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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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  • Blake D. Lewis

    Blake Lewis

    IRS Issues Proposed Rules Addressing Meal and Entertainment Expenses

    March 2, 2020
    On February 21, 2020, the IRS released proposed rules to address the changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) on the ability of businesses to take deductions for meal and entertainment expenses. The TCJA has essentially eliminated the ability of taxpayers to deduct entertainment expenses while maintaining the ability for them to deduct 50 percent of the costs of business meals.
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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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  • 2019 Chambers USA

    Chambers USA Releases 2019 Rankings

    May 7, 2019
    Friday, Eldredge & Clark, LLP is pleased to announce that 26 attorneys are recognized as “Leaders in Their Field” in eight practice areas in the 2019 Chambers USA: America’s Leading Lawyers for Business.
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