Information current as of December 31, 2020.
The SARS-CoV-2 virus and the incidence of COVID-19 are changing life across the globe. Many taxing jurisdictions are taking mitigating actions to create social distance and aid taxpayers. The following is a running list of actions by jurisdiction, which generally result in additional time to file and/or pay. Further, many jurisdictions have closed their offices to in-person use by taxpayers and suspended their audit and administrative functions. This alert doesn’t cover similar waivers from local-level taxing authorities. These developments continue to quickly evolve; check with your BKD Trusted Advisor™ or visit our COVID-19 Resource Center for current information as needed.
Information Specific to Oklahoma
- Oklahoma will mirror the IRS deadlines and provide both income tax filing and payment extensions from April 15 to July 15. This extension also applies to the first-quarter payment for tax year 2020, normally due on April 15.
- Tax Commission Order, March 20, 2020.
- Oklahoma issued clarifications related to COVID-19 tax changes. The deadline for April 15 estimated tax payments has been extended to July 15; however, the regularly scheduled June 30 estimated tax payment deadline has not been extended. The new July 15, 2020, deadline for the filing and payment of 2019 Oklahoma income tax returns is extended to all taxpayers with no need for taxpayers to apply in order to receive the extension. An electing pass-through entity may defer payment of the 2019 pass-through entity tax and filing of its 2019 income tax return until July 15, 2020, as well. If a taxpayer files a 2019 individual income tax return electronically through a preparer or the internet, the due date is July 20, 2020. Any payment of income taxes due on July 20, 2020, must be remitted electronically in order to be considered timely paid. If the balance due on an electronically filed return is not remitted electronically, penalty and interest will accrue from the original due date.
- Oklahoma Tax Commission, April 8, 2020.
- In the event the Oklahoma governor declares a “catastrophic health emergency,” and upon the written request of the county treasurer, the board of county commissioners will postpone delinquent personal and real property tax sales and related delinquent tax notices and publications. The county treasurer will designate a period of postponement of up to one year.
- Oklahoma H.B. 2740, Laws 2020, effective May 18, 2020.
- Oklahoma issued a summarized coronavirus guidance document. It reminds taxpayers that individual, small business, fiduciary and partnership Forms 511, 511NR, 512S, 513, 513NR and 514 are now due July 15, 2020. The corporate income tax return Form 512 is now due August 14, 2020. An electing pass-through entity may defer payment of 2019 pass-through entity tax and filing of its 2019 income tax return until July 15, 2020. The estimated payment Forms OW8-ES and OW8-ESC, which would normally be due April 15, 2020, are both now due July 15, 2020.
- Oklahoma Tax Commission COVID-19 FAQs, June 1, 2020.