For Immediate Release
Alex Reed, 501-682-1217
Secretary Martin Reminds Businesses to Pay Franchise Taxes by May 1 Deadline
(March 25, 2014) LITTLE ROCK—Secretary of State Mark Martin today reminded Arkansas businesses who have not received a franchise tax filing form that they should request or obtain one today.
Annual reports and franchise taxes must be filed by midnight on May 1 with the Secretary of State’s Business and Commercial Services (BCS) division.
Every incorporated business, whether domestic or foreign, pays an annual fee to do business in Arkansas. Earlier this year, the state’s 130,861 corporations were notified of the upcoming deadline. The taxes are payable between January and May 1 annually. Around 80 percent of the state’s corporations pay the minimum franchise tax rate of $150.
“Payment of franchise taxes is an important part of our state budget,” Martin said. “Part of these funds go to the state’s general fund, but the majority of it is assigned to education adequacy.”
All entities that have not received a tax form in the mail or electronically by March 20 must request, download, or file an online franchise tax form in order to comply with the May 1 franchise tax deadline.
Corporations may file their franchise taxes online, 24 hours a day, by visiting the Secretary of State’s website at www.sos.arkansas.gov. The easy-to-use system provides automatic calculations to eliminate mathematical errors that can slow down processing time. The system generates e-mail confirmations and copies of each completed filing. Credit cards and electronic checks are accepted.
Corporations can also pay in person at BCS located in the Victory Building in Little Rock at 1401 West Capitol, Suite 250, or by mailing their tax forms to P.O. Box 8014, Little Rock, AR 72203-8014.
BCS is open from 8 a.m. to 5 p.m. Monday through Friday. For additional information, call BCS at (888) 233-0325.