10 August 2017 Oklahoma to allow filing of a combined franchise and corporate income tax return, once appropriate elections are made A corporation filing a combined Oklahoma franchise and corporate income tax Form 512 or 512-S for 2016 will satisfy the franchise tax filing requirement for 2017 (this is NOT a unitary return). To make this election, a corporation must use Form 200-F, Oklahoma Tax Commission Franchise Election Form (Form 200-F), to notify the Oklahoma Tax Commission (OTC) of its election to file its annual franchise tax along with its corporate income tax return. Once an election is made, it is binding until a corporation submits a request to the OTC to reverse the election. Further, the OTC indicated in FAQs posted on its website that taxpayers who did not file Form 200-F by the due date for 2016 can still submit Form 200-F and file a combined franchise and corporate income tax return. If a corporation filing a combined franchise and income tax return files an extension to file its income tax return, an extension also is granted for filing the franchise tax return. Further, similar to the income tax, the filing extension does not extend the due date for payment of the franchise tax. The franchise tax payment is due at the same time as the corporate income tax. Corporations not making the combined franchise and income tax election must file a stand-alone Oklahoma franchise tax return by July 1st of the calendar year. The return will not be considered late until after September15th of the calendar year. A corporation also may use Form 200-F to notify the OTC of its election to continue filing a franchise tax return separate from its corporation income tax return while using for franchise tax purposes the same period and due date as its corporate income tax return. Lastly, the OTC has not provided instructions for corporations that are part of a federal consolidated group. If an electing corporation's combined franchise and corporate income tax return is delinquent, the corporation may be suspended by the Secretary of State as the corporation will not be permitted to file a separate franchise tax return.
Document ID: 2017-1304 | |||||
