News

Ready for Business Grant Program

Business Grant Program (Second Opportunity)

Arkansas Congress has approved an additional $55 million free grant program to help get through the COVID-19 pandemic.  These funds are for personal protective equipment, hand sanitizer, deep cleaning, and other expenses related to protecting employees from the COVID-19 virus.

This will be a first come first serve application; however, unlike last week the applications will stay open for a full two days (Tomorrow and Wednesday).

The grants are for $1,000 per employee, a maximum of 100 employees.

The website link is:

https://www.arkansasedc.com/covid19resources/business-resources/ready-for-business-grant-program/While it says unavailable at the current moment it will become available at 8:00 am tomorrow.  I encourage you to go ahead and follow the link to review the required information and grant guidelines.

VIEW GRANT PROGRAM OVERVIEW


If this is something you feel that will benefit your Company I encourage you to apply early to increase your chances of receiving a grant.  Please let us know if you have any questions.

Thank you,

Allen

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A note from Secretary of State concerning franchise tax.

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

Arkansas Secretary of State John Thurston announced today that late fees and interest charges on businesses’ annual franchise taxes will be waived until July 15th. The filing deadline for annual franchise taxes is May 1st. Typically, companies filing after the deadline are charged a $25 late fee plus 0.000274% interest per day the payment is delinquent. These penalties will be waived for those who file between May 2nd and July 15th.  This only applies to the 2020 franchise tax reporting year.

Secretary Thurston said, “The May 1st deadline is set by state law, however, we thought this would be one way to help companies who may need a little extra time to get their tax payments in order. The ongoing COVID-19 pandemic is having a serious impact on our business community and we want to help them in any way that we can.”

The Secretary continues to work closely with all stakeholders and coordinated these efforts with those of the Governor’s Office and the Department of Finance and Administration.

Arkansas franchise taxes can be filed conveniently online at https://www.ark.org/sos/franchise/index.php.

CLICK HERE TO FILE YOUR FRANCHISE TAX ONLINE
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Covid19 Families First Coronavirus Response Act

Families First Coronavirus Response Act Notice – FAQ

WASHINGTON, DC – Today, the U.S. Department of Labor’s Wage and Hour Division (WHD) announced more guidance to provide information to workers and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) when it takes effect on April 1, 2020.

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IRS Notice 2020

The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return.

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Families First Coronavirus Response Act (FFCRA)

Families First Coronavirus Response Act (FFCRA) Compliance Recommendations

Employers with fewer than 500 employees should review policies and practices to ensure compliance with the Families First Coronavirus Response Act and train supervisors on how to respond when employees request such leave.  You will find summarized notes from the Families First Coronavirus Response Act below:

Here are sample policies on Emergency Paid Sick Leave and Public Emergency Health Leave required by the Act.

If you have questions please contact us at (479) 249-9916.

 

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DOL Issues Final Overtime Rule

DOL Issues Final Overtime Rule

After much anticipation, on September 24, 2019, the U.S. Department of Labor (DOL) has announced its long-awaited Final Overtime Rule to update the federal overtime regulations governing which employees are entitled to minimum wage and overtime pay under the federal wage and hour law by increasing the salary level required under the executive, administrative and professional (EAP) white-collar exemptions. The Final Overtime Rule is effective as of January 1, 2020.

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Bartering

Bartering is BIG Business

Before money, there was bartering. And a significant percentage of business is still conducted by trading goods and services. If your company barters, understand this: These transactions are generally taxable.

  • 400,000 companies worldwide used baartering to earn an estimated $12 billion.
  • 30% business activities world-wide are barter-based.
  • 33% U.S. small business regularly use bartering.

A barter exchange enables business to barter with each other, or with the exchange, for goods, services and credit, For example:

Fleet maintenance company needs to advertise

1. Exchange connects maintenance company with ad agency to develop campaign. It debits maintenance company’s account and credits ad agency’s account.

2. Exchange connects ad agency with office supply company, applies ad agency’s credit and credits office supply company’s account.

3. Exchange connects office supply company with fleet maintenance company and applies office supply company’s credit.

To ensure you’re complying with tax authorities:

  • Consider any barter income taxable in the year goods or services received.
  • Report the fair value of goods or services received.
  • Deduct related business expenses.
  • Determine whether activities trigger other taxes.
  • Ensure you receive Form 1099-B from your barter exchange (if applicable).

 

For more information about bartering and taxes, please contact us.

bartering

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Pierce Firm charitable tax deduction rules

Charitable Tax Deductions IRS Rules

If reducing your taxable estate is an important estate planning goal, making lifetime charitable donations can help achieve that goal and benefit your favorite organizations. In addition, by making donations during your lifetime, rather than at death, you can claim income tax deductions. But some of your charitable deductions could be denied if you don’t follow IRS rules.

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Withholding

Is your employer withholding enough in taxes?

The IRS has updated its 2018 withholding tables to reflect provisions of the Tax Cuts and Jobs Act. Employers use these tables to determine withholding from employees’ paychecks. But it’s your responsibility to ensure you’re withholding enough.

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