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TAX REQUIREMENTS
FEDERAL FRANCHISE TAX:
If incorporated, this will have to be filed annually with the Oklahoma Tax Commission. Due July 1st (form OTC 200-R-84).
Obtain Circular E from the I.R.S. (Publication 15). It is an employer’s tax guide, which includes due date for deposits of taxes withheld and withholding tables to calculate them. READ IT CAREFULLY. These publications may be ordered by calling the I.R.S. at 1-800-829-3676.
STATE
An account for employee withholding will be established based on information provided in the initial franchise tax application with the Oklahoma Tax Commission referenced above. Apply to the Oklahoma Tax Commission, Business Tax Division for FORM OW-6-R.
Oklahoma Tax Commission
M. C. Connors Building
2501 North Lincoln Boulevard
Oklahoma City, OK 73194
(405) 521-3279
YEAR-END REPORTS
W-2's must be issued to employees by January 31st each year. The IRS often conducts workshops covering many important business tax planning and compliance procedures. It is particularly recommended for new business owners. Contact the IRS, 55 N. Robinson, Oklahoma City, 73102 or call 1-800-829-1040 for further information. Various 1099 forms may be required for many other payments. Contact the IRS 1-800-829-1040 and the Tax Commission, 405-521-3245. The information is not all-inclusive. Please consult your attorney and/or C.P.A. for your particular situation.