News

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.*

With the coronavirus spreading rapidly and many state and local governments mandating restrictions on large gatherings, corporations are forced to consider the impact on their upcoming annual shareholder meetings. Most companies we work with tend to hold their annual meetings during the months of April or May, meaning that proxy statements and related documentation are either in the drafting stage or have already been mailed out.

The Treasury Department has issued its proposal on the next phase of legislation, which would include two, $1,000 payments to certain citizens and would devote $300 billion to government-backed small business interruption loans to help avoid layoffs. The loans under this plan would cover 100 percent of payroll for six weeks with a cap of $1,540 per week per employee. The Treasury Department would promulgate rules and regulations regarding interest rates and conditions for eligibility and repayment.

Friday Eldredge & Clark, LLP is closely monitoring and assessing the situation of the COVID-19 outbreak and its far-reaching implications. Our top priority is to protect the well-being of our employees, clients, and the community at large, as we continue to focus on our clients’ needs and the business at hand, especially in this time of uncertainty.

As the impacts of the coronavirus (COVID-19) reverberate through the economy, local companies would be wise to consider, and to prepare for, legal issues important to managing the business fallout from the virus. We touch on a sample of these legal issues below: (1) force majeure provisions, (2) business interruption insurance, and (3) employment law issues.

As Arkansas learns of its first presumptive case of coronavirus (COVID-19), it seems inevitable that the virus will have at least some impact on day-to-day activities. The precise extent and duration of that impact remain to be seen. In light of these unusual circumstances, the best mantra we could advise your business is to expect the best but prepare for the worst.

Twenty years after entering the Northwest Arkansas market, the state’s largest Arkansas-based law firm is planning another significant move. Friday, Eldredge & Clark is winding down operations at its Fayetteville office. In just a few weeks, the firm will house all of its attorneys and staff at its existing Rogers office on the top floor of a 43,500-square-foot office building at 3350 S. Pinnacle Hills Parkway, west of Interstate 49.