taxes

I briefly worked for a businessman whom after the phrase “richer than God” was probably coined. I still remember the first business trip I took with him abroad—we had just entered the Admiral Lounge in Dallas for our layover. After…

The Little Rock School Board is moving forward with administrative recommendations to seek voter approval for an additional $300 million dollars in funds. If approved by voters, this allotment would allow for completion of projects across the school district including…

New economic proposals from President Joe Biden could result in the biggest tax increases the United States has seen in almost thirty years. On Monday, March 15, Bloomberg published a report, in which unidentified sources said that Biden is planning…

Q: What impact could Paycheck Protection Program (PPP) loan forgiveness have this tax season? A: One of the biggest unknowns heading into the 2020 (2021) tax season centers on PPP loan forgiveness. As a reminder, the CARES Act was passed back in…

Q: What should taxpayers know as they prepare for tax season? A: Paycheck Protection Program (PPP) loan forgiveness and deductibility could have had a significant effect on businesses and self-employed individuals. If a PPP loan was received by a business or self-employed…

Editor’s note: On Dec. 27, President Donald Trump signed into law the Consolidated Appropriations Act of 2021, which provided routine annual funding for the federal government for 2021. This legislation also authorized approximately $1 trillion in funding for several pandemic-related…

Q: Given the loosening of eligibility rules, should remote workers claim a home-office deduction this year?  A: It would be nice to be able to claim a home-office deduction this year; unfortunately, as part of the changes brought about by Tax Cuts…

A recent executive order signed by Gov. Asa Hutchinson is expected to provide relief for business owners by excluding unemployment claims for the second quarter of 2020 in the calculation of UI tax rates. According to Executive Order 20-54, signed…

The deadline for claiming an Economic Impact Payment is rapidly approaching. Individuals have until Saturday, Nov. 21 at 3 p.m. EST to request one of the stimulus payments. To obtain a payment, individuals must use the “Non-Filers” tool on the…

Late fees and interest charges on 2020 business franchise taxes have been temporarily waived. Arkansas Secretary of State John Thurston announced that these fees will be waived until July 15. Typically, the filing deadline is May 1, but businesses that…