Oklahoma Tax Commission Adopts Income Tax Regulations on Pass-Through Entities’ Withholding Requirements

The Oklahoma Tax Commission Aug. 16 adopted regulations on withholding requirements for pass-through entities for corporate income and individual income tax purposes. The rules include measures: 1) requiring employers to deduct and withhold state tax from employee wages and furnish employees with a written statement each calendar year; 2) specifying that any pass-through entity that makes a distribution to a nonresident member is required to deduct and withhold state income tax from distributions of taxable income; 3) providing circumstances when pass-through entities aren’t required to withhold; 4) clarifying due dates for pass-through entity withholding payments; and 5) allowing S-corporations paying ...