Alert: Oklahoma Franchise Tax Suspension Ends

Gerald Capps, JD

ALERT: Oklahoma tax amnesty

By Jerry Capps
AGH Specialized Tax Solutions
June 8, 2017

Taxpayers with specific types of unreported Oklahoma tax liabilities have an opportunity to pay up without the typical penalties and interest levied on late payments – but the window is very short.

On May 24, 2017, Governor Mary Fallin signed House Bill 2380, a measure designed to encourage tax compliance by providing amnesty to certain Oklahoma taxpayers.

Tax amnesty timing: September 14, 2017, to November 30, 2017

Periods covered: Taxes due and payable ending before January 1, 2016

Benefits: Waiver of all penalties and interest

Operation of Program: The following are eligible taxes under the program:

Corporate and personal income tax
Sales and use tax
Withholding tax
Privilege tax for banking associations and credit unions

All taxpayers may participate in this program, provided that the taxpayer doesn't have any other outstanding tax liabilities, hasn't been contacted by the state or a third party acting on behalf of the state about the taxpayer's potential or actual tax obligations, hasn't collected taxes from others and failed to report and/or remit those taxes to the state (a modified voluntary disclosure agreement may be available for these taxpayers), and hasn't, within the past three years, entered into a similar voluntary disclosure agreement.

For more information about how the amnesty, please contact your AGH tax professional, or AGH senior vice president of state and local tax Jerry Capps at (316) 291-4130 or jerry.capps@aghlc.com.

Any discussion of tax matters contained herein is not intended or written to be tax advice, and cannot be relied upon as such, nor can it be used for the purpose of: (i) avoiding tax penalties that may be imposed by the IRS or states, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. If you seek definitive tax advice on a matter, please request a written tax memorandum from your AGH tax advisor.