OK Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout Oklahoma (OK). With its energy industry and aerospace sector hub, we understand the unique financial landscape that comes with doing business in Oklahoma.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to Oklahoma clients without the need for an additional state license. This means Oklahoma individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in Oklahoma (OK)
OK Individual Tax Preparation
Comprehensive federal and Oklahoma state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →OK Business Tax Services
Tax preparation and planning for Oklahoma-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →OK Cryptocurrency Tax
Specialized crypto tax services for Oklahoma investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →OK Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in Oklahoma.
Learn More →OK IRS Resolution
Professional representation before the IRS for Oklahoma taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →OK 83(b) Elections
Equity compensation planning and 83(b) election filing for Oklahoma startup employees and founders receiving restricted stock.
Learn More →OK Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →OK Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →OK Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →OK Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →OK Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →OK Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →OK Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →OK Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →OK Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →OK Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →OK Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →Oklahoma Audit Services in Detail
Oklahoma businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
Oklahoma Nonprofit Audits
Under Oklahoma's Solicitation of Charitable Contributions Act, charities registered with the Oklahoma Secretary of State are generally required to submit audited financial statements when annual contributions exceed $1,000,000, and reviewed financial statements when contributions are between $500,000 and $1,000,000. Audited statements are also routinely expected by the Inasmuch Foundation, the Sarkeys Foundation, the George Kaiser Family Foundation (Tulsa — one of the largest philanthropic operations in the South Central U.S.), the Tulsa Community Foundation, the Oklahoma City Community Foundation, the United Way affiliates, and federal subrecipient grantors.
Oklahoma 401(k) & Employee Benefit Plan Audits
Oklahoma plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across Oklahoma, including plans sponsored by Oklahoma oil and gas companies (Continental Resources, Devon Energy, Chesapeake Energy area), the SCOOP/STACK operators and oilfield services companies, Tinker AFB and Oklahoma's defense and aerospace contractors, American Airlines maintenance operations in Tulsa, ONEOK, BOK Financial, Hobby Lobby, and Oklahoma's tribal-owned enterprises.
Oklahoma Single Audits (Uniform Guidance)
Oklahoma nonprofits, municipalities, school districts, tribal nations, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year are subject to the Single Audit requirements of 2 CFR Part 200.
Oklahoma Lender, Bonding & Investor Audits
Oklahoma banks (BOK Financial, MidFirst, First United), surety companies, and Oklahoma-based private equity, venture, and energy investors frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises.
Oklahoma Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by Oklahoma lenders and stakeholders requiring CPA-prepared financial statements.
Oklahoma (OK) Tax & Business Landscape
Key Oklahoma Tax Numbers. Personal income tax: graduated, top rate 4.75% on income above approximately $7,200 single / $12,200 joint. Corporate income tax: 4% flat. Sales and use tax: 4.5% state, plus county/city; combined Oklahoma City rate approximately 8.97%; combined Tulsa rate approximately 8.52%. Estate tax: none. Pass-through entity (PTE) elective tax: rate matches personal IT, available since tax year 2019 — among the earliest state PTEs in the country. Oklahoma Gross Production Tax (severance tax): 5% standard rate on oil and gas production, 2% incentive rate for newly drilled wells in the first 36 months.
Filing Mechanics. Individuals file Form 511 (residents) or Form 511-NR (nonresidents and part-year residents). C-corporations file Form 512; S-corps and partnerships file Form 514. PTE election is made on partnership/S-corp returns. Returns are due April 15 and administered by the Oklahoma Tax Commission.
Oklahoma Oil & Gas — SCOOP, STACK, and Severance Tax. Oklahoma is one of the most prolific oil and gas states, anchored by the SCOOP (South Central Oklahoma Oil Province) and STACK (Sooner Trend Anadarko Canadian Kingfisher) plays of the Anadarko Basin. Major operators include Continental Resources, Devon Energy, Chesapeake Energy, and dozens of mid-tier and royalty operations. Oklahoma's Gross Production Tax (severance tax) — 5% standard with a 2% incentive rate for new wells in their first 36 months — is a meaningful piece of Oklahoma operator economics, alongside federal IDC deductions, depletion (cost vs. percentage), and royalty/working-interest accounting. We support Oklahoma operators, royalty owners, and oilfield services companies with these specialized issues.
McGirt v. Oklahoma & Tribal Taxation. The 2020 U.S. Supreme Court decision in McGirt v. Oklahoma — and its subsequent expansions — held that much of eastern Oklahoma remains "Indian Country" for federal jurisdictional purposes. Across the territories of the Five Civilized Tribes (Cherokee, Chickasaw, Choctaw, Creek, Seminole), tribal members residing on their tribe's reservation may be exempt from Oklahoma state income tax on income earned there. The legal and administrative landscape continues to evolve. We work with Oklahoma tribal members and businesses on McGirt-related taxation issues.
Oklahoma Economy & Who We Serve. Oklahoma's economy is anchored by oil and gas (SCOOP/STACK; Continental Resources, Devon Energy, Chesapeake Energy, Williams), aerospace and defense (Tinker AFB — the largest single-site employer in OK; American Airlines maintenance operations in Tulsa; the Oklahoma City Air Logistics Complex), agriculture (cattle — among the top U.S. producers; wheat), tribal economies (the Five Civilized Tribes operate substantial gaming, hospitality, and business enterprises across eastern Oklahoma), manufacturing, and natural disaster considerations (tornado climate). Our typical OK clients include oil and gas industry professionals (royalty owners, operators, services companies), aerospace and military professionals, real estate investors, agricultural operations, tribal members navigating McGirt-related issues, and Oklahoma City and Tulsa-area corporate executives.
CPA Mobility in Oklahoma. Oklahoma has adopted CPA mobility provisions under the Uniform Accountancy Act. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable Oklahoma Accountancy Board mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of Oklahoma, including Oklahoma City (state capital; largest city; oil/gas; aerospace), Tulsa (oil/gas; aerospace; American Airlines maintenance; tribal), Norman (University of Oklahoma), Broken Arrow, Edmond, Lawton (Fort Sill), Moore, Midwest City (Tinker AFB), Enid, Stillwater (Oklahoma State University), the SCOOP/STACK oil and gas region, the Five Civilized Tribes territories, and every Oklahoma county.
Oklahoma Economy & Who We Serve. Oklahoma's economy is driven by oil and gas production, aerospace and defense, agriculture (wheat and cattle), and a growing logistics and manufacturing sector. We serve Oklahoma energy professionals, aerospace contractors, and real estate investors.
CPA Mobility in Oklahoma. Under the AICPA/NASBA CPA Mobility Act adopted by Oklahoma, a CPA licensed in good standing in another U.S. state may provide attestation, tax, and advisory services to Oklahoma clients without obtaining a separate Oklahoma license. Kurt Simmons is a CPA in active good standing in Maryland, Delaware, and Florida, and is fully authorized to provide the complete range of CPA services to Oklahoma (OK) individuals, businesses, and nonprofits under this mobility framework.
Cities We Serve. While our practice is virtual-first and not tied to any single office, we regularly work with clients in Oklahoma City, Tulsa, Norman, Broken Arrow, Edmond, Lawton, and Moore, and throughout the rest of Oklahoma.
Why Oklahoma Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, benefit plans, oil/gas operators, and privately held businesses
- Deep expertise in OK-specific issues: Oklahoma PTE election (one of the earliest), Oklahoma Gross Production Tax (severance) on oil and gas, McGirt-related tribal taxation issues, SCOOP/STACK operator accounting, Tinker AFB/aerospace defense contractor accounting, and Oklahoma agricultural operation taxation
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax, and 83(b) elections for OK tech/aerospace/energy startup employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
Oklahoma CPA — Frequently Asked Questions
Do I need an Oklahoma-licensed CPA?
Oklahoma has adopted CPA mobility provisions under the Uniform Accountancy Act. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level Oklahoma Accountancy Board registration before commencing attest engagements.
What is Oklahoma's income tax rate?
Oklahoma has a graduated personal income tax with a top rate of 4.75% on income above approximately $7,200 single / $12,200 joint. The OK corporate income tax is 4%. Form 511 (residents) or 511-NR (nonresidents/PY) is due April 15.
Does Oklahoma have a SALT-cap workaround?
Yes. Oklahoma was actually one of the earliest states to enact a Pass-Through Entity Tax (PTE) — effective for tax years beginning on or after January 1, 2019. Eligible S-corps and partnerships pay an entity-level tax tracking the top personal income tax rate, and members receive a corresponding credit on Form 511.
What special tax issues apply to Oklahoma oil and gas operations?
Oklahoma's oil and gas industry — anchored in the SCOOP/STACK plays of the Anadarko Basin and the historic oilfields of central Oklahoma — faces specialized issues: Oklahoma Gross Production Tax (severance tax — 5% standard, 2% incentive rate for newly drilled wells in the first 36 months), royalty interest and working interest accounting, intangible drilling cost (IDC) federal deductions, depletion (cost vs. percentage), and Oklahoma's specific tax treatment of severance income. We support Oklahoma operators, royalty owners, and oilfield services companies (Continental Resources, Devon Energy, Chesapeake Energy area) with these specialized issues.
How does the McGirt v. Oklahoma decision affect tribal taxation in Oklahoma?
The 2020 U.S. Supreme Court decision in McGirt v. Oklahoma — and its subsequent expansions — held that much of eastern Oklahoma remains "Indian Country" for federal jurisdictional purposes. The decision has implications for state taxation of tribal members residing on reservation land and for businesses operating on tribal lands across the Five Civilized Tribes territories (Cherokee, Chickasaw, Choctaw, Creek, Seminole). Tribal members may be exempt from Oklahoma state income tax on income earned on their tribe's reservation. The legal landscape continues to evolve. We work with Oklahoma tribal members and businesses on McGirt-related taxation issues.
When does my Oklahoma nonprofit need an audit?
Under Oklahoma's Solicitation of Charitable Contributions Act, charities registered with the Oklahoma Secretary of State are generally required to submit audited financial statements when annual contributions exceed $1,000,000, and reviewed financial statements when contributions are between $500,000 and $1,000,000. Federal Single Audit requirements apply when federal expenditures exceed $1,000,000.
Do you serve Oklahoma clients outside Oklahoma City and Tulsa?
Yes. Our practice is virtual-first, so we serve clients across all of Oklahoma — including Norman (University of Oklahoma), Broken Arrow, Edmond, Lawton (Fort Sill), Moore, Midwest City (Tinker AFB), Enid, Stillwater (Oklahoma State), the SCOOP/STACK oil and gas region, the Five Civilized Tribes territories, and every Oklahoma county.