Types of Tax Audit Penalties. Established in 1992, Pritchett Sales and Use Tax Consulting is providing Arkansas taxpayers with refund reviews, audit defense, legal opinion requests and educational services. Then the state diligently attempts to reunite owners with their lost assets. Learn about Arkansas tax rates, rankings and more. What salary does a Tax Auditor earn in Little Rock? A former State of Arkansas Tax Auditor, Jeff Simmons has almost 30 years of State and Local Tax experience. Therefore, you need to invest the proper efforts internally or with external assistance. Each year, businesses and government agencies also known as “holders” report millions of dollars to the state. Search Search. 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 primary area of these errors is attributed to the human factors of our limited knowledge and skills in specialized areas. ", "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. Help with Arkansas & IRS Audits; Receive Free Consultation & Likely Outcomes ; Receive Free no Obligation Competitive Quote; Arkansas tax collections are controlled by the Arkansas Department of Finance and Administration (DFA). 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. When a small business receives its first sales tax audit notice, owners might panic. For every sales tax filing, collect proof that you filed the return and paid the right amount of money. A local business in town heard about our audit and introduced us to Jeff Simmons. Tax Credits may be provided to owners of residential rental developments providing low-income housing units. 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 … 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. The maximum local tax rate allowed by Arkansas law is 5.5%. This page discusses various sales tax exemptions in Arkansas. Locate your county on the map or select from the drop-down menu to find ways to pay your personal property tax. And strives to keep us updated on any new laws. Search. Choose from 29 attorneys by reading reviews and considering peer ratings. When Arkansas Select Tax Service prepares your return, we provide audit assistance FREE of charge. In addition to these duties, the Auditor administers Arkansas’s Unclaimed Property (UCP) program, formerly called The Great Arkansas Treasure Hunt. 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. Have not paid Arkansas sales tax or an equivalent amount to another state. 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. B.J. Sales Tax Exemptions in Arkansas . 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. 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. Jeff stepped in and gave us expert advice and guidance, assisting us with every phone call or meeting with auditors. 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. “Whipsaw” Audits and Audit Cycles. International Fuel Tax Agreement (IFTA) Mission Statement will then prepare a claim for refund of any overpayment whether to the state of Arkansas or with the Vendor. The problem is state auditors are investigating for understatements, not overstatements of taxes. 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. 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. It is the mission of the Arkansas Auditor of State to return unclaimed property to its rightful owners or heirs. Office of Field Audit Administration / Dakota Cowart; Dakota Cowart Tax Auditor. Home Field Audit Voluntary Disclosure Program. SALT Group of Arkansas will also assist in insuring that the fullest benefits are received from the exemptions and Incentive Programs. Little Rock, Ark. B.J. – 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. An assessment means that the tax authority can review or audit the return and add additional taxes due when and if mistakes are uncovered. Knowing what triggers an audit … Go to Arkansas Code Search | Laws and Statutes A local business in town heard about our audit and introduced us to Jeff Simmons. (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. It is the mission of the Arkansas Auditor of State to return unclaimed property to its rightful owners or heirs. Arkansas Tax Appeals. Arkansas / Financial Projections / Revenue Acceleration / contracts / Internal Audit / Tax Planning Remove all filters. This does not include tax credit developments utilizing tax-exempt bond financing. 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. 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. 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. Be sure to pay before then to avoid late penalties. 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. He was appointed to The Governor's Quality Management Team for Field Audit where his suggestions were implemented into law. The receipt must show evidence of tax paid directly to the applicable jurisdiction or at the pump. The maximum local tax rate allowed by Arkansas law is 5.5%. View all news. 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. Results of audits are reported to the Director of the Arkansas Department of Transportation. Each year, businesses and government agencies also known as “holders” report millions of dollars to the state. Home / Office of Field Audit Administration / Services / Tax Audits; Tax Audits. Beware of these common tax scams 02:57. The mission of Motor Fuel Audit Staff of the Arkansas Department of Transportation is to ensure that the taxpayers of Arkansas are in compliance with the Motor Fuel/Special Motor Fuels tax laws and related requirements, to recommend for assessment or credit any Motor Fuel/Special Motor Fuels tax revenues that have been incorrectly reported in the most cost effective manner possible, and to … Ned has 13 years of tax consulting experience with Arthur Andersen and Deloitte serving as practice leaders for both firms. Tax Credits may be provided to owners of residential rental developments providing low-income housing units. Voluntary Disclosure Program. This estimate is based upon 6 State of Arkansas Tax Auditor salary report(s) provided by employees or estimated based upon statistical methods. In many cases, the responsible party may not be aware if they have been complying correctly or even at all. Find a local Arkansas Tax Audits attorney near you. 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. The news comes on the heels of Gov. 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. Arkansas.gov Governor Asa Hutchinson. It is the mission of the Arkansas Auditor of State to return unclaimed property to its rightful owners or heirs. SALT Group of Arkansas offers a service which is unique and not provided by accounting firms. Find a local Arkansas Tax Audits attorney near you. Administers the interpretation, collection and enforcement of the Arkansas Sales and Use tax laws. At times sales tax audits can be stressful, confusing, time-consuming, and sometimes costly for manufacturers. Tax Auditor salaries at State of Arkansas can range from $38,490 - $52,991. Explore data on Arkansas's income tax, sales tax, gas tax, property tax, and business taxes. A graduate of Arkansas State University in 1989, Jeff majored in accounting and minored in computer information systems. Internal Audit is free from Department impairments to independence in our reporting. Led by Managing Partner Ryan Underwood, BKD in Little Rock was established in 1973. SALT Group of Arkansas specializes in the review of Arkansas State and Local Sales and Uses Taxes. Pritchett will review your records to see if your company is overpaying taxes to the State of Arkansas. Jeff stepped in and took control using his expertise and knowledge which saved us thousands of dollars. Home / Office of Field Audit Administration / Dakota Cowart; Dakota Cowart Tax Auditor. Audit reports are also available to the public for review. 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. 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. Arkansas has a statewide sales tax rate of 6.5%, which has been in place since 1935. 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). Pay-by-Phone IVR # 1-866-257-2055. 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. Search Search. Examples of items subject to Use Tax include records, CD's, books, furniture, jewelry, clothing, food, hunting and fishing gear, etc. Sales and Use Tax. 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 Official Website of the State of Arkansas Arkansas.gov. 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. This does not include tax credit developments utilizing tax-exempt bond financing. Home Excise Tax Sales and Use Tax. The office is comprised of the audit… 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. 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