News

At the state level, the individual income tax filing date and individual income tax payment date has been extended to July 31, 2023 for residents of Pulaski, Lonoke and Cross counties. This extension includes returns for S-corporations, trusts and restates, partnerships and composite returns.

First, our thoughts and hearts go out to those impacted by the tornados that passed through Arkansas last Friday, March 31, 2023. We know this is a difficult time, and we hope you have a smooth and fast recovery. In light of the disasters, we are writing to alert you about new provisions that may be added to a qualified retirement plan or 403(b) plan under the SECURE Act 2.0. These optional provisions could be added to offer assistance to those impacted by these storms since President Biden declared, on April 2, 2023, a federal disaster area for Cross, Lonoke, and Pulaski Counties in Arkansas. These new retirement plan provisions are designed to help those Eligible Participants, who are individuals that have:

While the failure of Silicon Valley Bank of Santa Clara, California, drew the greater share of coverage as Americans watched a classic bank run in real time, the collapse of Signature Bank of New York might have a similarly long-lasting effect on regulatory enforcement given the implications to the crypto industry. 

Governor Sarah Huckabee Sanders announced today that she will appoint Kevin Crass to the Board of Trustees of the University of Arkansas. Crass will replace Charles Gibson and his term will expire on March 1, 2033. Crass also served as Executive Director of the governor’s transition team following her election this past November.

On February 16, 2023 – Friday, Eldredge & Clark joined the Mosaic Templars Cultural Center as they hosted the opening of the new exhibit “The Life and Legacy of Scipio A. Jones.” The exhibit brings light to the great efforts Jones made in the legal world as a prominent African American attorney right here in Pulaski county.

Banks in Arkansas and throughout the country have experienced substantial asset growth in recent years.  The Annual Report of the Commissioner of the State Bank Department in 2017 listed 80 state-chartered banks with combined total assets of approximately $85.2 billion (average of $1.065 billion per bank).  In June of last year, the annual report listed 74 state-chartered banks with total assets of $147 billion (average of $1.986 billion).  With increased size comes additional oversight.