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Q&A with Sheppard F. Miers: Federal tax reform could affect state tax determinations

Q: Would tax reform at the federal level affect the taxes we pay at the state level? A: Oklahoma state income tax generally conforms to the federal income tax imposed under the Internal Revenue Code. In general, income and...more

2017 Oklahoma Tax and Fee Legislation

The following are some of the changes in Oklahoma law on state taxation and fees enacted by the Oklahoma Legislature in 2017. Income Tax - Oklahoma Standard Deduction Decoupled from Federal Standard Deduction. For...more

Federal Tax Reform and the Oklahoma Income Tax

Tax reform is being proposed in Congress and by President Trump to make major changes to the federal income tax imposed under the Internal Revenue Code. Oklahoma imposes a state income tax on individuals, corporations, and...more

Oklahoma Tax Commission 2017 Proposed Rules Changes

The Oklahoma Tax Commission has published 2017 proposed changes and additions to its rules governing administration of Oklahoma taxes. Tax Commission rules are adopted and published as part of the Oklahoma Administrative...more

Dealing with New IRS Qualification Requirements for Pension, Profit Sharing and 401(k) Plans, Effective January 1, 2017

The procedures for qualification of an employer sponsored individually designed pension, profit sharing or 401(k) plan for favorable tax deferred treatment under the Internal Revenue Code (“Code”) changed significantly...more

Estate Planning for Family Businesses

Estate planning for closely held family businesses could be significantly affected by proposed regulations that have been published by the Internal Revenue Service. The IRS proposed regulations and their effect on...more

Taxation Law Section - 2016 Oklahoma Tax Legislation

The Following is a summary of some of the changes in Oklahoma tax law enacted by the Oklahoma Legislature in 2016. Income Tax - Investment/New Jobs Credit, $25 Million Cap, 2016-2018 - The Income tax credit for...more

Gavel to Gavel: Retail Protection Act to affect internet sales

Internet sales to Oklahomans are going to be subject to new sales tax rules starting Nov. 1. The new Oklahoma Retail Protection Act of 2016 is to provide a sales tax level playing field between brick-and-mortar...more

2016 Oklahoma Tax Legislation

Investment/New Jobs Credit, $25 Million Cap, 2016-2018. The income tax credit for investment in manufacturing facilities or increasing jobs was amended to provide that for tax years beginning on or after January 1, 2016, and...more

Oklahoma Retail Protection Act of 2016: New Oklahoma Sales Tax Law on Internet Sales

Internet sales to Oklahomans will now be subject to new sales tax requirements. HB 2531, entitled the “Oklahoma Retail Protection Act of 2016” (the “Act”), enacted May 17, 2016, becomes effective November 1, 2016....more

Estate Planning, Wills and Trusts: Importance of Considering the Internet and “Digital Assets” in Estate Planning

“Forgot your ID or password?” Everyone using the Internet has probably been asked and answered “Yes” to this question. That usually means having to take the time to answer more questions or search for...more

Oklahoma Tax Commission 2016 Proposed Administrative Rules Changes

The Oklahoma Tax Commission (“Tax Commission”) has published 2016 proposed changes to its administrative rules with respect to Oklahoma taxes ("OTC Rules"). The OTC Rules are formal statements of policy written by the...more

Win for Wind on Taxes: Federal Income Tax Wind Farm Production Credit Extended for 2015 through 2019 - "Phase-Out" Limits Credit...

Wind farm electric generation facilities in Oklahoma have received a favorable federal income tax credit extension. The federal income tax credit for production of electricity by a qualified facility from wind...more

Oklahoma Tax Commission Voluntary Compliance Initiative Tax Amnesty Program

A 2015 tax amnesty program has been authorized by Oklahoma offering incentives for taxpayers to report and pay unpaid taxes. The Oklahoma law provides for a Voluntary Compliance Initiative program and procedure...more

Major Changes in IRS Qualified Retirement Plan Determination Letter Procedure Announced

The Internal Revenue Service (IRS) has announced that, effective January 1, 2017, the existing procedure for issuance of favorable IRS determination letters for qualified pension, profit-sharing and 401(k) plans will be...more

2015 Oklahoma Tax Legislation: Wind Farm Tax Incentives, Tax Amnesty Program, Aggregate Income and Franchise Tax Return, Tax...

The Oklahoma Legislature enacted changes in Oklahoma tax laws in its 2015 session. The changes include a tax amnesty program for payment of delinquent taxes without interest or penalty during a two (2) month...more

Gavel to Gavel: Follow crowd with care

For some at the age of this author, a CARE package is known and remembered from when it was first offered and popularized after the end of World War II by Cooperative for Assistance and Relief Everywhere Inc. as an emergency...more

Oklahoma Tax Commission 2015 Proposed Administrative Rule Changes

The Oklahoma Tax Commission has published proposed changes to the administrative rules with respect to Oklahoma taxes ("OTC Rules") for 2015. The OTC Rules are formal statements of policy written by the Tax...more

2/4/2015  /  Tax Policy

Oklahoma Capital Gain Deduction Upheld by Oklahoma Supreme Court

The Oklahoma Supreme Court has ruled that the Oklahoma income tax capital gains deduction is allowable and does not violate the Commerce Clause of the U.S. Constitution. The denial of the deduction to an out-of-state company...more

Oklahoma Income Tax Reduction Ruled Unconstitutional

The Supreme Court of Oklahoma has ruled Oklahoma tax legislation enacted in 2013 reducing the top Oklahoma individual income tax rate from 5.25% to 5% in 2015, with further reduction to 4.85% possible in 2016, is...more

2/24/2014  /  Income Taxes , State Taxes

Taxpayer Appeal Rights Expanded in Oklahoma

The Oklahoma Uniform Tax Procedure Code has recently been amended to provide an important alternative right of appeal to taxpayers from Oklahoma Tax Commission decisions assessing a tax or additional tax or denying a claim...more

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