Okla. Admin. Code § 710:50-3-51

Current through Vol. 41, No. 24, September 3, 2024

Section 710:50-3-51 - Production payments

(a) Amounts of production payments necessitating the reporting requirements of 68 O.S. 2369 may be determined by the Commission as it deems appropriate. Under no circumstances shall this amount be less than that required by the Internal Revenue Service.

(b) Reports of production payments shall be made in such a form as the Commission shall prescribe and shall be due to the Oklahoma Tax Commission no later than February 28 for reporting production payments for the preceding calendar year.

(c) Prior to the issuance of an order to withhold production payments, the Commission shall notify any taxpayer deemed to be delinquent that they are required to file an Income Tax Return and that the records of the Commission do not indicate that a return has been filed. This notice shall be deemed to be a demand for the filing of an Oklahoma Income Tax Return. [See: 68 O.S. § 2369(D) ]

(d) Failure of the taxpayer to file a return as required by 710:50-3-50 shall result in an assessment against the taxpayer of an amount determined by information furnished by persons making payments to the taxpayer. This assessment shall be made in accordance with the provisions of the Uniform Tax Procedure Code, and mailed to the address of the taxpayer, as reported by the persons making payments to the taxpayer. In the event the taxpayer does not protest this assessment or pay the taxes due within the time allowed, a tax warrant shall be issued. [See: 68 O.S. § 221 ]

(e) At such time as an assessment becomes final, a notice shall be mailed to the taxpayer. [See: 68 O.S. § 2369(D)(3) ]

Okla. Admin. Code § 710:50-3-51

Amended at 11 Ok Reg 555, eff 11-10-93 (emergency); Amended at 11 Ok Reg 3497, eff 6-26-94; Amended at 18 Ok Reg 2810, eff 6-25-01