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Category: Tax Law

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…

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….

Key Reminders as Deadline Approaches

By fridayfirmdev

The Corporate Transparency Act (CTA) was enacted in 2021, but implementation of the new law was delayed on several occasions.  As of January 1, 2024, however, the CTA’s beneficial ownership reporting requirements are in effect. This alert reviews critical points every business owner should consider in determining the steps necessary to comply.   Who is required … Continued

2023 Arkansas Tax Legislation Summary

By fridayfirmdev

By Michael M. Pollock The Regular Session of the 94th General Assembly of Arkansas convened on Monday, January 9, 2023, and adjourned sine die on Monday, May 1, 2023. The 2023 regular session saw the enactment of over one hundred tax-related bills, summarized below. Highlights from the session include: Arkansas income tax rate reductions; individuals, trusts, … Continued

State and Federal Tax Deadlines Extended

By fridayfirmdev

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.

Firm Welcomes New Partners

By fridayfirmdev

Friday, Eldredge & Clark, LLP is proud to announce Taylor A. Stockemer and Kael K. Bowling as the firm’s newest partners. Taylor, a highly accomplished professional with a diverse background in Mergers & Acquisitions, securities and investment banking, and regulatory law and Kael, who serves as litigation counsel to financial institutions, creditors, real estate and construction firms, and other business entities.

ARKANSAS TAX APPEALS UNDER NEW COMMISSION’S PROPOSED RULES

By fridayfirmdev

By Michael M. Pollock Tax News Update: Arkansas Tax Appeals Under New Commission’s Proposed Rules The newly established Arkansas Tax Appeals Commission has released its Proposed Rules of Procedure to carry out its role under the Independent Tax Appeals Commission Act (codified at Ark. Code Ann. § 26-18-1101). The Proposed Rules set out the Commission’s: (1) … Continued