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State CPA Societies in Action: Oklahoma Society of CPAs

CPA Practice

Current Members: 6,000+ Headquarters: Oklahoma City President/CEO: Blaine Peterson, CPA www.OSCPA.com The OSCPA was founded in 1918 with 31 members and has grown to approximately 6,000 members in 2024. “As 2024 and beyond The Oklahoma Society of CPAs has established goals and objectives for 2024 and beyond.

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Oklahoma to Exempt Groceries from State Sales Tax

CPA Practice

Oklahoma currently has the full-fat variety: Groceries are subject to both state and local sales and use taxes. Local sales taxes, which range from 0% to 7% in Oklahoma , will continue to apply to groceries after the state sales tax exemption takes effect. With the enactment of HB 1955, it does.

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OSCPA gives $54K in scholarships to Oklahoma accounting students

Accounting Today

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What’s new in sales tax?

TaxConnex

Oklahoma Gov. Oklahoma was among 13 states that taxed groceries, and the measure is expected to reduce state revenue by $418 million a year, reportedly the largest single year tax cut in state history. Kevin Stitt has signed a bill to eliminate the state’s 4.5% sales tax on groceries.

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Why are some states’ sale taxes higher than others?

TaxConnex

But local sales taxes crop up in 38 states, according to the Tax Foundation , which adds that the five states with the highest average local sales tax rates are Alabama, Louisiana, Colorado and Oklahoma.

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Sales Tax and Vitamins/Dietary Supplements

TaxConnex

Labels can also have “drug facts” that would likely trigger tax as a prescription or nonprescription drug (this could exempt the vitamins and supplements from state sales tax in some states like Alabama, Connecticut and Kansas and, in some cases, Oklahoma).

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What's new in state sales and use taxes

TaxConnex

Oklahoma amended its definition of “marketplace facilitator” to include a person that facilitates not only retail sales of tangible personal property but all retail sales.

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