Daily Tax Report: State
March 12, 2021, 5:00 a.m.
The Arkansas Office of Hearings and Appeals (OHA) confirmed the Department of Finance and Administration’s (DFA) individual income tax assessment on March 11, following agreed taxpayer net tax adjustments. Arkansas resident taxpayers filed their tax returns and requested a depreciation allowance. The EDA found that taxpayers’ tax returns included the income from the partnership of two companies, but did not reconcile the income from Company 2 with Arkansas allowances. The FDFA has issued a notice on the determination of the additional tax. The OHA found: 1) Taxpayers were the only members of the companies and had to report their distributable income or losses. 2) Arkansas taxpayers have earned taxable income; 3) …
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