Last week, the OSCPA's Tax Committee held its joint annual meeting with the Oklahoma Tax Commission (OTC) to address impending changes and procedures that may impact CPAs, their businesses and their clients.
With the new tax rules and hot button issues that 2020 brought with it, this year's virtual meeting became integral in getting questions answered for OSCPA members and CPAs in Oklahoma.
Jason Oelrich, CPA, with Eide Bailly of Tulsa, serves as the OTC Sub-Committee Chair for the Tax Committee and said the purpose of these annual meetings is to better equip OSCPA members to be successful in their work as trusted advisors.
"Because both federal and state taxation compliance requirements can be very dynamic from year to year on account of ever-changing rules and regulations promulgated by federal and state legislatures, the annual liaison meeting has become invaluable to OSCPA members," Oelrich said. "The responses provided by the Tax Commission truly do equip OSCPA members to better assist taxpayers and to also better explain to taxpayers why certain policies and procedures are administered in a particular manner."
The meeting hosted 29 OSCPA representatives – including members of the Tax Committee, staff and board members – as well as eight representatives from the OTC, including OSCPA member Charles Prater, CPA, chairman of the OTC. Members of the OSCPA Tax Committee submitted questions to the commission during the hour-long meeting and the OTC addressed each.
Key issues among those discussed were PPP expenses, tax issues related to McGirt v. Oklahoma, payment discrepancies and due dates and more. Download the full Q&A list (9-page PDF).
"In my view, it is really not possible to identify one single issue that was the most significant to come out of the joint liaison meeting, as the greatest benefit is the opportunity to have candid back and forth conversations with key representatives of the Tax Commission," Oelrich said.
The OSCPA and member volunteers continue to work diligently to provide resources for CPA members through events like these. Learn more about the OSCPA Tax Committee.
"I appreciate the opportunity to collaborate with the many talented CPAs across our state who volunteer their time," said Oelrich. "I also appreciate having a 'front-row seat' to the valuable activities the Tax Committee is involved in each year."
Stay updated on the latest tax changes and discuss your biggest tax questions in the OSCPA's online community, Evolve. The OSCPA Tax Committee frequently posts tax updates in both the Open Forum and the tax interest area communities.
Want to get involved?
If you are passionate about being a voice for the profession and want to help impact change, consider joining the OSCPA's advocacy efforts through the CPA-PAC or the Legislative Contact Program.