Here...
BALANCE SHEET AS OF THE LAST
ASSETS
INCOME TAX YEAR
COLUMN A
Total Everywhere as per
Books of Account.
If all Property is in
Oklahoma,
Do Not Use this Column.
ENDED
COLUMN B
Total in Oklahoma
as per Books
of Account.
LIABILITIES AND
STOCKHOLDERS’
EQUITY
COLUMN C
Total Everywhere as per
Books of Account.
1.Cash .......................................
2.Notes and accounts receiveable
3.Inventories .............................
4.Government obligations and other bonds ...........................
5.Other current assets
(please attach schedule) ........
6.Total Current Assests
(add lines
7.Mortgage and real estate loans
8.Other investments
(please attach schedule) ........
9.(a) Building .............................
(b)Less accumulated depreciation .......................
10.(a) Fixed depreciable assets .
(b)Less accumulated depreciation ......................
11.(a) Depletable assets ............
(b)Less accumulated depletion ...........................
12.Land .....................................
13.(a) Intangible assets .............
(b)Less accumulated amortization .....................
14.Other assets .........................
15.Net Assets ...........................
(Lines:
16.
(a)From parent company ....
(b)From subsidiary company
(c)From affiliated company .
17.Bank holding company stock in subsidiary bank .......
18.TOTAL ASSETS ..................
(Lines:
19.Accounts payable ....................
20.Accrued payables ....................
21.Indebtedness payable three years or less after issuance
(see schedule D) .....................
22.Other current liabilities ............
23.Total Current Liabilities ........
(Lines:
24.
(a)To parent company ............
(b)To subsidiary company ......
(c)To affiliated company .........
25.Indebtedness maturing and payable in more than three years from the date of issuance
26.Loans from stockholders not payable within three years ......
27.Other liabilities ........................
28.Capital Stock
(a)Preferred stock ...................
(b)Common Stock ...................
29.
30.Retained earnings ...................
31.Other capital accounts ............
32.Total Liabilities and
Stockholders’ Equity ............
(Lines:
33.Total gross business done everywhere
(sales and service) ................
(from income tax return)
34.Total gross business done in Oklahoma
(sales and service) ................
(from income tax return)
Form
Revised
OKLAHOMA ANNUAL FRANCHISE TAX RETURN INSTRUCTION SHEET
• REQUIREMENT FOR FILING RETURN
Every corporation organized under the laws of this state, or qualified to do or doing business in Oklahoma in a corporate or organized capacity by virtue of creation of organization under the laws of this state or any other state, territory, district, or a foreign country, including associations, joint stock companies and business trusts as defined by Oklahoma statutes unless exempt by statutes must file an Annual Franchise Tax Return Form 200.
The term “doing business” means and includes every act, power, or privilege exercised or enjoyed in this state as an incident to do or by virtue of powers and privileges acquired by the nature of all organizations falling within the purview of the Franchise Tax Code.
All Foreign
The Maximum annual franchise tax is $20,000.00. Corporations that owe the maximum tax may file on Form 215. If the tax computed is $10.00 or less, no tax payment is due. However, a Franchise Tax Return must be filed. When submitting the Franchise Tax Return, foreign corporations with a tax liability of $10.00 or less must also pay the registered agent fee.
Applications for refunds must include copies of your related Oklahoma Income Tax Returns. The use of the correct corporate name and Federal Employer Identification Number on your return and all correspondence will facilitate processing and handling.
• TIME FOR FILING AND PAYMENT INFORMATION
Oklahoma Franchise Tax is due and payable July 1st of each year. The report and tax will be delinquent if not paid on or before August 31. If you elected to change your filing date to be the same as the date of filing your corporate income tax, the report and tax will be delinquent if not paid by the fifteenth (15) day of the third month following the close of the corporate income tax year. A ten percent (10%) penalty and one and
If the Charter or other instrument is suspended, a fee of $15.00 is required for reinstatement. (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. However, the extension does not have the effect of waiving penalty or interest on remittances made after the due date.
If you wish to make an election to change your filing frequency for your next reporting period, please complete OTC Form 200F: Request to Change Franchise Tax Filing Period. You can download this form from the Oklahoma Tax Commission website @ www.tax.ok.gov.
• FRANCHISE TAX COMPUTATION
The basis for computing your Oklahoma Franchise Tax is the balance sheet as shown by your books of account at the close of your last preceding income tax accounting year, or if you have elected to change your filing to match the due date of your corporate income tax, the balance sheet for that corporate tax year.
The franchise tax for corporations doing business both within and outside of Oklahoma, is computed on the proportion to which property owned, or property owned and business done, within Oklahoma, bears to total property owned, or total property owned and total business done everywhere.
“Property owned” is the book value of the assets. For the purpose of determining apportionment as between Oklahoma and elsewhere, liabilities are not to be deducted from gross assets.
The term “business done” means and includes the engaging in any activity or the performing of any act or acts in this state that constitutes the doing or transacting of business. Business done in Oklahoma includes sales shipped from Oklahoma to another state in which the corporation is not doing business.
The Oklahoma franchise (excise) tax is levied and assessed at the rate of $1.25 per $1000 or fraction thereof on the amount of capital allocated or employed in Oklahoma.
FIRST STEP...
COMPLETE BALANCE SHEET AND SCHEDULES B, C & D
(Must be returned with annual return)
Line 1 through 3, cash, notes, accounts receivable, and inventories are to be reported at book value.
Line 4 United States, municipal, commercial and other bonds owned by the corporation.
Line 5 Prepaid expenses and deferred charges are to be included as assets at book value.
Line 8 Stock or other evidence of ownership in subsidiary organiza- tions as shown on the corporations books of account.
Lines 9b, 10b, 11b. If accumulated depreciation and depletion appear to be excessive, the excess may be disallowed.
Line 13 Patents, trademarks, copyrights, etc., and franchises are to be included as assets to the extent of their cost. In the case of a definite term franchise, the cost thereof may be amortized over its life. Good will is an asset and should be shown at book value. All intangibles including cash, are to be appor- tioned wholly to Oklahoma unless a commercial or business location for the intangibles has been established elsewhere.
Line 14 Life insurance, where the reporting taxpayer is beneficiary, is to be shown at cash surrender value.
Line 15 Total net amount of lines 6 through 14. Line 18 Total lines 15,16, and 17.
Line 20 Reserves for taxes are allowed to the extent such taxes are unpaid. Deferred credits are included in capital employed unless they can be shown to be actual liabilities.
Line 21 Current liability includes indebtedness payable in three (3) years or less after issuance.
Line 26 Stockholder loans must be repaid within three years of creation to be considered a current liability. Contingent assets or liabilities should not be included unless fully explained and the condition under which they become actual is clearly set forth.
Line 32 Total lines 23 through 31. The amounts as shown by the books of account shall be the measure of value of the assets and liabilities, except when the items on the books of account are in error or lack sufficient detail to truly reflect the amount of capital invested and employed in the business.
SECOND STEP...
COMPLETE THE OKLAHOMA ANNUAL FRANCHISE TAX RETURN
Item D Place an “X” in the box if you are incorporated in the State of Oklahoma.
Item E Place an “X” in the box if you are incorporated in a state other than Oklahoma.
Item F Place an “X” in the box if any of the preprinted information in Items A or B or the name or address is incorrect. Please make corrections in the space provided in Item H, J or K.
If Incorrect |
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1. Taxpayer FEIN |
Write the correct federal employers |
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identification number within the |
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boxes in Block H. |
2. Reporting Period |
Place the last two digits of the year |
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end which this return covers in the |
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boxes in Block I. |
3. Corporate Name or Address |
Fill in only the corrected information |
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in the space provided at the bottom |
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of the form (Item K). |
Item G |
Place an “X” in the box if you have not completed a year end |
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balance sheet and are therefore filing an estimated return. |
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You must file an estimated return and remit tax due. |
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Item H |
If your FEIN is not preprinted in Item A or is incorrect, please |
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enter your FEIN. |
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Item I |
If your reporting period is not printed in Item B or is incorrect, |
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enter the tax year for which you are filing a return. |
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Item J |
Enter your balance sheet date of your most recent income tax |
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accounting year. (month/date/year) |
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(Continued from lower left column)
Lines 1 through 11 (except 9) are derived from your balance sheet. Please put the date of the balance sheet in the date boxes provided (Item J).
Line 9 (Percent of Oklahoma Assets)
Select which option you will use to determine the apportion- ment of Oklahoma assets.
Option 1: Percent of Oklahoma assets and business done to total assets and business done. (line 6 divided by line 8). Round to four decimal points.
Option 2: Percent of Oklahoma assets to total net assets (line 1 divided by line 2). Round to four decimal points.
Line 12 (Tax)
Compute tax at $1.25 per $1,000.00 of capital. (Either line 4 or line 11) If tax is more than $20,000 enter $20,000 on line
12.If tax is $10.00 or less, you are exempt from the tax. File on Form 215.
Line 13 (Registered Agent Fee)
If your coproration originated in a state other than Oklahoma, the Oklahoma Secretary of State charges an annual regis- tered agent fee of $100.00 and is collected on the FRX return.
Line 14 (Interest)
If this return is postmarked after the due date the tax is subject to 1.25% interest per month from the due date until it is paid. Multiply the amount in Line 12 by .0125 for each month the report is late.
Line 15 (Penalty)
If this return is postmarked after the due date the tax is subject to a penalty of 10%. Multiply the amount in Line 12 by
.10 to determine the penalty. Line 16 (Reinstatement Fee)
If your corporate charter has been suspended, you must meet all outstanding filing and payment obligations in order to be reinstated. A $15.00 reinstatement fee is also required. Only one reinstatement fee is required even if multiple past due returns are being filed.
Line 17 (Total Due)
Total of Lines 12 through 16,
THIRD STEP...
Schedule A Officer Information
Enter the effective date of officers. Please refer to the examples on Schedule A. If any preprinted officer information (Schedule A) is incorrect, please make the necessary changes on Schedule A and mail with your tax return and payment. Be sure to update the corporate officers name, address and social security number. Failure to provide this information could result in the corporation being suspended.
FOURTH STEP...
Mail this return in the enclosed envelope. Please include your return, payment made payable to Oklahoma Tax Commission, balance sheet, and schedules A, B, C, and D.
Please Mail To:
Oklahoma Tax Commission
Franchise Tax
Post Office Box 26930
Oklahoma City, OK
Phone Number for Assistance – (405)
Mandatory inclusion of Social Security and/or Federal Employer’s Identification numbers is required on forms filed with the Oklahoma Tax Commission pursuant to Title 68 of the Oklahoma Statutes and regulations thereunder, for identification purposes, and are deemed to be part of the confidential files and records of the Oklahoma Tax Commission.
The Oklahoma Tax Commission is not required to give actual notice to taxpayers of changes in state laws.
Documents used along the form
The Oklahoma Tax Return 200 form is a crucial document for corporations operating in the state. Along with this form, several other documents are often required to ensure compliance with state tax regulations. Below is a list of these forms and a brief description of each.
- Form 203: This form includes Schedules B, C, and D, as well as a Balance Sheet. It provides detailed financial information needed to complete the Oklahoma Annual Franchise Tax Return.
- Schedule A: This schedule captures current officer information for the corporation. It requires names, addresses, and Social Security Numbers of corporate officers as of a specific date.
- Form 215: This form is used for corporations that owe the maximum franchise tax of $20,000. It allows them to file without additional tax payment if their calculated tax is $10 or less.
- OTC Form 200F: This form is a request to change the franchise tax filing period. Corporations may use it to align their filing dates with their corporate income tax deadlines.
- Federal Employer Identification Number (FEIN): This number is essential for all tax-related documents. It identifies the corporation for federal tax purposes and must be included on all filings.
- Motor Vehicle Bill of Sale: For those involved in vehicle transactions, completing the arizonapdfforms.com/motor-vehicle-bill-of-sale/ form is essential to document the transfer of ownership and prevent future disputes.
- Balance Sheet: This financial statement summarizes the corporation's assets, liabilities, and equity at a specific point in time. It is crucial for calculating the franchise tax.
- Schedule B: This schedule provides general information about the corporation, including its business structure, authorized capital stock, and parent company details, if applicable.
- Schedule C: This section lists any subsidiaries and affiliates related to the corporation. It requires information on ownership percentages and financial investments.
- Schedule D: This schedule details the current debt shown on the balance sheet, including original amounts, issuance dates, and remaining balances.
Understanding these additional forms and documents can help ensure that corporations remain compliant with Oklahoma tax laws. Proper documentation is essential for accurate tax reporting and can prevent potential issues with the Oklahoma Tax Commission.
Key takeaways
Filling out and using the Oklahoma Tax Return 200 form requires careful attention to detail. Here are key takeaways to ensure compliance and accuracy:
- Understand the Requirements: Every corporation organized under Oklahoma laws or doing business in the state must file this return, unless exempt.
- Know the Due Date: The franchise tax is due on July 1st each year. Payments made after August 31st will incur penalties and interest.
- Use Accurate Information: Ensure that the corporate name and Federal Employer Identification Number (FEIN) are correct to facilitate processing.
- Compute Tax Correctly: The tax is calculated at $1.25 per $1,000 of capital employed in Oklahoma. Be mindful of how to apportion capital if your business operates in multiple states.
- File Even if Exempt: If the computed tax is $10 or less, you still need to file the return, but no payment is required.
- Registered Agent Fee: Foreign corporations must pay a $100 registered agent fee, which should be included on line 13 of the form.
- Keep Records: Maintain accurate financial records to support the figures reported on the balance sheet and other sections of the form.
- Changes and Updates: If there are changes in corporate officers or other significant information, update these on Schedule A.
- Extensions: If you request an extension for your corporate income tax return, include a copy of the extension request with your franchise tax return.
- Pay Attention to Penalties: A 10% penalty and 1.25% interest per month apply to late payments. Avoid these by filing on time.
These takeaways will help ensure that your Oklahoma Tax Return 200 form is completed accurately and submitted on time. Addressing these key points can prevent costly mistakes and ensure compliance with state regulations.