710:50-3-50 Reports required from persons making payments to taxpayers

(a) Oklahoma law requires persons making payments totaling $750 or more annually, to taxpayers to file a report. The required report is to include payments required to be reported by the Internal Revenue Service, unless specifically excluded by the Commission. [ See: 68 O.S. §2369(A)] (b) Reports may be required in the case of payments of interest upon bonds which are exempt from Federal Taxation, but which are not specifically excluded from Oklahoma Taxation. Any broker transacting any business for any person or individual subject to Oklahoma tax may be required to report the name and address of each person or individual transacting business, a description of the business transacted, and such specific details as the Tax Commission shall deem necessary to determine the true tax liability of any taxpayer. Such reports shall be in a form and manner as the Tax Commission shall require. [ See: 68 O.S. §§2358(A)(1), 2369(B)] (c) Reports are required for production payments as follows: (1) Although reports for production payments may not have been made previously, they may be required for any time period, regardless of any recordkeeping requirements. [ See: 68 O.S. §2369(D)(4)] (2) Requirements for the method of reporting production payments shall be set by the Commission as it deems appropriate. Failure of the Commission to notify any person or corporation of its obligation to make a report required by statute shall not relieve that person or corporation of its obligation to do so. (3) For the purposes of 68 O.S. 2369(D)(4), a report shall be defined as that required for each recipient of payments as defined in 710:50-3-52. (4) Income taxes withheld pursuant to 68 O.S. § 2385.26 shall be reported to the taxpayer on either IRS Form 1099 or Oklahoma Tax Commission Form 500-A.