Oklahoma Administrative Code › Title 710 - Oklahoma Tax Commission › Chapter 40 - Franchise Tax › Section 710:40-1-6 - Accounting and reporting; suspension and reinstatement

Current through Vol. 41, No. 20, July 1, 2024
(a)
Filing.
On or before July 1,
			 2014, each corporation, regardless of its prior filing status, must file either
			 a franchise tax return or an election to use the corporation's income tax
			 return due date as the due date for payment and filing of the corporation's
			 franchise tax return.
(b)
Franchise tax returns due July 1, 2014.
A corporation filing its
			 franchise tax return on July 1, 2014 shall use the corporation's 2013 income
			 tax year balance sheet in preparing the return, regardless of whether the
			 corporation is a calendar year filer or has an income tax year end other than
			 December 31.
(c)
Franchise
			 tax returns due on income tax year end.
A corporation who elects on July
			 1, 2014 to use its income tax return due date for payment and filing of the
			 corporation's franchise tax return shall use the corporation's 2013 income tax
			 year balance sheet in preparing the return. The franchise tax return is due the
			 fifteenth (15th) day of the third month following the close of the
			 corporation's 2013 tax year; however, if the due date for the filing of the
			 corporation's 2013 income tax return is prior to July 1, 2014, the due date for
			 the filing of its franchise tax return shall be July 1, 2014.
(d)
Franchise tax returns due in
			 subsequent years.
Franchise tax returns due July 1, 2015 or, pursuant to
			 an election to use the corporation's income tax year end in 2015 shall use the
			 corporation's 2014 income tax year balance sheet in preparing the corporation's
			 franchise tax return.
(e)
Good standing certificates.
A corporation shall be issued a good
			 standing certificate (required for filings with the Secretary of State) during
			 the period following the date on which the corporation's franchise tax return
			 is due until the date the corporation's franchise tax return is delinquent.
(f)
Delinquency date.
The date on which the annual franchise tax return and payment is considered to
			 be delinquent is:
(1) For franchise tax
			 returns due July 1, the return is delinquent if not filed and paid on or before
			 the next September 15.
(2) Except
			 as provided in (c) of this Section, corporations who have elected to file
			 franchise tax returns and pay franchise tax on their corporate income tax due
			 date, the return is delinquent if not filed and paid no later than thirty (30)
			 days after the due date established under the Internal Revenue Code. However,
			 if the corporate income tax return due date has been extended, the franchise
			 tax due date shall also be extended. This extension of the due date for filing
			 the return will not serve to extend the date on which the payment of the tax is
			 due.
(3) For those taxpayers that
			 remitted the maximum amount of tax pursuant to Section 1205 for the preceding
			 tax year, the tax levied by 68 O.S. Section
			 1201
			 et seq. shall become due and payable on May 1 of each year, and the return is
			 delinquent if not filed and paid on or before the ensuing June 1.