The OTC 901 form is a crucial document used in Oklahoma for reporting business personal property. It must be filed annually by all business entities, including corporations and partnerships, to declare tangible assets as of January 1. Timely submission is essential, as penalties may apply for late filings.
The OTC 901 form is an essential document for businesses operating in Oklahoma, as it allows them to report their tangible personal property for tax assessment purposes. This form must be filed annually, with a specific deadline of March 15, to avoid penalties. It requires businesses to disclose various details about their assets, including fixed assets, inventory, and any additions or deletions during the reporting year. Each section of the form is designed to capture specific information, such as the type of business, the physical location of the assets, and the original cost of each asset. Businesses must also provide a detailed listing of their tangible assets, grouped by description and year acquired, ensuring accurate reporting. Failure to submit the form on time can result in significant penalties, highlighting the importance of timely compliance. Understanding the requirements and structure of the OTC 901 form is crucial for business owners to ensure they meet their tax obligations effectively.
OTC 901
State of Oklahoma
Tax Year 2023
Business Personal Property Rendition
Revised 11-2022
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?
If yes, do you own any real estate improvements at this location?
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?
If no, Where? __________________________________
If no, do you still own the business personal property?
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
Cost or RCN
Not Book Value
Reconciled
Assessed Value
Leasehold Improvement
Original Cost
Furniture and Fixtures
Electronic Equipment
Computer Equipment
Machinery and Equipment
Forklifts and Construction
Tooling, Dies and Molds
Other Assets and Trade Tools
Leased to Others
Original Cost (★See instructions)
➔ Column Totals ➔
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
Preparer’s identification number
Preparer’s phone number
Form 901
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
PART FIVE: DELETIONS DURING THE REPORTING YEAR
▲
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 OS Sec. 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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