By Payroll and Entitlements Editorial Staff
Arkansas has updated its conformity to the Internal Revenue Code for corporate and personal income tax purposes. The enacted law adopts the following provisions:
- IRC Secs. 108 and 1017, as in effect on January 1, 2019 (previously, January 1, 2017), regarding income from the discharge of indebtedness;
- IRC Sec. 162 (except subsection (n)), as in effect on January 1, 2019 (previously, March 30, 2010), regarding trade or business expenses;
- IRC Sec. 274, as in effect on January 1, 2019 (previously, January 1, 2007), for expense deductions for entertainment, amusement, business meals, etc.
(Act 870 (H.B. 1953), Laws 2019, effective for tax years beginning on or after January 1, 2019.)
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