Otc 901 Oklahoma Tax Form PDF Details

Tackling the nuances of the OTC 901 Oklahoma Tax Form can seem daunting for any business owner or manager working within the State of Oklahoma. This crucial document, specifically tailored for the tax year 2022 and last revised in November 2021, is designed to capture a comprehensive snapshot of a business's personal property for tax purposes. It requires detailed information starting from the basic identification of the business, including the FEIN, the type of business, and relevant North American Industry Classification System (NAICS) codes, extending to intricate details about tangible assets, inventories, and more. The form emphasizes the importance of accurately reporting only tangible assets at their original cost or replacement cost new (RCN) without deductions for depreciation or other adjustments. Its structure guides businesses through reporting fixed assets, adjustments during the reporting year, and even specifics about leased equipment and inventory levels, all to determine the appropriate tax base for the business personal property within Oklahoma. The form leaves no stone unturned, delving into acquisitions, disposals, and the condition of inventory, thus providing a clear pathway for businesses to comply with local tax statutes. This intricate reporting mechanism isn't just about compliance; it's an obligation that, if not met by the specified deadlines, results in significant penalties, underscoring the form's importance in the broader fiscal landscape of Oklahoma's counties and its school districts. Business changes, such as sales or closures, also need precise documentation to ensure tax assessments are accurate and reflective of the current business status, emphasizing the form’s critical role in the financial due diligence of Oklahoma’s business operations.

QuestionAnswer
Form NameOtc 901 Oklahoma Tax Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other names 2021 Form 901 Business Personal Property Rendition

Form Preview Example

OTC 901

State of Oklahoma

Tax Year 2022

Business Personal Property Rendition

Revised 11-2021

Return to County Assessor - Filing Date: January 1 - Delinquent Penalties after March 15

RE#

PP#

Phone Number

Email Address

Owner/DBA

Mailing

Address

City, State, ZIP

PART ONE: START HERE

REPORT ONLY TANGIBLE ASSETS

FEIN: ________________________________________________________

Type of Business: _______________________________________________

North American Industry

Classification System

Are other businesses included in this rendition?

 

Yes

 

No

If yes, please list: ______________________________________________

Physical location if different from mailing address:

_____________________________________________________________

Are you renting or leasing this business location?

Yes

No

If yes, do you own any real estate improvements at this location?

 

 

Yes

No

When did you start business at this location? Date _____/_____/_____

What is the occupied square footage at this location? _______________

Are you still in business at this location?

Yes

No

If no, Where? __________________________________

 

 

If no, do you still own the business personal property?

Yes

No

Date Disposed/Sold: ____/____/____ If disposed or sold, stop here.

Sign and return.

PART TWO: OKLAHOMA TAXABLE FIXED ASSETS, FROM FORM 904 SCHEDULE 3 OR 3A

Description

Beginning Total

Additions to Total

Deletions to Total

Ending Total Original

Assessor Use

Original Cost or RCN

Original Cost or RCN

Original Cost or RCN

Cost or RCN

 

Not Book Value

Not Book Value

Not Book Value

Not Book Value

Reconciled

Assessed Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leasehold Improvement

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Furniture and Fixtures

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

Electronic Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

Computer Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Machinery and Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forklifts and Construction

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

Tooling, Dies and Molds

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Assets and Trade Tools

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased to Others

 

 

 

 

 

 

 

 

 

 

 

 

 

Original Cost (See instructions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Column Totals

 

 

 

 

 

 

 

 

 

 

 

Total

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leased from Others

 

 

A) Total Fixed Assets

 

 

 

 

Original Cost (See Instructions)

 

 

 

 

 

 

PART THREE: OKLAHOMA TAXABLE INVENTORY

 

 

 

 

 

 

 

 

Net Inventory

 

 

 

 

 

 

 

 

 

 

 

Inventories

Average Inventory (From Part 6)

 

 

 

 

 

 

 

 

Total Assessed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total supplies, parts,

Less Freeport Exemption (Form 901-F)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Penalty

 

equipment, etc. stored

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and/or not currently in use

Consignment and/or Floorplan Inventory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net

 

 

 

 

 

 

 

including raw materials,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

work in progress, finished

B) Net Taxable Inventory =

 

 

 

 

 

 

 

Date Filed

goods, etc.

C) Grand Total (add A + B) =

 

 

 

_____ / _____ / _____

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oklahoma • County of __________________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assessment %

School District

I, _________________________________________________________________________ under penalties of perjury, do hereby depose and say that

 

 

I am _____________________________________________ of _______________________________________________________________ company;

 

 

that as such I am acquainted with the books, accounts, and affairs of said company and know that the accompanying statement to be true, correct, and

 

 

complete, and that all information requested herein has been fully and correctly given to the best of my knowledge. (68 O.S. Section 2945 provides penalties for false oaths)

Don’t Forget

to Sign

Signature of preparer if other than taxpayer

Date

Preparer’s address

Signature of taxpayer

Date

 

Preparer’s identification number

Preparer’s phone number

Business Personal Property Rendition - Page 2

PART FOUR: ADDITIONS DURING THE REPORTING YEAR, OR SCHEDULE 3, OR 3A

Item

Number

Item Description

Year Acquired

New Used

Total Original Cost or RCN

Total

PART FIVE: DELETIONS DURING THE REPORTING YEAR

Item

Number

Item Description

Year Acquired

New Used

Total Original Cost or RCN

Total

PART SIX: BEGINNING OR MONTHLY INVENTORY

January

February

March

April

May

June

 

 

 

 

 

 

 

July

August

September

October

November

December

 

 

 

 

 

 

 

 

Average

Form 901 Instructions

Who Must File...

All business concerns, corporations, partnerships and professionals are required by Oklahoma statutes to file each year a statement of taxable assets as of January

1, which are located within this county. This rendition must be signed by an owner, partner, officer of the corporation or a bonafide agent.

Penalties...

Failure to file by March 15th will subject the taxpayer to a mandatory penalty of 10 percent, or a 20 percent penalty if not filed by April 15th (68 O.S. Section 2836C). If received through the mail by this office, it must be postmarked no later than March 15th. Postage metered mail overstamped by the Post Office after March 15th, will carry the

mandatory penalty.

Taxpayers Filing Form 901 in this County ...

Attach a complete detailed listing of all TANGIBLE assets used in business, grouped by description, year acquired and original cost, and items that have zero book value, use reporting Asset Listing 904 Schedule 3 or 3A, which is available from the county assessor. Report ONLY TANGIBLE ASSETS.

North American Industry Classification System (NAICS)...

This is your six digit Federal Business Activity Code.

Location of Property...

You must file a separate rendition for each location for assessment allocation to the

various school districts.

Original Cost Values or RCN...

Report the total new or used total cost or replacement cost new, including freight-in and installation costs. Do not deduct investment credit, trade-in allowances or depreciation. If unknown, estimate the original cost. Estimated costs will not be depreciated without supporting documents.

Year Acquired...

This is the purchase date. Depreciation cannot be calculated unless the year acquired is reported.

Leasehold Improvements...

Report cost and detailed description of improvements to property owned by others. Do not report building expansions or repairs, rough plumbing or electrical service, which are included in real estate values. Report all other items such as partitions, new store fronts, etc.

Furniture and Fixtures...

Items included: office desks, chairs, credenzas, file cabinets, table booths, shelving display cases, racks, gondolas, retail fixtures, hotel and motel furnishings, apartment

appliances, etc.

Electronic Equipment ...

Items included: calculators, copiers, drafting machines, blueprinting machines, fax machines, postage machines, telephone equipment, typewriters, lunch room appliances, etc. Also, include electronic and computer controls used with machinery and equipment.

Computer Equipment ...

Items included: computer hardware, monitors, drives and other such hardware compo- nents, custom software is exempt as an intangible.

Machinery and Equipment...

Items included: auto repair, agricultural, bakeries, barber and beauty shops, cleaning and laundry, fuel storage tanks, gas pumps, medical, restaurants, signs, theaters, etc.. All equipment and machinery (forklifts, mobile yard cranes, drilling rigs, tools) is also included. Equipment installed on trucks or trailers after purchase must also be reported. Do not list licensed vehicle such as autos, trucks, semitrailers, boats over 10 h.p., etc.

Forklifts and Construction Equipment...

Items include: forklifts, back hoes, compactor, dozers, draglines, earth movers, graders,

mobile cranes, rollers, trenchers, etc.

Tooling, Dies and Molds...

Items include: Tooling, dies, punches, molds, patterns, jigs, etc.

Trade Tools and Equipment...

Include items used by carpenters, cement finishers, craftsmen, electricians, mason,

mechanics, repair services, roofers, etc.

Leased to Others...

List lessee, address, asset type, original cost, and age of asset. Additional sheets may be attached if necessary.

Leased from Others...

List lessor, address, asset type, age of asset, and beginning year of lease. Additional sheets may be attached if necessary.

Inventories...

Add your total monthly inventories. Then divide the sum by the number of months you have inventory in this county for the year to determine your average inventory. Inventories held for others or cosigned must be reported separately. Inventory claimed exempt must be accompanied by a Freeport Exemption Form (901-F). Companies primarily engaged in

selling of lumber and other building material including cement and concrete except for home centers classified under Industry No. 444110 of the North American Industrial Classification Systems (NAICS) Manual, shall be assessed at the average inventory value on hand each January, 1 and December, 31 of the same calendar year.

If the Business is Sold, Closed or Name Changed...

To avoid possible incorrect or duplicate assessment, taxpayers should provide information as follows:

Business Sold: date of sale, name and address of new owner.

Business Closed: date of closing or date all personal property was disposed, report location and value of any remaining property still owned on the assessing date, even if in storage.

Business Name Change: date of change and new name.

Intangible Business Personal Property...

If any intangible property is imbedded in the reported assets the intangible property must be identified and valued to the county assessor with supporting documentation. Supplemental

Form 901-IP must be used for any submission.

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It is actually easy to finish the document with our detailed guide! This is what you should do:

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Find out how to fill in Otc 901 Oklahoma Tax Form step 1

2. Once the previous segment is complete, you're ready add the essential particulars in Original Cost or RCN, Original Cost or RCN, Original Cost or RCN, Not Book Value, Not Book Value, Not Book Value, Cost or RCN, Not Book Value, Assessor Use, Reconciled, Assessed Value, Description, Leasehold Improvement, Original Cost, and Furniture and Fixtures allowing you to go further.

Otc 901 Oklahoma Tax Form writing process described (step 2)

3. The next section is rather uncomplicated, C Grand Total add A B, State of Oklahoma County of, I under penalties of perjury do, I am of company, that as such I am acquainted with, Dont Forget, to Sign, Signature of preparer if other, Preparers address, Assessment School District, Signature of taxpayer, Date, Preparers identification number, and Preparers phone number - each one of these form fields will need to be filled out here.

Filling out part 3 of Otc 901 Oklahoma Tax Form

4. To move forward, this section requires filling in a few blanks. Included in these are Number, Item Description, New, Used, Total Original Cost or RCN, PART FIVE DELETIONS DURING THE, Item, Number, Item Description, Year Acquired, New, Used, Total Original Cost or RCN, Total, and PART SIX BEGINNING OR MONTHLY, which are integral to carrying on with this form.

Otc 901 Oklahoma Tax Form conclusion process clarified (portion 4)

Always be really attentive while filling out Used and Item Description, as this is the section where many people make a few mistakes.

Step 3: Before moving forward, check that all form fields have been filled in properly. Once you establish that it's correct, click “Done." Try a free trial option with us and acquire direct access to Otc 901 Oklahoma Tax Form - download, email, or edit in your FormsPal cabinet. We do not share any details that you use while filling out documents at FormsPal.