Number Pages In Legal Oklahoma Startup For S-Corporation Forms For Free

To form an Oklahoma S corp, you'll need to ensure your company has an Oklahoma formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.

The state of Oklahoma requires all corporations, nonprofits, LLCs, and LPs to file an Annual Franchise Tax Return, Annual Certificate, and/or pay a Registered Agent Fee ? depending on what type of business you own. Franchise tax returns and registered agent fees must be submitted to the Oklahoma Tax Commission.

If a federal consolidated return is filed, an Oklahoma consolidated return may be required or permitted under certain circumstances. ( Instructions, Form 512, Oklahoma Corporation Income Tax Return) The election to file a separate return or a consolidated return is made with the timely filing of the return.

Form 512-FT is completed when a consolidated income tax return is filed and more than one corporation within the con- solidation is electing to file franchise tax with the income tax return. If there are more than three corporations making this election, use Form 512-FT-SUP to enter the additional corporations.

Each partner having Oklahoma source income sufficient to make a return, shall make such return as required by law. Partnerships filing Federal Form 1065-B will file Form 514.

Form 514 is used for amended returns also. If this is an amended return, place an 'X' in the box located at the top of Form 514, page 1. Enter on line 9 any amount paid with the original return plus any amount paid after it was filed. Enter on line 10 any refund previously received or overpayment applied.