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TAX LAW

Friday, Eldredge & Clark’s tax department is the largest and most experienced in Arkansas with more than 30 attorneys focused exclusively on a specific area of tax law. Our tax attorneys, many of whom are inactive certified public accountants and have a Master of Laws in Taxation, provide turn-key representation in all areas of taxation including income taxation of individuals and corporate and other business entities; estate and gift taxation; state and local taxation and tax incentives; tax controversies; employee compensation and benefits; and non-profit and tax-exempt entities.

Tax law is central to our full range of legal counseling because we recognize that any business transaction or personal decision you make, whether simple or complex, has potentially significant tax consequences.

Our firm has an excellent reputation for designing tax-efficient strategies and offering practical solutions for businesses and individuals.

Focused on Clients

  • ArcBest
  • Arkansas Children’s Hospital
  • Arkansas Natural Resources Commission
  • Arvest Bank
  • Bank OZK
  • Baptist Health
  • Center for Toxicology and Environmental Health
  • Chambers Bank
  • Citizens Bank
  • Clark Construction
  • Colliers International
  • Cornerstone Bank
  • CrossMar Investments, LLC
  • Dale Capital Partners
  • Danny Thomas Real Estate
  • Delta Peanut
  • Dillard’s, Inc.
  • E.C. Barton & Company
  • Encore Bank
  • Entergy Corporation
  • First Financial Bank
  • First Security Bank/First Security Beardsley
  • Flake & Company
  • George’s, Inc.
  • Goldcrest Farm Trust
  • Great Southern Bank
  • Hachem Investments, Inc
  • Legacy Capital Group
  • McLarty Automotive Group
  • Murphy Oil USA, Inc.
  • Natural Capital Fund I, L.P.
  • Oaklawn Racing Casino Resort
  • Partners Bank
  • PotlatchDeltic
  • Regions Bank
  • Sage Partners
  • Southern Bancorp
  • Simmons Bank
  • Specialized Real Estate Group
  • Tempus Realty Partners
  • Tyson Foods, Inc.
  • University of Arkansas

Focused on Services

Personal Tax Planning – To ensure tax efficiency, our attorneys work with individuals to best reduce their tax liability under federal, state and local tax laws.

Business Tax Planning – Our tax attorneys design entity structuring and implement tax strategies to reduce tax obligations and implement growth opportunities. 

Trust and Estate Planning – The attorneys within our Trust and Estate Practice Group have experience with various complex estate plans, estate matters, trust administration, trust and estate controversies, preparation of gift and estate tax returns, review of fiduciary income tax returns and nonprofit trusts. 

Tax Deferred Exchanges – We are skilled in helping our clients navigate through the complexities of like-kind exchanges under Section 1031 of the Internal Revenue Code including reverse exchanges and tenant-in-common structures. Our attorneys work with clients to draft buy-sell agreements, identify benefits and risks and provide counsel on structuring deals.

Real Estate Transactions – Our real estate work covers a broad range of transactions and regulatory advice, and litigation — from routine purchase agreements to complicated and sophisticated commercial, corporate, tax and environmental work. We provide clients with practical advice and creative solutions, whether they are buying, selling, leasing or operating real property, oil and gas interests in Arkansas or in multi-state transactions. We counsel clients on debt and equity financing, non-recourse financing, project financing, partnerships and limited liability companies, joint ventures and other investment vehicles, as well as on land use, brokerage and management agreements. 

Nonprofits - Our firm has the experience and focused knowledge to advise tax-exempt organizations of all sizes, helping them remain in compliance with the Tax Code while fulfilling their organizational objectives. We counsel clients to assist in addressing organizational form and structure to meet applicable Tax Code requirements for tax-exempt status, advise them on governance and operational issues, and work in close collaboration with them to help they pursue and achieve their missions with confidence.

Arkansas Sales and Use Tax - Our attorneys help shape state tax law by working directly with the administrative officials and the legislature. We recently worked with others in obtaining legislative changes to the burden of proof in sales tax exemption matters. 

Arkansas Ad Valorem Property Tax – To help taxpayers to control costs, we use a blend of legal skills and technical valuation expertise to achieve equitable property tax assessments.  

Federal and Arkansas Tax Controversies - Our broad experience covers income taxes, sales and use taxes, estate and gift taxes, excise taxes and ad valorem taxes. We also handle collection-related matters where the IRS or state is attempting to collect taxes. You will get an effective defense in audits, administrative hearings and proceedings, and appeals before the IRS and state and local taxing authorities. We are committed to analyzing and helping our clients properly resolve (including litigating, if necessary) their disputes with the taxing authorities.

Mergers and Acquisitions – As part of this practice, we represent buyers and sellers in a variety of business mergers, acquisitions and divestitures. Our lawyers will help clients with the structuring, negotiation, documentation, and closing of the deal, using our firm’s full resources for everything from due diligence and tax-efficient deal structures, to financing and governmental approval, to the review of employee benefits and non-compete agreements.

Tax Credits - We work with investors, lenders, developers, nonprofit organizations and businesses to provide creative financing opportunities and tax-credit solutions to boost economic development in Arkansas. We have extensive knowledge and years of experience in tax credit programs such as Renewable Energy Tax Credits, New Markets Tax Credits, Low Income Housing Tax Credit and Opportunity Zoning. We work with clients to help simplify the complexity of tax credit loan transactions while structuring multi-layered deals that maximize their tax relief.

Employee Benefits and Executive Compensation - Our firm has the largest and most experienced Employee Benefits Practice Group in Arkansas, and one of the largest in the south, with seven lawyers responsible for more than 1,000 separate employee benefit and compensation plans. We handle every legal aspect of employee benefit plans, from design, implementation, and administration to compliance audits, government audits and investigations, fiduciary issues and employee benefits in mergers and acquisitions. 

Economic Incentives – When companies look to Arkansas to relocate, they also engage the firm to help them find and secure federal and state economic incentives. Our attorneys work with clients to assist with legal compliance in this area and to better ensure that applicable certification and approval procedures are met. In Arkansas, this involves working with agencies such as the Arkansas Economic Development Commission, Department of Workforce Education, Arkansas Soil and Water Commission, Department of Parks and Tourism and Department of Environmental Quality.

Focused on our Team

With more than 30 attorneys and an impressive total of more than 700 years of experience, our tax attorneys focus on particular areas of the law to best serve our clients. Twenty-five of the firm’s tax attorneys have earned their Master of Laws in Taxation and many are inactive certified public accountants. Six attorneys have been selected as Fellows in the prestigious American College of Trust & Estate Counsel and the firm has the only two Arkansans who are Fellows of the American College of Tax Counsel. Our tax department also includes the only attorney in the state, and one of only 65 in the country, invited to be a member of the National Association of Property Tax Attorneys.

Friday, Eldredge & Clark hosts tax seminars/webinars throughout the year, educating CPAs and business leaders on changes in tax laws. Additionally, many of the firm’s attorneys participate in seminars/webinars through the Arkansas State Chamber of Commerce, the Arkansas Society of Certified Public Accountants and other industry-related events.

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