We found the following in the instructions for Arkansas Returns:
"Gambling winnings from Arkansas electronic games of skill are not included as income and the 3% tax withheld is excluded from Line 37."
Call Kelly Phillips if you have questions on this 501.753.9700.
Bell & Company is a regional certified public accounting and business advisory firm founded in 1982. The Bell & Company team is comprised of diverse individuals-each of whom have a strong educational background and excellent professional experience-but who also understand deeply that service and synergy are at the heart of our success. Bell & Company's Mission is "to provide clients expert accounting and financial advice to ensure long-term success."
Wednesday, March 21, 2012
Monday, March 19, 2012
Monday, March 12, 2012
IRS Annoucements
For the unemployed or SE income earners with a 25% reduction in
Gross receipts - To assist those most in need, a six-month grace period on
failure-to-pay penalties will be made available to certain wage earners and
self-employed individuals. The request for an extension of time to pay will
result in relief from the failure to pay penalty for tax year 2011 only if the
tax, interest and any other penalties are fully paid by Oct. 15, 2012.
The IRS announced today that, effective immediately, the threshold
for using an installment agreement without having to supply the IRS with a
financial statement has been raised from $25,000 to $50,000. This is a
significant reduction in taxpayer burden.
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