Business Resources

ICYMI: Secretary of State Announces Temporary Waiver of Franchise?Tax Late Fees and Interest Charges




April 23, 2020: Important Business Notice from the Secretary of State's Office

Employee Retention Credit is designed to encourage businesses to keep employees on their payroll.?The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.?Employers can be immediately reimbursed for the credit by reducing their required deposits of?payroll taxes that have been withheld from employees' wages by the amount of the credit. Eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns or Form 941 beginning with the second quarter. If the employer's employment tax deposits are not sufficient to cover the credit, the employer may receive an advance payment from the IRS by submitting?Form 7200, Advance Payment of Employer Credits Due to COVID-19.


Secretary of State Announces Temporary Waiver of Franchise?Tax Late Fees and Interest
Charges


Governor Asa Hutchinson
https://governor.arkansas.gov/

Arkansas Department of Emergency Management
https://adem.arkansas.gov/

Arkansas Attorney General’s Office
https://arkansasag.gov/covid19/

U.S. Small Business Administration
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

U.S. Department of Labor
https://www.dol.gov/coronavirus

Families First Coronavirus Response Act: Employer Expanded Family and Medical Leave Requirements

https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave


Comprehensive FAQs For Employers On the? COVID-19 Coronavirus
https://www.fisherphillips.com/resources-alerts-comprehensive-faqs-for-employers-on-the-covid


American Bar Association's Resources for Lawyers and Law Firms