News

Effective April 9, 2020 - The IRS released the attached Notice 2020-23 to extend more tax deadlines for individuals and businesses. The relief covers taxpayers that have a filing or payment deadline between April 1 and July 15, 2020. It applies to fiscal year entities, estate tax returns, nonprofit organizations, information returns and more. In addition, the deadline for second quarter estimated tax payments has been moved from June 15 to July 15, and the relief is automatic so taxpayers don’t need to file any extension forms to get the relief.

AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program Key changes are in line with AICPA recommendations and advocacy points.

Applications for small business Paycheck Protection Program open Friday April 3. Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the federal Paycheck Protection Program (PPP) beginning Friday. Starting April 10, independent contractors and self-employed individuals can apply.

Secretary of State Announces Temporary Waiver of Franchise Tax Late Fees and Interest Charges Tax Deadline is May 1st; Late Fees and Interest Waived Until July 15th.

In response to the coronavirus pandemic, GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018.

In a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline. Corporations can defer up to $10 million in payments for 90 days. During that time, the IRS will not charge interest or penalties.

President Donald Trump has instructed the Treasury Department and IRS to extend the April 15, 2020 deadline for filing federal income tax returns for those affected by Coronavirus. The change is only for this year.

The American Institute of CPAs (AICPA) today called for the Treasury Department and the IRS to provide relief to all taxpayers in light of the uncertainty and challenges caused by the spread of the Coronavirus (COVID-19) pandemic. Specifically, we request that Treasury and the IRS consider the following recommendations, which will provide extensive relief to millions of individuals and businesses:

Arkansas Department of Finance and Administration recently released updated Withholding Tax Tables. Beginning January 1, 2020, the Employer’s Income Tax Withholding Tax Tables have been adjusted with an effective date of March 1, 2020 as a result of Income Tax reductions enacted by the AR General Assembly.