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26-54-107. Computation of tax — Penalty — Relief. [Effective until May 1, 2021.]
Arkansas Code — all titles (historical 2020) · legal_authorities
26-54-107. Computation of tax — Penalty — Relief. [Effective until May 1, 2021.]
(a) The Secretary of State from the information reported and from any other information received by him or her bearing upon the subject shall compute the amount of tax of each corporation at the rate or rates provided by this chapter.
(b)(1)(A) If the taxpayer fails to comply with the filing and remittance requirements under § 26-54-105(c) by May 1, the Secretary of State shall assess the corporation a penalty of twenty-five dollars ($25.00) plus interest on the tax and penalty from the date due until paid at the rate of ten percent (10%) per year.
(B) However, the franchise tax, penalty, and interest for any tax year shall not exceed two (2) times the corporation's tax owed.
(2) On or before November 1 of each year, the Secretary of State shall mail notice to the corporation at its last known address stating that the corporation is subject to forfeiture of its corporate charter under § 26-54-111 for the failure to pay corporate franchise tax.
(c) The Secretary of State or his or her designee may agree to settle or compromise a dispute concerning interest or penalties associated with corporate franchise taxes if the taxpayer:
(1) Disputes the proposed amount; or
(2) Is insolvent or bankrupt.
(d)(1) The Secretary of State may waive any accrued interest or assessed penalties imposed on a taxpayer due to a failure to remit corporate franchise taxes under § 26-54-105(c), if:
(A) The taxpayer is reasonably mistaken about the application of this chapter or the computation of the franchise tax to the corporation; or
(B) A taxpayer cannot pay the accrued interest or assessed penalties because of the taxpayer's insolvency or bankruptcy.
(2) The Secretary of State may waive any
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-54-107
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:26-54-107
Source file: gov.ar.code.title.26.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 8b62fd83e84941b0c721477bc60364a00230a9ae429ad8382fa4043c4f8b5231
Source location: content.xml paragraph 22551
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26-54-107. Computation of tax — Penalty — Relief. [Effective until May 1, 2021.]
(a) The Secretary of State from the information reported and from any other information received by him or her bearing upon the subject shall compute the amount of tax of each corporation at the rate or rates provided by this chapter.
(b)(1)(A) If the taxpayer fails to comply with the filing and remittance requirements under § 26-54-105(c) by May 1, the Secretary of State shall assess the corporation a penalty of twenty-five dollars ($25.00) plus interest on the tax and penalty from the date due until paid at the rate of ten percent (10%) per year.
(B) However, the franchise tax, penalty, and interest for any tax year shall not exceed two (2) times the corporation's tax owed.
(2) On or before November 1 of each year, the Secretary of State shall mail notice to the corporation at its last known address stating that the corporation is subject to forfeiture of its corporate charter under § 26-54-111 for the failure to pay corporate franchise tax.
(c) The Secretary of State or his or her designee may agree to settle or compromise a dispute concerning interest or penalties associated with corporate franchise taxes if the taxpayer:
(1) Disputes the proposed amount; or
(2) Is insolvent or bankrupt.
(d)(1) The Secretary of State may waive any accrued interest or assessed penalties imposed on a taxpayer due to a failure to remit corporate franchise taxes under § 26-54-105(c), if:
(A) The taxpayer is reasonably mistaken about the application of this chapter or the computation of the franchise tax to the corporation; or
(B) A taxpayer cannot pay the accrued interest or assessed penalties because of the taxpayer's insolvency or bankruptcy.
(2) The Secretary of State may waive any fees that a taxpayer owes if the taxpayer desires to dissolve the corporation.
(e) If the parties cannot resolve the dispute, the parties may pursue any other remedy available to them, including, but not limited to, remedies available under the Arkansas Administrative Procedure Act, § 25-15-201 et seq.
(f) The Secretary of State shall develop guidelines to assist a taxpayer in resolving a corporate franchise tax dispute.
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Arkansas Code — all titles (historical 2020) · legal_authorities
25-15-201. Title.
This subchapter shall be known and cited as the “Arkansas Administrative Procedure Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 25-15-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 25-15-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-54-105. Franchise tax reports. [Effective until May 1, 2021.]
(a)(1) The Secretary of State shall furnish report forms to each corporation subject to the provisions of this chapter by mailing them to the corporation's current agent for service or other person identified by the corporation.
(2) When filing the franchise tax report, a corporation may state who is to receive a franchise tax form the following year if that person is different from the agent for service on file for the corporation at that time.
(b) Any corporation that fails to receive the report forms by March 20 of the reporting year shall make written request for them to the Secretary of State on or before March 31.
(c)(1) Each corporation subject to the requirements of this chapter shall file a franchise tax report with the Secretary of State that shows the condition and status of the corporation as of the close of business on the last day of the corporation's preceding fiscal year and other information required by the Secretary of State.
(2)(A) The franchise tax as computed on the report shall be remitted with the franchise tax report on or before June 1 of the reporting year for franchise tax due for calendar year 2003 and years prior to 2003.
(B) The franchise tax as computed on the report shall be remitted with the franchise tax report on or before May 1 of the reporting year for franchise tax due for calendar year 2004 and subsequent years.
(d)(1) Every corporation that dissolves shall be required to pay at the time of dissolution the franchise tax for the prior calendar year and pay at the time of dissolution the minimum franchise tax for the year in which dissolved or withdrawn.
(2) Any newly formed corporation shall not be required to file a franchise tax report until the calen
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-54-105
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-54-105. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-54-105. Franchise tax reports. [Effective May 1, 2021.]
(a)(1) The Department of Finance and Administration shall furnish report forms to each corporation subject to this chapter by mailing them to the corporation's current agent for service or other person identified by the corporation.
(2) When filing the franchise tax report, a corporation may state who is to receive a franchise tax form the following year if that person is different from the agent for service on file for the corporation at that time.
(b) A corporation that fails to receive the report forms by March 20 of the reporting year shall make written request for them to the department on or before March 31.
(c)(1) Each corporation subject to the requirements of this chapter shall file a franchise tax report with the department that shows the condition and status of the corporation as of the close of business on the last day of the corporation's preceding fiscal year and other information required by the department.
(2)(A) The franchise tax as computed on the report shall be remitted with the franchise tax report and submitted to the department with the corporation's income tax return.
(B) For a corporation that is not required to submit an income tax return, the franchise tax as computed on the report shall be remitted with the franchise tax report on or before May 1 of the reporting year for franchise tax due.
(d)(1) Every corporation that dissolves shall be required to pay at the time of dissolution the franchise tax for the prior calendar year and pay at the time of dissolution the minimum franchise tax for the year in which dissolved or withdrawn.
(2) Any newly formed corporation shall not be required to file a franchise tax report until the calendar year immediately following the cale
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-54-105
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-54-105. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-54-107. Computation of tax — Penalty — Relief. [Effective May 1, 2021.]
(a) The Secretary of the Department of Finance and Administration from the information reported and from any other information received by him or her bearing upon the subject shall compute the amount of tax of each corporation at the rate or rates provided by this chapter.
(b)(1)(A) If the taxpayer fails to comply with the filing and remittance requirements under § 26-54-105(c), the secretary shall assess the corporation a penalty of twenty-five dollars ($25.00) plus interest on the tax and penalty from the date due until paid at the rate of ten percent (10%) per year.
(B) However, the franchise tax, penalty, and interest for any tax year shall not exceed two (2) times the corporation's tax owed.
(2)(A) Except as provided in subdivision (b)(2)(B) of this section, on or before November 1 of each year, the secretary shall mail notice to the corporation at its last known address stating that the corporation is subject to forfeiture of its corporate charter under § 26-54-111 for the failure to pay corporate franchise tax.
(B) For a corporation that has a franchise tax due date after May 1, six (6) months after the franchise tax return due date for the corporation, taking into account any extensions of the due date, the secretary shall mail notice to the corporation at its last known address stating that the corporation is subject to forfeiture of its corporate charter under § 26-54-111 for the failure to pay corporate franchise tax.
(c) The secretary or his or her designee may agree to settle or compromise a dispute concerning interest or penalties associated with corporate franchise taxes if the taxpayer:
(1) Disputes the proposed amount; or
(2) Is insolvent or bankrupt.
(d)(1) The
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-54-107
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. Same stored citation; legal effect and authority still require review.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-54-111. Charter forfeiture for failure to pay tax — Procedure. [Effective until May 1, 2021.]
(a) On or before January 31 of each year, the Secretary of State shall proclaim as forfeited the corporate charters or authorities, as the case may be, of all corporations, both domestic and foreign that according to the Secretary of State's records are delinquent in the payment of the annual franchise tax for a prior year.
(b) A copy of the proclamation, or applicable portion thereof, shall be furnished to each other official or agency of the state which is authorized to issue corporation charters or authorities. Upon their receipt of the proclamation, the several officials shall at once correct their respective records in accordance with the proclamation.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-54-111
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-54-111. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-54-111. Charter forfeiture for failure to pay tax — Procedure. [Effective May 1, 2021.]
(a)(1) Except as provided in subdivision (a)(2) of this section, on or before January 31 of each year, the Secretary of State shall proclaim as forfeited the corporate charters or authorities of all corporations, both domestic and foreign that according to the Department of Finance and Administration's records are delinquent in the payment of the annual franchise tax for a prior year.
(2) For a corporation that has a franchise tax due date after May 1, eight (8) months after the franchise tax return due date for the corporation, taking into account any extensions of the due date, the Secretary of State shall proclaim as forfeited the corporate charters or authorities of the corporations, both domestic and foreign that according to the department's records are delinquent in the payment of the annual franchise tax for a prior year.
(b)(1) A copy of the proclamation, or applicable portion thereof, shall be furnished to each other official or agency of the state that is authorized to issue corporation charters or authorities.
(2) Upon their receipt of the proclamation, the several officials shall at once correct their respective records in accordance with the proclamation.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-54-111
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 26-54-111. This identifies an authority to review, not proof of applicability.