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Who is required to file a Business Statement of Assets (form 901)?
All business concerns, corporations, partnerships and professionals are required to file a 901 form as of January 1 each year.
Why do I have to file?
Title 68, section 2832, Oklahoma Statutes, requires that all personal property must be reported each year to the County Assessor’s office. If you receive a return by mail, it is because our office has determined that you may have property to report. If you feel the form is not applicable, return it with an explanation. Either way, the form MUST be returned. Failure to receive a Personal Property Tax Return (Form 901) does not relieve you of your obligation to file.
What are the due dates for filing the Business Statement of Assets (form 901)?
By Oklahoma statute, the Statement of Assets (Form 901) must be filed from January 1 to March 15 each year. After March 15, the return is delinquent and a penalty of 10% of the assessed valuation is added. After April 15, a penalty of 20% of assessed valuation is added.
Can our company file for an extension?
No. There is no provision in the statutes for an extension.
How does a taxpayer file a Business Statement of Assets (form 901)?
The taxpayer completes Form 901 listing the original cost of the assets of the business concern. Assets include furniture and fixtures, machinery and equipment, computer equipment, leasehold improvements and a schedule of monthly inventories for the past year. The 901 form must be prepared by an owner, partner, officer of the corporation or a bona fide agent. The form must be returned to our office by March 15.
What if a Business Statement of Assets is not filed?
If a Cleveland County business does not file, the County Assessor is required to prepare an assessment from the best information available in the absence of a return by the taxpayer. This is called an arbitrary assessment. An arbitrary assessment must be protested within ten days of the date of the notice.
How can I obtain this form?
At the beginning of the year, a return is mailed to the taxpayers we have on record. If you did not receive one, contact the Cleveland County Assessor’s office.
I have two or more business locations; may I render one 901 form?
No. All businesses must be assessed on an individual basis so the school districts are funded properly.
What if I have no assets to report?
If you feel you have nothing to report, attach an explanation about why nothing was reported and file it with the County Assessor’s office. Almost all businesses and rental units have some assets to report even if it is only supplies or rented equipment.
What if the business has sold or closed?
Notify the County Assessor in writing with the business name and date of closure.
Is depreciation allowed on furniture and fixtures, machinery and equipment, computer equipment and leasehold improvements?
Yes. But only if the taxpayer reports the original cost and year acquired. In calculating the assessed value, the County Assessor’s office uses depreciation and trending factors from the Oklahoma Tax Commission. The taxpayer has the option of listing fixed assets in summary or by year of acquisition (form 904A Sch 3A). Generally, listing by year acquired permits the County Assessor’s office to allow more depreciation.
Do I have to report assets that I lease, loan, rent, borrow or are provided as part of the rent?
Yes. There is an area on the back of OTC form 904A Sch 3A specifically for those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes.
Are licensed vehicles, automobiles, trucks, etc. to be included on this form?
No. This is the most common mistake made in completing the Form 901. Motor vehicles licensed by the state are not included in inventory or as machinery and equipment. Equipment installed on trucks or trailers after purchase must be reported.
Do I have a chance to correct a mistake or protest the valuation of my business?
Yes. Upon receipt of a notice of assessment showing the value placed on your business you have 30 calendar days to review the value and contact the Assessor’s office to correct any mistake or problem.
What if I have old equipment that has been fully depreciated and written off the books?
Whether fully depreciated in your accounting records or not, all property still in use or in your possession should be reported.
What if I buy or sell an existing business during the year? Who is responsible for the taxes?
The owner on January 1 would be responsible for filing the personal property return. However, the County Assessor’s office needs to be notified of any changes in ownership.
If I close my business in the middle of the year, can the taxes be prorated?
No. Taxes are due in full for that tax year.
What if I have closed my business, but still own the assets?
You are still required to file a return.