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Oklahoma Free Printable  for 2020 Oklahoma Estimated Tax Declaration for Corporations

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Estimated Tax Declaration for Corporations
Form OW-8-ESC

Oklahoma Corporate, Fiduciary and Partnership Estimated Tax ITE OW-8-ESC Revised 7-2018 Tax Year 2019 Worksheet for Corporations, Partnerships and Trusts See the general instructions for additional filing information. A corporation or trust with an estimated income tax liability of $500 or more for the year is required to file a declaration and pay estimated tax. The corporate income tax rate is six percent of taxable income. The tax rates for trusts are in the Form 513 or 513NR instructions. Estates are not required to file an estimated tax return declaration. The tax for partnerships will be determined by reference to Form 514-PT and instructions. 1 Enter the estimated Oklahoma income tax* for the current year........................................................................ 00 2 Enter the income tax credits............................................................................................................................... 00 3 Enter the estimated Oklahoma income tax liability (subtract line 2 from line 1)................................................. 00 4 A. Multiply line 3 by 70%.............................................................................................. 00 B. Enter the tax liability shown on the previous year’s tax return................................. 00 C. Enter the smaller of line 4a or 4b. NOTE: If line 3 is less than $500, estimated tax payments are not required... 00 5 Estimated amount of withholding....................................................................................................................... 00 6 Subtract line 5 from line 4c................................................................................................................................. (Note: If less than zero, or line 3 minus line 5 is less than $500, estimated tax payments are not required. 00 7 Amount to be paid with each coupon (if paid quarterly, 25% of line 6)............................................................... 00 * If income is received unevenly throughout the year (e.g. operating a business on a seasonal basis), the estimated tax payment may be lowered for one or more periods by using the annualized income installment method as prescribed in the Internal Revenue Code and in the Oklahoma Tax Commission Rule 710:50-13-9. The annualization provisions found in Sections 6655(e)(2)(C) and 6655(e)(3) of the Internal Revenue Code may not be used. Computing estimated taxes on an annualized basis shall only be permitted for a taxable year of twelve months. Record of Estimated Tax Payments Mandatory inclusion of Social Security and/or Federal Identification Numbers are required on forms filed with the Oklahoma Tax Commission pursuant to Title 68 of the Oklahoma Statutes and regulations thereunder, for identification purposes, and are deemed part of the confidential files and records of the Oklahoma Tax Commission. Quarter Date Paid Amount Applied from 2018 Tax Return............................. The Oklahoma Tax Commission is not required to give actual notice of change in any state tax law. 1 2 3 4 Total Use the coupon below for all four quarterly estimated tax payments. The due dates are shown on page 2. Do not fold, staple, or paper clip ITE OW-8-ESC Detach Here and Return Coupon with Payment Oklahoma Corporate, Fiduciary and Partnership Estimated Tax Coupon Do not tear or cut below line 05001 Mailing Address Change (Enter new mailing address below) Taxpayer FEIN ___________________________________________________ Name ___________________________________________________ Address ___________________________________________________ City State ZIP Tax Year 2019 Quarter Due Date - - - - - - - - - - Dollars - - - - - - - - - - - - Cents - - Amount of Payment: _____________________________ . ___________ Please remit only one check per coupon. Mail this coupon, along with payment, to: Oklahoma Tax Commission - Post Office Box 269027 - Oklahoma City, OK 73126-9027 Form OW-8-ESC - page 2 Oklahoma Corporate, Fiduciary and Partnership Estimated Tax Declaration General Instructions Who Must Make A DECLARATION How to Compute Estimated Tax A corporation or trust with an estimated income tax liability of $500 or more for the year is required to file a declaration and pay equal* quarterly estimated tax. Estates are not required to file an estimated tax declaration. Trust tax rates are found in the Packet 513 or 513NR instructions. Corporate income tax is six percent of taxable income. The tax for partnerships will be determined by reference to Form 514-PT and instructions. Estimated tax payments made on behalf of the nonresident partners electing to be included in the composite return must be made under the partnership’s name and Federal Employer Identification Number. Name and Address: Enter the name and mailing address. • If the address has changed, place an ‘X’ where indicated in the upper left corner of the coupon. * For purposes of determining the amount of tax due on any of the respective dates, taxpayers may compute the tax by placing taxable income on an annualized basis. See Oklahoma Tax Commission Rule 710:50-13-9. When To File and Pay A declaration of estimated tax should be filed and the first installment paid by April 15th for calendar year taxpayers. Fiscal year taxpayers should file and pay the first installment by the fifteenth day of the fourth month following the beginning of their taxable year. Other installments should be paid by the due dates shown below. Interest for Underpayment In general, underpayment of estimated tax interest is due if the tax liability is $500 or more and timely paid quarterly estimated tax payments are not at least 70% of the current year tax liability or 100% of the prior year tax liability. The tax liability is the tax due less all credits except amounts paid on withholding, estimated tax and extension payments. The amount of underpayment of estimated tax interest is computed at a rate of 20% per annum for the period of underpayment. Note: No underpayment of estimated tax interest shall be imposed if the tax shown on the return is less than $1,000. For additional information see 68 O.S. Sec. 2385.7-2385.13 or call the Tax Commission’s Corporate Audit Section at (405) 521-3126. Due Dates: ** • • • • 1st Quarter (Calendar Year) April 15 (Fiscal Year) Fifteenth day of the fourth month 2nd Quarter (Calendar Year) June 15 (Fiscal Year) Fifteenth day of the sixth month 3rd Quarter (Calendar Year) September 15 (Fiscal Year) Fifteenth day of the ninth month 4th Quarter (Calendar Year) January 15 (Fiscal Year) Fifteenth day of the first month of the succeeding taxable year. ** If the due date falls on a weekend or legal holiday when the Oklahoma Tax Commission offices are closed, your payment is due the next business day. How to Complete Your Tax Declaration Coupon Taxpayer FEIN: Enter the Federal identification number. Quarter: Enter the quarter for this estimated payment. Due Date: Enter the quarterly due date. See below for the due date for each quarter. Amount of Payment: Enter the amount of estimated tax being paid with the estimated tax coupon. Do not send coupon if no payment is required. Additional Information Make checks payable to: Oklahoma Tax Commission. Do NOT send cash. Mail the coupon, along with payment, to: Oklahoma Tax Commission Post Office Box 269027 Oklahoma City, OK 73126-9027 Do not enclose any other tax reports or correspondence in this envelope. See below for electronic payment information. The coupon on page 1 will be used for all quarterly estimated tax payments. The quarterly due dates are shown below. Electronic Payment Options: Electronic payments are accepted for estimated income tax payments at www.tax.ok.gov. There is a convenience fee charged for utilizing some of the electronic payment services. Note: If you make your estimated tax payment electronically, do not mail this payment coupon. Please retain the confirmation number for your records.
Extracted from PDF file 2019-oklahoma-form-ow-8-esc.pdf, last modified October 2013

More about the Oklahoma Form OW-8-ESC Corporate Income Tax Estimated TY 2019

We last updated the Estimated Tax Declaration for Corporations in February 2019, so this is the latest version of Form OW-8-ESC, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form OW-8-ESC directly from TaxFormFinder. You can print other Oklahoma tax forms here.

Related Oklahoma Corporate Income Tax Forms:

TaxFormFinder has an additional 54 Oklahoma income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Oklahoma Form OW-8-ESC.

Form Code Form Name
Form OW-8-ES Estimated Tax Declaration for Individuals
Form OW-8-P Worksheet for Underpayment of Estimated Tax
Form OW-8-ES-SUP Annualized Estimated Tax Worksheet
Form OW-8-P-SUP-C Oklahoma Annualized Income Installment Methods forCorporations and Trusts
Form OW-8-P-SUP-I Oklahoma Annualized Income Installment Method for Individuals

Download all OK tax forms View all 55 Oklahoma Income Tax Forms


Form Sources:

Oklahoma usually releases forms for the current tax year between January and April. We last updated Oklahoma Form OW-8-ESC from the Tax Commission in February 2019.

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Form OW-8-ESC is an Oklahoma Corporate Income Tax form. While most taxpayers have income taxes automatically withheld every pay period by their employer, taxpayers who earn money that is not subject to withholding (such as self employed income, investment returns, etc) are often required to make estimated tax payments on a quarterly basis. Failure to make correct estimated payments can result in interest or penalties.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Oklahoma Form OW-8-ESC

We have a total of seven past-year versions of Form OW-8-ESC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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