Oklahoma Tax Amnesty Program Ending Soon

Earlier this year, The Oklahoma Tax Commission began offering a limited time Voluntary Disclosure Initiative, also known as a Tax Amnesty Program. The Tax Amnesty Program was put into place to encourage the filing and payment of many types of delinquent taxes. An eligible taxpayer shall be entitled to a waiver of penalty and interest which would otherwise be due.

When:

An eligible taxpayer has between September 1, 2017, and November 30, 2017, to voluntarily file and pay delinquent taxes, and receive a waiver of penalty and interest. Time is quickly running out to be eligible for this limited time Tax Amnesty Program.

What:

Eligible tax types include mixed beverage tax, gasoline and diesel tax, gross production and petroleum excise tax, use tax, income tax, and sales and withholding taxes provided they have not been collected from others.

The Tax Amnesty Program is available to individuals and businesses who owe any eligible taxes for any tax period prior to September 1, 2017 (January 1, 2016, for income taxes).

To be eligible to participate in the program, taxpayers must:

1. Not have outstanding tax liabilities other than those reported through the initiative;
2. Not have been contacted by the Oklahoma Tax Commission (or third party acting on the OTC’s behalf), with respect to the taxpayer’s obligation to file a return or make a payment to the state;
3. Not have collected taxes from others (i.e. payroll or sales and use taxes) and not reported the tax;
4. Not have entered into, within the past three years, a voluntary disclosure agreement (VDA) for the tax type owed

To participate in the program, taxpayers must prepare the delinquent returns for eligible taxes. The returns, along with payment of the tax indicated due, should be remitted to the Oklahoma Tax Commission.

Contributor: Samantha Foster

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Tips for the Taxpayer

Complete a review of your Nexus and business activity in Oklahoma, and assess the applicable tax. If your business is not-compliant with any of the mentioned tax types, take this opportunity to reduce liability and become compliant through the Tax Amnesty Program, offered by The Oklahoma Tax Commission.

How Can We Help?

Allyn’s tax team is staffed with seasoned tax professionals who consistently conduct nexus reviews and coordinate with state taxing authorities on behalf of our clients. We will do a full review of your business activities to determine whether or not you qualify for the program and if it is the right choice for you. Allyn can ensure that your application is completed timely, accurately and shield you from identification until a Voluntary Disclosure Agreement is signed.

Allyn will also review your activities in states that are not participating in the program so as to assess your audit risk and develop an action plan to reduce your liability through direct negotiation with the applicable jurisdictions.

After the program is completed, your company will not only need to register for the relevant tax accounts, but also need to establish procedures for continued compliance in sales/use, income, property, and other miscellaneous tax responsibilities. Allyn has been managing these tasks on behalf of clients in various industries in every US jurisdiction for over 25 years. Our tax analysts can set up your tax processes for you, reducing the burden on your company and giving you the opportunity to focus on your core business.

Contact us and we can provide a customized cost-effective solution to meet your company’s needs. For further information on Allyn Tax services, please contact tax@allynintl.com.

For More Information

If you are interested in learning more about this topic or other tax topics, please visit our Tax Publications under News and Publications at www.allynintl.com.

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About Allyn International

Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance.  Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North America, Europe, and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China and Prague, Czech Republic. For more information, visit www.allynintl.com.