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arkansas tax audit

Arkansas receives an allocation of approximately $6.5 million in Low-Income Housing Tax Credit per year. Internal Audit Independence Statement. Program Guidelines. When was the last State audit in which your company was presented a statement of refund for overstated tax payments? The Official Website of the State of Arkansas Arkansas.gov. Pritchett will review your records to see if your company is overpaying taxes to the State of Arkansas. Then the state diligently attempts to … Finance . 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. Predicting what makes a company more vulnerable to a sales and use tax audit can prove to be a valuable exercise. Ned has 13 years of tax consulting experience with Arthur Andersen and Deloitte serving as practice leaders for both firms. 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. 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. Then the state diligently attempts to reunite owners with their lost assets. Learn about Arkansas tax rates, rankings and more. It is the mission of the Arkansas Auditor of State to return unclaimed property to its rightful owners or heirs. The statewide property tax deadline is October 15. 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 … DWS offers Arkansas employers an online method for handling their Unemployment Insurance accounts. Tax Audit Lawyers in Mena. Arkansas Tax Appeals. Tax Audit Lawyers in Mena. 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 . Myth: Professionally filed returns are audit-proof. What salary does a Tax Auditor earn in Little Rock? Sales Tax Exemptions in Arkansas . 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. Search Search. The Answer May Surprise You. 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. "Sales and use tax issues can be problematic to say the least, and mistakes can be expensive, even to those using their best efforts to properly comply. We are very appreciative for Jeff and the SALT Group. The maximum local tax rate allowed by Arkansas law is 5.5%. Jeff immediately went to work for the Department of Finance and Administration, Office of Field Audit. 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. Tax; How to Avoid a State Tax Audit. 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. Home / Office of Field Audit Administration / Services / Tax Audits; Tax Audits. At times sales tax audits can be stressful, confusing, time-consuming, and sometimes costly for manufacturers. Jeff stepped in and gave us expert advice and guidance, assisting us with every phone call or meeting with auditors. Little Rock, Ark. In many cases, the responsible party may not be aware if they have been complying correctly or even at all. 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. The Official Website of the State of Arkansas Arkansas.gov. A local business in town heard about our audit and introduced us to Jeff Simmons. Office of Field Audit Administration / Dakota Cowart; Dakota Cowart Tax Auditor. 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. (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. Phone: (501) 682-4620. 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. 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). 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. ", "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. Tax Audit Guides & Information on Income Tax Audits. B.J. The Auditor is the general accountant for the State and serves as the payroll officer for the Executive, Legislative and Judicial branches. State and Local Taxes have been a secondary concern where most involved have found their answers with state auditors and officials. Types of Tax Audit Penalties. The department will agree to waive all penalties provided the tax and interest due is paid once the total amount due is determined. The Department's Voluntary Disclosure Program is administered through the Nexus and Discovery Unit which is part of the Office of Field Audit. 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. A sales tax audit is not an ordinary occurrence. Home / Office of Field Audit Administration / Dakota Cowart; Dakota Cowart Tax Auditor. Then the state diligently attempts to reunite owners with their lost assets. Jeff stepped in and took control using his expertise and knowledge which saved us thousands of dollars. Jeff immediately went to work for the Department of Finance and Administration, Office of Field Audit. Arkansas.gov Governor Asa Hutchinson. In many situations, the penalties imposed can be 50% or even 100% of the tax due. Administers the interpretation, collection and enforcement of the Arkansas Sales and Use tax laws. Phone: (501) 682-4620. A former State of Arkansas Tax Auditor, Jeff Simmons has almost 30 years of State and Local Tax experience. Pay-by-Phone IVR # 1-866-257-2055. “Whipsaw” Audits and Audit Cycles. ", "We were introduced to Jeff Simmons a few years ago when we were undergoing a sales and use tax audit. The maximum local tax rate allowed by Arkansas law is 5.5%. This is intensified by reliance upon the State's audit review for guidance. He made the process less overwhelming and stressful and was able to save us a substantial amount of money. Search. Knowing what triggers an audit … Asa Hutchinson Field audits of companies can often result in assessed penalties when additional sales or use tax that was not properly paid is discovered by the auditor. Penalties can range from fines to revocation of your sales tax … The IRS processes tax audits to uncover inaccurate tax returns. 6 Tax Auditor Salaries in Little Rock, AR provided anonymously by employees. Search Search. Fraud Reporting Email Address: fraud@dfa.arkansas.gov Department of Finance and Administration Office of Internal Audit 1515 W. 7th Street, Suite 215 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 … 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. 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. Tax Audit Lawyers in Arkadelphia. And strives to keep us updated on any new laws. ... That’s not sufficient. These cases will be reviewed on a … The office is comprised of the audit… B.J. Locate your county on the map or select from the drop-down menu to find ways to pay your personal property tax. It was then we began working with Jeff Simmons. Home Excise Tax Sales and Use Tax. When a small business receives its first sales tax audit notice, owners might panic. His knowledge and experience made us realize we had the right person. Through the specialized classes that followed, Jeff would instruct auditors in these specialized fields. 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. Contact us by phone, email or via our social media channels. Ned has 13 years of tax consulting experience with Arthur Andersen and Deloitte serving as practice leaders for both firms. Read More > Results of audits are reported to the Director of the Arkansas Department of Transportation. The majority of tax audits aren’t the result of mathematical errors. 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. All Rights Reserved. It is important to our office to make the reporting process easy and efficient for holders. 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. 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. Arkansas sales tax and Arkansas use tax are complementary excise taxes and must be reviewed by an Arkansas tax expert. 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. Penalties can range from fines to revocation of your sales tax permit depending on the infraction.. The IRS isn't going to waste its time on an audit unless agents are … SALT Group of Arkansas will provide information to clients for current tax changes, and will keep clients apprised of significant information as it arises. Tax Auditor salaries at State of Arkansas can range from $38,490 - $52,991. As part of the largest CPA firm in Arkansas, BKD in Little Rock, AR, offers focused accounting, tax, and audit services in healthcare, banking, wealth planning, tax planning, risk management, not-for-profit, public sector, construction, agribusiness, and manufacturing. A company more vulnerable to a sales and use tax and gave us expert advice and guidance, assisting with! Intensified by reliance upon the State of Arkansas State University in 1989, Jeff instruct! Not be aware arkansas tax audit they have been a secondary concern where most involved have found their answers with auditors... When Arkansas select tax service prepares your return, we provide audit FREE... 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