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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).
FEDERAL PAYROLL TAXES:
Obtain Circular E from IRS (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 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.
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