Oklahoma Form 564, also known as the Oklahoma Annual Franchise Tax Report, is a crucial document for businesses operating in the state. The Oklahoma Tax Commission requires all corporations, limited liability companies, and other entities to file this form annually to report their franchise tax liability. In this article, we will delve into the essential facts about Oklahoma Form 564, including its purpose, requirements, and benefits.
What is Oklahoma Form 564?
Oklahoma Form 564 is an annual report that businesses must file with the Oklahoma Tax Commission to report their franchise tax liability. The form is used to calculate the amount of franchise tax owed by the business, which is based on the company's capital stock, surplus, and undivided profits.
Purpose of Oklahoma Form 564
The primary purpose of Oklahoma Form 564 is to report the franchise tax liability of businesses operating in Oklahoma. The form requires businesses to provide information about their capital structure, financial performance, and other relevant details. The Oklahoma Tax Commission uses this information to determine the amount of franchise tax owed by the business.
Who Must File Oklahoma Form 564?
All corporations, limited liability companies, and other entities that are required to file an annual report with the Oklahoma Secretary of State must also file Oklahoma Form 564. This includes:
- Corporations (including S corporations and C corporations)
- Limited liability companies (LLCs)
- Limited partnerships (LPs)
- Limited liability partnerships (LLPs)
- Business trusts
- Real estate investment trusts (REITs)
Requirements for Filing Oklahoma Form 564
To file Oklahoma Form 564, businesses must provide the following information:
- Business name and address
- Federal Employer Identification Number (FEIN)
- Oklahoma Tax Commission account number
- Capital stock, surplus, and undivided profits
- Financial statements (balance sheet and income statement)
- Other relevant information
Businesses must also pay the franchise tax owed, which is calculated based on the company's capital stock, surplus, and undivided profits.
Benefits of Filing Oklahoma Form 564
Filing Oklahoma Form 564 provides several benefits to businesses, including:
- Compliance with Oklahoma tax laws and regulations
- Avoidance of penalties and fines for non-compliance
- Opportunity to report changes in business structure or ownership
- Ability to claim credits and deductions
- Accurate calculation of franchise tax liability
Penalties for Non-Compliance
Failure to file Oklahoma Form 564 or pay the franchise tax owed can result in penalties and fines. The Oklahoma Tax Commission may impose a penalty of up to 10% of the unpaid tax, plus interest on the unpaid amount.
How to File Oklahoma Form 564
Businesses can file Oklahoma Form 564 online through the Oklahoma Tax Commission's website or by mail. The form must be filed annually, and the due date is typically March 15th of each year.
Conclusion
Oklahoma Form 564 is an essential document for businesses operating in Oklahoma. By understanding the purpose, requirements, and benefits of filing this form, businesses can ensure compliance with Oklahoma tax laws and regulations. Failure to file or pay the franchise tax owed can result in penalties and fines, so it's crucial to take the necessary steps to file Oklahoma Form 564 accurately and on time.
What is the purpose of Oklahoma Form 564?
+The primary purpose of Oklahoma Form 564 is to report the franchise tax liability of businesses operating in Oklahoma.
Who must file Oklahoma Form 564?
+All corporations, limited liability companies, and other entities that are required to file an annual report with the Oklahoma Secretary of State must also file Oklahoma Form 564.
What is the due date for filing Oklahoma Form 564?
+The due date for filing Oklahoma Form 564 is typically March 15th of each year.