News

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.

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.

For most taxpayers, the 2017 Tax Cuts and Jobs Act (TCJA) should provide a welcome reduction to their tax bills. Taxpayers should see the act’s immediate impact on their tax bills as they work to finalize and file their 2018 tax returns.

Attorneys Robert T. Smith and Blake D. Lewis presented at the Arkansas Society of CPA’s 57th Annual Arkansas Federal Tax Institute. Additionally, Blake served as co-chair to the two-day event.

In October 2018, the Treasury Department and the IRS released needed guidance related to the Qualified Opportunity Zone program (QOZ Program) created by the Tax Cuts and Jobs Act.

The 2017 Tax Cuts & Jobs Act will have a significant impact on individuals, businesses and nonprofits, but the latter may experience the most negative effects.

The Internal Revenue Service reminds business owners that tax reform legislation passed last December affects nearly every business.