Form 512-S And Form 512-Sa - Oklahoma Small Business Corporation Income Tax

2006 Oklahoma Small Business Corporate Income Tax

What's New in the 2006 Oklahoma Tax Booklet?

•

An employer who uses the Safety Pays OSHA

•

You may be able to deduct the Oklahoma

Consulting Services may be entitled to an exemp-

capital gain attributable to your nonresident share-

tion. See the instructions on page 5.

holders. See the instructions on page 9.

•

There are seven new credits available to tax-

General Filing Information

payers on Form 511CR: Credit for Breeders of

Specially Trained Canines, Credit for Wages Paid

Who Must File

to an Injured Employee, Credit for Modification

Expenses Paid for an Injured Employee, Dry Fire

All corporations having an election in effect under

Hydrant Credit, Credit for the Construction of

Subchapter S of the Internal Revenue Code en-

Energy Efficient Homes, Credit for Railroad Mod-

gaged in business or deriving income from property

ernization, and Research and Development New

located in Oklahoma and that are required to file a

Federal income tax return using Form 1120-S,

Jobs Credit. See page 10 for information on how to

must file a return on Form 512-S. Do not use Form

obtain the Form 511CR.

512.

•

There are two new refundable credits available:

A complete copy of the Federal return must be

Aerospace Industry Credit (Form 581) and Com-

enclosed with the Oklahoma income tax return. For

puter Industry Credit (Form 580). See page 4 for

S-corporations not required to complete the Fed-

more information.

eral Schedules L and M-1, copies of the balance

sheets from their financial statement must be

•

There are two new deductions for owners of

enclosed. Failure to enclose the required docu-

Oklahoma refineries. See the instructions on pages

mentation may cause a delay in the processing of

5 and 6.

the S-corporation’s income tax return as well as

the income tax returns of its shareholders.

Common Errors

Time and Place for Filing

Below are the most common errors on last year’s

The return must be filed on or before the 15th day

returns. To aid in processing your return, please

of the third month following the close of the taxable

double check your return carefully.

year, with the Oklahoma Tax Commission, PO Box

26800, Oklahoma City, Oklahoma 73126-0800. A

• Check your FEIN on all forms and schedules.

valid extension of time in which to file your Federal

• Fiscal year dates are a common problem.

return automatically extends the due date of your

If you file based on a fiscal year, please list dates

Oklahoma return if no Oklahoma liability is owed. A

on top of form where indicated.

copy of the Federal extension must be enclosed

with your Oklahoma return. If your federal return is

• Enclose a complete copy of your Federal return.

not extended, or an Oklahoma liability is owed, an

extension of time to file your Oklahoma return may

• Enclose all required schedules.

be granted on Form 504.

Table of Contents

In the case of complete liquidation or the dissolu-

tion of a corporation, the return shall be made on

General Filing Information .......................... 2-4

or before the 15th day of the fourth month following

the month in which the corporation is completely

Amended Returns ..........................................4

liquidated (or Federal due date).

Line by Line Instructions .......................... 5-14

Fiscal Year and Short Period

Credit Card Payments ..................................13

Returns

For all fiscal year and short period returns, the

QuickTax Information ...................................14

beginning and ending dates of the tax year must be

When You Are Finished ................................15

shown on the top portion of the return where

indicated. Omission of this information may cause

How to Contact the OTC ..............................15

a significant delay in the processing of the return

and no interest will accrue on any refund pending.

Form 512-S And Form 512-Sa - Oklahoma Small Business Corporation Income Tax - 2006 Page 2

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