Forms 512-FT, 512-FT-SUP Corporation Income and Franchise ...

1 Includes form 512;. 2017 oklahoma Forms 512-TI, 512-TI-SUP;. Forms 512-FT, 512-FT-SUP . Corporation Income and Franchise Tax Forms and instructions . 2-D Fill-in Forms with Online Calculations . Download Forms 24/7.. View FAQs or Email the This packet contains: OTC a Question instructions for completing the . form 512 Latest Tax News 512 Corporation Income and Franchise tax form form 512-TI Computation of One Site with Many oklahoma Consolidated Taxable oklahoma Filing Options Income form 512-TI-SUP Supplemental Table of Contents schedule for form 512-TI. form 512-FT Computation of General Filing 2-5.

2 oklahoma Consolidated Annual Estimated Income Tax 3. Franchise Tax Amended 3. form 512-FT-SUP Supplemental Line by Line 5-14. General instructions for Determining schedule for form 512-FT. oklahoma Taxable 5-6. Filing date: Part 1 7-8. Your oklahoma return is due 30 Part 2 8-9. days after the due date of your Page 1 of form 512 9-11. Line by Line instructions : Franchise 11-12. Federal return . Page 2 of form 512 - Section 2: Franchise 12. For assistance or Forms : Page 2 of form 512 - Section 3: 13. See page 15 for methods of Direct Deposit 14. contacting the oklahoma Tax When You Are 15.

3 How to Contact the 15. Commission. OkTAP 15. 2017 oklahoma Corporation Tax Packet What's New in the 2017 Packet? A portion of the oklahoma Affordable Housing Tax Credit See the instructions on pages 13 and 14 for more claimed in a previous year may have to be recaptured. See information. A donation to Support the oklahoma General the instructions on page 9. Revenue Fund may also be made if you have a balance A donation may be made from your refund to the following: due. See form 512, line 14. Indigent Veteran Burial Program The Franchise reinstatement fee has increased.

4 See page 12. Support the oklahoma General Revenue Fund Maximum Franchise filers for the previous year do not oklahoma Emergency Responders Assistance Program qualify to file a combined Income and Franchise return . See Support of Folds of Honor Scholarship Program the instructions on page 4. General Filing Information: Income Tax and Franchise Tax Who Must Time and Place for Filing (continued). A valid extension of time in which to file your federal return Any Corporation doing business within or deriving Income automatically extends the due date of your oklahoma re- from sources within oklahoma is required to file an Okla- turn if no oklahoma liability is owed.

5 A copy of the federal homa Corporation Income Tax return , whether or not a tax extension must be provided with your oklahoma return . If is due. your federal return is not extended, or an oklahoma liabil- Every Corporation organized under the laws of this state, ity is owed, an extension of time to file your oklahoma re- or qualified to do or doing business in oklahoma in a turn may be granted on form 504-C. The form 504-C must corporate or organized capacity by virtue or creation of be filed on or before the due date of the return . To avoid organization under the laws of this state or any other state, delinquent penalty for late payment of Income tax, 90%.

6 Territory, district, or a foreign country, including associa- of the Income tax liability must be paid with the extension. tions, joint stock companies and business trusts as defined To avoid delinquent interest for late payment of Income by oklahoma statutes unless exempt by statutes must file tax, 100% of the Income tax liability must be paid with the an Annual Franchise Tax return . The term doing busi- extension. To avoid delinquent penalty and interest for ness means and includes every act, power, or privilege late payments of Franchise tax, 100% of the Franchise tax exercised or enjoyed in this state as an incident to do or by liability must be paid with the extension.

7 Virtue of powers and privileges acquired by the nature of Paper returns without a 2-D barcode should be mailed to all organizations falling within the purview of the Franchise the oklahoma Tax Commission, PO Box 26800, oklahoma Tax Code. City, OK 73126-0800. Paper returns with a 2-D barcode Corporations required to file a Franchise tax return , may should be mailed to the oklahoma Tax Commission, PO. elect to file a combined corporate Income and Franchise tax Box 269045, oklahoma City, OK 73126-9045. For more return . To make this election file form 200-F. Corporations information on the 2-D barcode, see page 6.

8 Not filing form 200-F must file a stand-alone oklahoma Fiscal Year and Short Period Annual Franchise Tax return ( form 200). Corporations that remitted the maximum amount of Franchise tax for the For all fiscal year and short period returns, the beginning preceding tax year do not qualify to file a combined Income and ending dates of the tax year must be shown on the and Franchise tax return . top portion of the return where indicated. Omission of this information may cause a significant delay in the process- NOTE: Small Business Corporations (Subchapter S) must ing of the return and no interest will accrue on any refund use form 512-S.

9 Pending. Time and Place for corporate returns shall be due no later than 30 days after Common Abbreviations the due date established under the Internal Revenue Code Found in this Packet (IRC). In the case of complete liquidation or the dissolution of a Corporation , the return shall be made on or before the IRC - Internal Revenue Code 15th day of the fourth month following the month in which OS - oklahoma Statutes the Corporation is completely liquidated. When the last date OTC - oklahoma Tax Commission for filing any document or performing any act required by the oklahoma Tax Commission (OTC) falls on a day when Sec.

10 - Section(s). the offices are not open for business, the filing of the docu- ment or performance of the act shall be considered timely if it is performed by the end of the next business day. 2. General Filing Information: General Filing Information: Income Tax and Franchise Tax Income Tax Consolidated Declaration of Estimated If a federal consolidated return is filed, an oklahoma Corporations must make estimated tax payments when consolidated return may be required or permitted under the tax liability for the current year can reasonably be ex- certain circumstances. pected to be $500 or more.