Tax Guru – Ker$tetter Letter

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Archive for May 26th, 2002

Posted by taxguru on May 26, 2002

Arkansas Corporations

All corporations operating inside Arkansas are required to file an annual franchise tax report. The form is very simple, just asking for the names of corporate officers and the number of shares of stock. The fee for most corporations is the basic $50. Most of my clients prepare their own, while some still prefer that I do it.

It is normally due in to the Secretary of State’s office by June 1. However, as with almost all tax deadlines, the actual due date this year is Monday, June 3 because June 1 is a Saturday.

The form (which erroneously says it’s due June 1) and instructions can be downloaded as pdf or can be completed and filed online.

There is an extra convenience fee for filing online. I’ve noticed that a lot here in Arkansas; convenience fees for paying fees and taxes by mail or online. It seems a little unfair, since these methods are also much more convenient and efficient for the bureaucratic tax collectors.

KMK

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Posted by taxguru on May 26, 2002

Primary Residence Sales

It’s been more than five years since the rules for tax free sales of primary residences were drastically changed. It amazes me how few people are aware of this and are still under the assumption that the old replacement rules still apply. What’s scariest is that many of these people are tax and real estate professionals who are spreading their ideas as if they are legitimate.

I’m doing my part to keep people up to date. I will be giving a mini-seminar to a real estate office in Fayetteville on Wednesday to discuss the rules for primary residence sales and for Section 1031 (aka Starker) tax deferred exchanges. In preparation for this, I have expanded my analysis of the residence sale rules.

We are planning to tape the seminar and if everything works properly, we will make copies available on CDs and cassette tapes for purchase. It’s been a few years since we have recorded a seminar and it will be good to have a more current one available.

KMK

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