Tax Reporting for Grantor Trusts
November 6, 2017
by Jennifer R. Pierce
Typically, a trust must file a separate income tax return for each calendar year. However, for most grantor trusts, filing a separate tax return is optional. The general rule and the alternative methods of reporting are described below. When a trust is a “grantor trust” for income tax purposes…
Investigating Employee Harassment Claims in the Workplace
In the wake of the #MeToo Movement and as again recently seen in media headlines, sexual harassment continues to be a prevalent problem in today’s culture, and no employer is immune from the duty to prevent and resolve harassment claims in the workplace. These claims include not only sexual…
Certain Trust Expenses Still Deductible Until 2026
The Tax Cuts and Jobs Act (TCJA), while lowering taxes for most, raised them for a few. One group of those few taxpayers for whom taxes went up under TCJA were certain trusts and estates (generally those with large investment advisory fees or certain other expenses). The issue for these trusts is…
Recent State Income Tax Rate Changes for Individuals and Corporations
October 19, 2022
by Ashley Edwards
Despite rising inflation and interest rates, some Arkansas individuals and corporations can look forward to relief when filing their state income tax returns for this year and next year. Such relief will come in the form of reduced state income tax rates and an individual income tax credit. In…
Arkansas Environmental Personnel Moves: Former Arkansas Department of Energy and Environment Secretary Becky Keogh Named State Infrastructure Coordinator for Arkansas Department of Finance and Administration
February 13, 2023
by Walter G. Wright, Jr.
Ms. Becky Keogh has been named State Infrastructure Coordinator for the Arkansas Department of Finance and Administration. Ms. Keogh most recently served as Secretary of the Arkansas Department of Energy and Environment and prior to that as the Director of the Division of Environmental Quality…
Ozark-St. Francis National Forest/Prescribed Burn/Logging/National Environmental Policy Act: Buffalo River Watershed Alliance Files Action Against United States Forest Service
February 23, 2023
by Walter G. Wright, Jr.
The Buffalo River Watershed Alliance (“BRWA”) filed a February 21st Complaint for Vacatur of Illegal Agency Decision, Declaratory and Injunctive Relief (“Complaint”) against the United States Forest Service (“Forest Service”) alleging violations of the National Environmental Policy Act (“NEPA”)…
Corporate Transparency Act
February 3, 2023
by Caroline W. Kelley
In January 2021, Congress enacted the Corporate Transparency Act (CTA) in order to protect the United States financial system from being used for money laundering and/or other illicit activities. Oftentimes when these illegal activities are occurring, the perpetrators are not using their own names…
Investment Property Exception to $10,000 Cap on Itemized Deduction for State and Local Property Taxes?
November 14, 2019
by Ashley L. Gill
As it relates to individuals, one of the more controversial aspects of the 2017 revenue act (commonly referred to as the “Tax Cuts and Jobs Act") is the $10,000 cap on itemized deductions for state and local taxes. Historically, the ability to deduct income taxes (or general sales taxes, if elected…
Lake Access: Arkansas Court of Appeals Addresses Challenge to Fees/Restrictions
February 15, 2023
by Walter G. Wright, Jr.
The Arkansas Court of Appeals (Division 1)(“ACA”) addressed in a February 1st Opinion a challenge to restrictions by a private entity on the use of a lake. See The AGRED Foundation v. Friends of Lake Erling Association, No. CV-20-509. The issues involved lake-use policies imposed by the owner of…
94th Arkansas General Assembly/Net Metering: Cost-Shifting Prevention Act of 2023 Introduced
Representative Fite of Benton and Senator Dismang of Beebe have introduced House Bill 1370 (“HB 1370”) which would amend the Arkansas Renewable Energy Development Act of 2001. HB 1370 is denominated the Cost-Shifting Prevention Act of 2023. The bill would delete the current Legislative findings and…