Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 90 - Withholding
Subchapter 3 - Returns and Payments
Section 710:90-3-8 - Tax Commission may require security
Current through Vol. 42, No. 1, September 16, 2024
The Commission may require an employer who is or becomes delinquent in the withholding and remitting of Oklahoma Withholding Tax to furnish a surety bond to ensure the withholding and remitting of required taxes.
(1) The security so required may be in the form of a bond from a corporation, surety bond furnished by a surety licensed to do business in Oklahoma, cash bond, certificate of deposit, certificate of savings or U.S. Treasury bond, or an assignment of negotiable stocks or bonds, as agreed upon by the Commission and the person required to remit the tax.
(2) The amount of such security shall not be greater than three times the average quarterly liability of such employer after considering the estimated tax liability.
(3) Any bond secured shall remain in effect until released and discharged by the Commission. Any bond secured is a continuing instrument and constitutes a new obligation for each calendar year or portion thereof while the surety is in force unless specifically released and discharged by the Commission. [See: 68 O.S. § 2385.23 ]
