Allowing Deferred Tax Payments Due to COVID-19
Updated March 19: In an emergency meeting of the Oklahoma Tax Commission held March 19, all three Commissioners unanimously voted to extend the deadline to pay Oklahoma income taxes that would be due April 15, 2020 to July 15, 2020, following the newly established Internal Revenue Service (IRS) deadlines. Mirroring the guidance issued by the IRS, Commissioners voted to allow all individual and other non-corporate tax filers to defer up to $1 million of income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest. Corporate taxpayers will be granted a similar deferment of up to $10 million of income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. Following IRS guidelines, the Commission’s Order does not change the April 15 filing deadline and is applicable to income tax due from Tax Year 2019 and the first quarter payment for Tax Year 2020, both of which would normally be due on April 15, 2020.
Charles Prater, Chairman of the Oklahoma Tax Commission said, “We are following IRS guidelines and want to remind Oklahomans that due dates for other tax types, including sales and withholding taxes, remain the same.”
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march 20, 2020