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National Taxpayer Advocate Reviews 2021 Season and Recommends Changes for 2022
Category: Tax
The National Taxpayer Advocate recently issued her Fiscal Year 2020 Objectives Report to Congress, reviewing the successes and challenges of the 2021 federal tax filing year and highlighting a series of objectives and recommendations for Congress to consider for tax year 2022. Among the noted…
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The Duty of Loyalty and Arkansas' New Uniform Limited Liability Company Act
Category: Tax
In a recent Mitchell Williams Blog we highlighted Arkansas’ enactment of the Uniform Limited Liability Company Act (the “ULLCA”), and pointed out some of the differences between the ULLCA and Arkansas’ existing Small Business Entity Tax Pass Through Act (the “Old Act”). One of those differences is…
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Out with the Old, in with the Updated – Arkansas Adopts the Uniform Fiduciary Income and Principal Act
Category: Tax
Is it principal or it is income? This question has plagued trust beneficiaries, trustees, accountants, and attorneys since trusts have been used. The answer to the question is important, because the answer generally controls how much money a beneficiary will receive from the trust. It may also be…
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Arkansas Repeals its LLC Laws and Adopts the Uniform Limited Liability Company Act
Category: Tax
Arkansas recently became the 20th state to enact the Uniform Limited Liability Company Act (the “ULLCA”) as the governing law for the formation and operation of limited liability companies in the state. On April 30, 2021, Governor Hutchinson signed SB601 into law, now known as Act 1041 of 2021…
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First Look: Select Tax Provisions in the Proposed American Families Plan
Category: Tax
On April 28, President Biden announced the American Families Plan. The American Families Plan is touted as an investment in America’s children and families – helping families cover basic expenses that so many struggle with now, lowering health insurance premiums and continuing reductions in child…
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