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Category: Colton Meister

Reducing Multistate Tax Liability

By Jasmine Richardson

The Arkansas Supreme Court’s recent decision in Hudson v. United States Beef Corporation clarifies that, under prior law, gains from a one-time, complete business liquidation may be treated as nonbusiness income and allocated to a company’s state of commercial domicile rather than apportioned across multiple states. This interpretation could significantly reduce Arkansas income tax liability for multistate businesses that liquidated or sold substantially all assets before 2026. However, a statutory amendment effective January 1, 2026 broadens the definition of business income, limiting the applicability of this favorable treatment to earlier tax years and creating a narrow window for potential refund opportunities.

The One Big Beautiful Bill Act

By fridayfirmdev

The One Big Beautiful Bill Act (“OBBBA”) was signed into effect by President Trump on July 4, 2025. Included in the OBBBA was the “No Tax on Tips” provision, which grants service-sector workers an above-the-line deduction of up to $25,000 of qualified tip income earned between January 1, 2025, and December 31, 2028. Also included is the “No Tax on Overtime” provision, which, during the 2025-2028 tax years, grants…

Corporate Transparency Act

By fridayfirmdev

On Monday, March 2nd, the Treasury Department announced it would no longer enforce any penalties or fines associated with beneficial ownership reporting under the Corporate Transparency Act (“CTA”). The Treasury Department will be issuing further rules which will narrow the CTA reporting requirements to foreign reporting companies only, removing any requirements for domestic companies altogether. … Continued

BOI Injunction Remains in Place

By fridayfirmdev

On Thursday, January 23rd, the U.S. Supreme Court issued a stay of the nationwide injunction banning enforcement of the BOI filing requirements in the case Texas Top Cop Shop, Inc. v. Garland. Many reports jumped to the conclusion that….

Nationwide Injunction Temporarily Halts Compliance Requirements

By fridayfirmdev

On December 3, 2024, the U.S. District Court for the Eastern District of Texas granted a nationwide preliminary injunction that enjoins the federal government from enforcing the Corporate Transparency Act (the “CTA”). The Corporate Transparency Act went into effect January 1, 2024, and requires all reporting companies to file information about the beneficial owners of the company the with Financial Crimes Enforcement Network (“FinCEN”).