• Tax News Alert

    IRS Announces Tax Day Extended to May 17

    March 18, 2021
    The Treasury Department and Internal Revenue Service issued the following press release yesterday announcing the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
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  • Isabel Glenn

    Arkansas Franchise Tax Reporting Moves to DFA

    January 22, 2021
    In a move to consolidate all of the taxing services for the State of Arkansas to the Department of Finance and Administration (DFA), effective as of January 1, 2021, all Arkansas entities required to pay annual Franchise Taxes will no longer file with the Secretary of State and will now file with the DFA.
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  • Coronavirus Alert

    IRS Extends More Tax Deadlines, Including Form 990-Series Returns and Notices

    April 14, 2020

    Last month, the IRS announced that certain taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. The IRS has extended this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. The extensions apply to many forms and tax payments made by tax-exempt organizations, including: 

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  • Coronavirus Alert

    IRS Extends Deadline to Pay Taxes

    March 18, 2020
    To combat anticipated financial hardships occurring as a result of COVID 19, the Treasury Department has announced that taxpayers may postpone the payment of up to $1,000,000 in income taxes due for 2019 ($10,000,000 in the case of corporations) until July 15, 2020 without penalties and interest. The $1,000,000 limitation applies regardless of whether the taxpayer is filing an individual or joint return. Income tax returns are NOW DUE JULY 15.*
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  • Key Provisions in SECURE Act to Affect Retirement Plans

    January 20, 2020
    As you may have heard, Congress recently passed — and the President signed into law — the SECURE Act, which is landmark legislation that affects the rules for creating and maintaining employer-sponsored retirement plans. SECURE stands for the Setting Every Community Up for Retirement Enhancement Act. The SECURE Act is generally effective on January 1, 2020.
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  • connermcnair

    Tax Reform Continues: A Spotlight on Arkansas

    October 8, 2019
    By: E. Conner McNair Published in Northwest Arkansas Business Journal With the passage of the Tax Cuts and Jobs Act (TCJA) in late 2017, most of the talk regarding tax reform has focused on the changes to the federal tax laws under the Internal Revenue Code (IRC). However, during the 92nd General Assembly, which concluded on April 24, Arkansas prioritized and passed numerous changes to its own tax laws.
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  • Taxation

    FEMA Declares Emergency for Parts of Ark - Taxpayers May Be Eligible to Claim Casualty Losses of 2018/19 Tax Returns

    June 3, 2019
    As a result of severe flooding in many parts of Arkansas, the Federal Emergency Management Agency declared last Thursday that an emergency exists in Arkansas, Chicot, Conway, Crawford, Desha, Faulkner, Jefferson, Johnson, Lincoln, Logan, Perry, Pope, Pulaski, Sebastian, and Yell Counties. This means that taxpayers are now eligible under Internal Revenue Code Section 165(i) to claim casualty losses on either their 2018 or 2019 tax returns for losses incurred as a result of the emergency.
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