Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 50 - Income
Subchapter 13 - Estimated Tax
Section 710:50-13-8 - Interest on underpayment of estimated tax; exceptions

Universal Citation: OK Admin Code 710:50-13-8

Current through Vol. 42, No. 1, September 16, 2024

(a) Interest is levied at 20% per annum, for the period of underpayment, on any underpayment of the "required annual payment" of estimated tax, as that term is defined by 68 O.S. § 2385.9(B) and 710:50-13-7.

(b) The amount of the underpayment equals the excess of the required installment over the amount paid on or before the due date of the installment. The period of underpayment runs from the due date of the required installment to the earlier of the fifteenth day of the fourth month, or for corporations, thirty days after the due date for returns established under the Internal Revenue Code, following the close of the taxable year or the date on which the required installment is paid.

(c) Provided, however, no interest will be added to the tax if:

(1) The tax shown on the return for the taxable year is less than One Thousand Dollars ($1,000.00); or

(2) The taxpayer was an Oklahoma resident throughout the preceding taxable year of twelve (12) months and did not have any liability for tax for the preceding taxable year.

(d) OTC Form OW-8-P is a schedule provided for calculating interest for underestimating and also provides for an exception for fluctuations of income throughout the year.

Amended at 18 Ok Reg 2810, eff 6-25-01

Disclaimer: These regulations may not be the most recent version. Oklahoma may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.