For the first time, I have a big mineral producer that doesn’t withhold for Oklahoma state withholding taxes. What should I do?
All our mineral holdings are in a trust, so that once a year, the trust files the non resident tax form which reports how much has been paid and withheld and then the two recipients of the trust report to the feds and the state what has been paid and withheld and we pay whatever is owed. Neither the trust nor the recipients pay anything directly to the state or the feds until we file this form.
But this is going to be a big monthly payer. I can’t imagine that we could wait until tax time to report everything to the state and then pay withholding tax due. What do we do? Do we (the trust or the two recipients) have to calculate and pay estimated tax directly to the state all year? How do we do that? Would appreciate any advice!