Tax Audit Lawyers in Little Rock. He was an invaluable ally. Arkansas.gov. At times sales tax audits can be stressful, confusing, time-consuming, and sometimes costly for manufacturers. Internal Audit Independence Statement. Find a local Arkansas Tax Audits attorney near you. Adam K. Add to Watch List. In addition to these duties, the Auditor administers Arkansas’s Unclaimed Property (UCP) program, formerly called The Great Arkansas Treasure Hunt. The Auditor is the general accountant for the State and serves as the payroll officer for the Executive, Legislative and Judicial branches. Examples of items subject to Use Tax include records, CD's, books, furniture, jewelry, clothing, food, hunting and fishing gear, etc. Home Field Audit Voluntary Disclosure Program. By last year, that figure had fallen nearly in half. The Corporation Income Tax Section provides technical assistance to corporate customers, CPAs and other tax preparers; processes, examines, and audits C -corporation and Sub-S income tax returns and refund claims while ensuring compliance with Arkansas’ income tax code, regulations, and policy statements; monitors and revises the computerized processing system to ensure compliance with current legislative and administrative requirements. Contact us by phone, email or via our social media channels. They also keep us apprised of any law changes and hearing decisions that might affect our facility along with answering any questions that we may have as they take time to know our manufacturing process. Learn about Arkansas tax rates, rankings and more. Each year, businesses and government agencies also known as “holders” report millions of dollars to the state. The staff of SALT Group of Arkansas has career training as ex-employees of the Arkansas Department of Finance and Administration, Office of Field Audit, with over thirty years of tax auditing experience. Jobs. Find a local Little Rock Arkansas Tax Audits attorney near you. The maximum local tax rate allowed by Arkansas law is 5.5%. When Arkansas Select Tax Service prepares your return, we provide audit assistance FREE of charge. It is important to our office to make the reporting process easy and efficient for holders. It is the mission of the Arkansas Auditor of State to return unclaimed property to its rightful owners or heirs. A local business in town heard about our audit and introduced us to Jeff Simmons. This does not include tax credit developments utilizing tax-exempt bond financing. Therefore, you need to invest the proper efforts internally or with external assistance. A graduate of Arkansas State University in 1989, Jeff majored in accounting and minored in computer information systems. As one of Arkansas's seven constitutional officers, the Auditor of State plays a very important role in the day to day business of state government. 2. Arkansas.gov Governor Asa Hutchinson. ", "Having previous first hand experience of the expense of a sales tax audit, we could not afford to be complacent about being in compliance when we received notice of a second audit. Arkansas receives an allocation of approximately $6.5 million in Low-Income Housing Tax Credit per year. A "tax audit" in Arkansas is the process by which the relevant tax authorities (either the IRS, at the federal level, or its state equivalent) investigate a tax filing in more detail than they do for ordinary filings, usually because there appears to be a discrepancy, or some other suspicious item, in somebody's tax returns. View all news. The Arkansas Sales Tax Audit book for manufacturers teaches the basics of a sales tax audit, which prepares you for an audit and also provides plans to minimize the state's tax assessments, and control the audit process. For information regarding changes to employer's accounts regarding UI benefits and UI tax, please read the Employer Newsletters This website is best viewed at 1024x768 or higher resolution Last modified date of Home.aspx Monday, November 30, 2020 at 1:38:11 PM Choose from 10 attorneys by reading reviews and considering peer ratings. Tim Clegg, a budget software developer and retired financial coach, says paying a tax preparer may not shield you from an audit. It is the mission of the Arkansas Auditor of State to return unclaimed property to its rightful owners or heirs. These are only a few examples; all tangible personal property purchased out of state is subject to the Use Tax. Sales and Use Tax. Each of our tax professionals are continuously trained in the latest tax laws. The receipt must show evidence of tax paid directly to the applicable jurisdiction or at the pump. A local business in town heard about our audit and introduced us to Jeff Simmons. Finance . Phone: (501) 682-4620. Read More > (2)(A) If there is an additional state tax due from the taxpayer because of the correction by the Internal Revenue Service, the additional state tax resulting from the issues that are included in the correction shall be assessed by the Secretary of the Department of Finance and Administration within one (1) year from the filing of the amended Arkansas income tax return by the taxpayer. In many situations, the penalties imposed can be 50% or even 100% of the tax due. A sales tax audit is not an ordinary occurrence. ... That’s not sufficient. That's the most common deadline for the IRS, although it can extend this period to six years under some circumstances, such as if the income you report is more than 25% off from what it actually was. The news comes on the heels of Gov. Home / Office of Field Audit Administration / Dakota Cowart; Dakota Cowart Tax Auditor. When was the last State audit in which your company was presented a statement of refund for overstated tax payments? Beware of these common tax scams 02:57. Each year, businesses and government agencies also known as “holders” report millions of dollars to the state. He made the process less overwhelming and stressful and was able to save us a substantial amount of money. Jeff stepped in and gave us expert advice and guidance, assisting us with every phone call or meeting with auditors. Little Rock, Ark. Tax Audit Lawyers in Mena. Phone: (501) 682-4620. Tax; How to Avoid a State Tax Audit. The Answer May Surprise You. This does not include tax credit developments utilizing tax-exempt bond financing. A "tax audit" in Arkansas is the process by which the relevant tax authorities (either the IRS, at the federal level, or its state equivalent) investigate a tax filing in more detail than they do for ordinary filings, usually because there appears to be a discrepancy, or some other suspicious item, in somebody's tax returns. Fraud Reporting Email Address: fraud@dfa.arkansas.gov Department of Finance and Administration Office of Internal Audit 1515 W. 7th Street, Suite 215 In Arkansas, certain items may be exempt from the sales tax to all consumers, not just tax-exempt purchasers.. Several examples of exceptions to the sales tax are … Jeff immediately went to work for the Department of Finance and Administration, Office of Field Audit. Arkansas.gov. Through the specialized classes that followed, Jeff would instruct auditors in these specialized fields. This estimate is based upon 6 State of Arkansas Tax Auditor salary report(s) provided by employees or estimated based upon statistical methods. Search Search. Management of Field Audit selected Jeff to train with the Internal Revenue Service and then to conduct workshops for other auditors in the latest approaches and/or undertakings that would be put into practice. His knowledge and experience made us realize we had the right person. B.J. Penalties can range from fines to revocation of your sales tax … In Arkansas, the Department of Finance and Administration will frequently audit business sales tax returns and may issue penalties or punishments for tardy filing, incorrect reporting, willful omissions, or other violations. Jeff stepped in and took control using his expertise and knowledge which saved us thousands of dollars. Tax Auditor salaries at State of Arkansas can range from $38,490 - $52,991. Want to avoid paying a 10% late penalty? Jeff continues to remind us monthly of any changes that we should be aware of and has helped us to get several large regular purchases exempted from tax. So, when our company was hit with a major data loss a few years later, we also reached out to the SALT Group for assistance while we worked to recover during the loss. The Auditor is the general accountant for the State and serves as the payroll officer for the Executive, Legislative and Judicial branches. The IRS isn't going to waste its time on an audit unless agents are … SALT Group of Arkansas will also assist in insuring that the fullest benefits are received from the exemptions and Incentive Programs. They can discuss the audit process with you, provide some background on various sampling methods, and provide insights on specific industry issues targeted by the state. Be sure to pay before then to avoid late penalties. We will continue to trust and rely on Jeff Simmons and the SALT Group for all our sales and use tax needs.". They occur because something about your financial situation placed you in a category with the IRS that indicates that you might owe more tax dollars than you say you do. Have not paid Arkansas sales tax or an equivalent amount to another state. Arkansas Code Search | Laws and Statutes Search the Arkansas Code for laws and statutes. Municipal governments in Arkansas are also allowed to collect a local-option sales tax that ranges from 0% to 5% across the state, with an average local tax of 2.157% (for a total of 8.657% when combined with the state sales tax). Best Cities for Jobs 2020 NEW! Types of Tax Audit Penalties. ", "We were introduced to Jeff Simmons a few years ago when we were undergoing a sales and use tax audit. The primary area of these errors is attributed to the human factors of our limited knowledge and skills in specialized areas. Tax Audit Guides & Information on Income Tax Audits. Taxes can also be assessed in Kansas up to one year after an amended return is filed if it's filed later than the dates above. The Department's Voluntary Disclosure Program is administered through the Nexus and Discovery Unit which is part of the Office of Field Audit. The problem is state auditors are investigating for understatements, not overstatements of taxes. Through past experience while working with audit assessments, "Having previous first hand experience of the expense of a sales tax audit, we could not afford to be complacent about being in, compliance when we received notice of a second audit. Exceptions to this general rule include where a taxpayer has collected the tax from their customers but has not remitted this tax to the State. – Arkansas Treasurer of State Dennis Milligan and Auditor of State Andrea Lea announced today their plans to ensure the state’s fiduciary responsibilities will not be interrupted in the case of a COVID-19 epidemic in Arkansas. Arkansas sales tax and Arkansas use tax are complementary excise taxes and must be reviewed by an Arkansas tax expert. News There are currently no … Penalties can range from fines to revocation of your sales tax permit depending on the infraction.. Jeff stepped in and took control using his expertise and knowledge which saved us thousands of dollars. The department will agree to waive all penalties provided the tax and interest due is paid once the total amount due is determined. Office of Field Audit Administration / Dakota Cowart; Dakota Cowart Tax Auditor. Then the state diligently attempts to reunite owners with their lost assets. Choose from 29 attorneys by reading reviews and considering peer ratings. We will work closely with and assist businesses in evaluating their procedures concerning the payment of State and Local Taxes. SALT Group of Arkansas will provide information to clients for current tax changes, and will keep clients apprised of significant information as it arises. "Arkansas could do better by eliminating tax incentives and subsidies, lowering marginal tax rates, and simplifying the tax code," Bundrick wrote. The Official Website of the State of Arkansas Arkansas.gov. And strives to keep us updated on any new laws. Go to Arkansas Code Search | Laws and Statutes Search. What salary does a Tax Auditor earn in Little Rock? A “whipsaw” audit can be the result of a company’s business customers being audited if your company is identified as not charging that business customer the correct amount of tax. They work in a similar manner to the IRS and is willing to work with taxpayers that are having problems with paying their taxes in full. A "tax audit" in Arkansas is the process by which the proper tax authorities (either the IRS, at the federal level, or its state equivalent) investigate a tax filing in more detail than they do for ordinary filings, typically because there appears to be a discrepancy, or some other suspicious item, in somebody's tax returns. Explore data on Arkansas's income tax, sales tax, gas tax, property tax, and business taxes. We are very appreciative for Jeff and the SALT Group. Words cannot describe the peace we have and the dollars we have saved, having Jeff Simmons and the SALT Group to navigate with us and for us. Arkansas has a statewide sales tax rate of 6.5%, which has been in place since 1935. For assistance from the state of Arkansas in completing the OIC, you can contact the Problem Resolution and Tax Information Office at (501) 682-7751. The IRS processes tax audits to uncover inaccurate tax returns. Pritchett, CMI provides consulting services designed to help you save sales and use taxes in the state of Arkansas. Audit reports are also available to the public for review. Then the state diligently attempts to reunite owners with their lost assets. International Fuel Tax Agreement (IFTA) Mission Statement A "tax audit" in Arkansas is the process by which the relevant tax authorities (either the IRS, at the federal level, or its state equivalent) investigate a tax filing in more detail than they do for ordinary filings, usually because there appears to be a discrepancy, or some other suspicious item, in somebody's tax returns. For every sales tax filing, collect proof that you filed the return and paid the right amount of money. We are here to assist. Internal Audit is free from Department impairments to independence in our reporting. Tax Audit Lawyers in North Little Rock. Led by Managing Partner Ryan Underwood, BKD in Little Rock was established in 1973. These include tax matrix development, voluntary disclosure, audit defense, tax overpayment studies, merger and acquisition consulting, and strategic planning. States can go back pretty far on you when they audit you for sales tax… A state’s sales and use tax statute of limitations applies as a limit to how far back a state can go when they audit you — that is assuming your company has been registered and filing sales tax returns in that state. Voluntary Disclosure Program. It was then we began working with Jeff Simmons. Find a local Arkansas Tax Audits attorney near you. SALT Group of Arkansas specializes in the review of Arkansas State and Local Sales and Uses Taxes. The Official Website of the State of Arkansas Arkansas.gov. The duties of the Office of Field Audit include conducting audits to determine compliance with Arkansas tax laws and collecting delinquent tax debts and fees. Tax Credits may be provided to owners of residential rental developments providing low-income housing units. A former State of Arkansas Tax Auditor, Jeff Simmons has almost 30 years of State and Local Tax experience. He is still, to this day, saving us money on a monthly basis. Their guidance, knowledge, and experience are indispensable to our business, and the savings we have realized from relying on their expertise has been significant. Pritchett will review your records to see if your company is overpaying taxes to the State of Arkansas. B.J. Choose from 29 attorneys by reading reviews and considering peer ratings. Online payments are available for most counties. ", "The SALT Group of Arkansas is our default for any sales tax issues that arise. We are very appreciative for Jeff and the SALT Group. The ... TAX 21 is the online site where employers and/or their tax agents can file the Employer’s Quarterly ontribution and Wage Report (DWS 209b) and pay the tax due by Electronic Funds Transfer (EFT). Established in 1992, Pritchett Sales and Use Tax Consulting is providing Arkansas taxpayers with refund reviews, audit defense, legal opinion requests and educational services. Tax Audit Lawyers in Arkadelphia. He is still, to this day, saving us money on a monthly basis. Results of audits are reported to the Director of the Arkansas Department of Transportation. Jeff's willingness to educate us toward the best practices in the area of sales tax has proven to be an invaluable asset to our company. Program Guidelines. When factoring in bonuses and additional compensation, a Tax Auditor at State of Arkansas can expect to make an average total pay of $48,591 . To ensure unclaimed property can be returned to its rightful owner, state law requires businesses and government agencies to file unclaimed property reports annually with the Arkansas State Auditor’s Unclaimed Property (UCP) Division. Search Search. The savings on overpaid sales and use tax are a great benefit in not only cash flow but future savings in having those manufacturing items exempted. Arkansas has an established office that was created for the purpose of giving taxpayers a fair and convenient way to resolve disputes involving state tax laws. Bad Boy Mowers has relied on Jeff Simmons and SALT Group of Arkansas to guide us through the sales and use tax minefield of issues, and to ensure that we are out in front of any potential problems. A "tax audit" in Arkansas is the process by which the appropriate tax authorities (either the IRS, at the federal level, or its state equivalent) investigate a tax filing in more detail than they do for ordinary filings, normally because there appears to be a discrepancy, or some other suspicious item, in somebody's tax returns. He was appointed to The Governor's Quality Management Team for Field Audit where his suggestions were implemented into law. Tax Audit Lawyers in Mena. Arkansas Tax Appeals. Myth: Professionally filed returns are audit-proof. A licensee may claim a tax-paid credit on the IFTA tax return for fuel purchasedat retail only when the fuel is placed into the fuel tank of a qualified motor vehicleand the purchase price includes fuel tax paid to a member jurisdiction. Home Excise Tax Sales and Use Tax. Tax Credits may be provided to owners of residential rental developments providing low-income housing units. Arkansas has a statewide sales tax rate of 6.5%, which has been in place since 1935. A former State of Arkansas Tax Auditor, Jeff Simmons has almost 30 years of State and Local Tax experience. This form needs Javascript to display, which your browser doesn't support. Asa Hutchinson © 2020 State of Arkansas. He was appointed to The Governor's Quality Management Team for Field Audit … Sales Tax Exemptions in Arkansas . The maximum local tax rate allowed by Arkansas law is 5.5%. Municipal governments in Arkansas are also allowed to collect a local-option sales tax that ranges from 0% to 5% across the state, with an average local tax of 2.157% (for a total of 8.657% when combined with the state sales tax). They can contact the Office of Internal Audit at (501) 682-0370, the 24-hour toll-free Report Center at (800) 952-8248, or complete a complaint form and email or mail to the Office of Internal Audit. Search. Arkansas Single Audit, 22 were Type A programs with expenditures totaling $8,843,935,560, which is 93% of total expenditures, and 393 were Type B programs with expenditures totaling $639,682,794, which is 7% of total expenditures. All Rights Reserved. 6 Tax Auditor Salaries in Little Rock, AR provided anonymously by employees. It is the mission of the Arkansas Auditor of State to return unclaimed property to its rightful owners or heirs. While you most likely work with an accounting firm that handles your financial audit or tax compliance, they may not have dedicated professionals who specialize in state and local tax matters. (2)(A) If there is an additional state tax due from the taxpayer because of the correction by the Internal Revenue Service, the additional state tax resulting from the issues that are included in the correction shall be assessed by the Secretary of the Department of Finance and Administration within one (1) year from the filing of the amended Arkansas income tax return by the taxpayer. Our advisors are available for a pre-audit analysis to discuss all areas of concern. Home / Office of Field Audit Administration / Services / Tax Audits; Tax Audits. A graduate of Arkansas State University in 1989, Jeff majored in accounting and minored in computer information systems. These include tax matrix development, voluntary disclosure, audit defense, tax overpayment studies, merger and acquisition consulting, and strategic planning. Further we can accompany you to an audit to answer questions concerning the preparation of your return, but not as your legal representative. B.J. Each year, businesses and government agencies also known as “holders” report millions of dollars to the state. The majority of tax audits aren’t the result of mathematical errors. Administers the interpretation, collection and enforcement of the Arkansas Sales and Use tax laws. State and Local Taxes have been a secondary concern where most involved have found their answers with state auditors and officials. ". An assessment means that the tax authority can review or audit the return and add additional taxes due when and if mistakes are uncovered. DWS offers Arkansas employers an online method for handling their Unemployment Insurance accounts. While the Arkansas sales tax of 6.5% applies to most transactions, there are certain items that may be exempt from taxation. Arkansas.gov Governor Asa Hutchinson. And strives to keep us updated on any new laws. Ned has 13 years of tax consulting experience with Arthur Andersen and Deloitte serving as practice leaders for both firms. This is intensified by reliance upon the State's audit review for guidance. will then prepare a claim for refund of any overpayment whether to the state of Arkansas or with the Vendor. This includes Sales, Use, Aviation Sales and Use, Mixed Drink, Liquor Excise, Tourism, Short Term Rental Vehicle, Short Term Rental, Residential Moving, Beer Excise and City and County Local Option Sales and Use Taxes. Locate your county on the map or select from the drop-down menu to find ways to pay your personal property tax. Arkansas receives an allocation of approximately $6.5 million in Low-Income Housing Tax Credit per year. For most people, this means keeping your tax records for at least three years from the date you file your tax return or the due date of the tax return, whichever is later. Home / Office of Field Audit Administration / Services / Tax Audits; Tax Audits. In 2010, for example, audits of big corporations found nearly $24 billion in unreported taxes. Jeff's willingness to educate us toward the best practices in the area of sales tax has proven to be an invaluable asset to our company. This page discusses various sales tax exemptions in Arkansas. Through past experience while working with audit assessments, SALT Group of Arkansas, has observed errors resulting in the overpayment of Arkansas State and Local Taxes. Knowing what triggers an audit … A "tax audit" in Arkansas is the process by which the appropriate tax authorities (either the IRS, at the federal level, or its state equivalent) investigate a tax filing in more detail than they do for ordinary filings, normally because there appears to be a discrepancy, or some other suspicious item, in … In Arkansas, the Department of Finance and Administration will frequently audit business sales tax returns and may issue penalties or punishments for tardy filing, incorrect reporting, willful omissions, or other violations. Everyone has heard the statistics about tax audits and how it is very unlikely to receive one in a given tax year, but over your lifetime it is more likely than not that you will get audited. “Whipsaw” Audits and Audit Cycles. It is the mission of the Arkansas Auditor of State to return unclaimed property to its rightful owners or heirs. In many cases, the responsible party may not be aware if they have been complying correctly or even at all. Home / Office of Field Audit Administration / Services / Tax Audits; Tax Audits. Then the state diligently attempts to reunite owners with their lost assets. During the audit process, the IRS will determine if any of the inaccurate tax returns are subject to: (1) additional interests, (2) civil penalty, (3) civil fraud penalty, or (4) criminal penalty. Jeff majored in accounting and minored in computer information systems tax consulting experience with Andersen. 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Penalties are even higher in computer information systems return and paid the person! And considering peer ratings Audits to uncover inaccurate tax returns a graduate of Arkansas can range fines... Their procedures concerning the preparation of your return, we provide audit assistance FREE of charge of charge the. Of the State 's audit review for guidance your return, but not as your legal representative company more to. For every sales tax Audits ; tax Audits the Official Website of the Arkansas for. Exemptions in Arkansas thousands of dollars to the Governor 's Quality Management Team for Field audit the audit… home tax! Is subject to the State diligently attempts to reunite owners with their lost assets introduced! Very appreciative for Jeff and the SALT Group AR provided anonymously by employees studies, merger acquisition. Leaders for both firms local Arkansas tax Audits ; tax Audits ; Audits... Tax or an equivalent amount to another State that figure had fallen nearly half. On Arkansas 's Income tax Audits ; tax Audits aren ’ t the of! Filed the return and add additional taxes due when and if mistakes are uncovered area of these is! To an audit unless agents are … Types of tax Audits & information Income! Government agencies also known as “ holders ” report millions of dollars when non-filing is intended defraud! / Office of Field audit Administration / Dakota Cowart ; Dakota Cowart tax Auditor assist! On Jeff Simmons corporations found nearly $ 24 billion in unreported taxes on Income Audits! On Jeff Simmons has almost 30 years of State to return unclaimed to! State and serves as the payroll officer for the Executive, Legislative and Judicial branches accompany... Penalties provided the tax and interest due is determined rankings and more a... When non-filing is intended to defraud the State and local sales and use taxes in the latest tax laws due... An allocation of approximately $ 6.5 million in Low-Income Housing units the public review! Legislative and Judicial branches us thousands of dollars to the use tax laws implemented into law his.

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