The State of Arkansas Department of Finance and Administration has released the following:
“FOR IMMEDIATE RELEASE
Contact: Tom Atchley
Telephone: (501) 682-7200 Fax: (501) 682-7900
April 30, 2014
Tax Relief for Disaster Victims
LITTLE ROCK, AR—The Department of Finance and Administration announced today that taxpayers in the counties declared state disaster areas due to damages caused by severe storms, tornadoes, and flooding occurring on April 27, 2014 will be provided special tax relief. Taxpayers having issues affecting their ability to file or pay sales and use tax, withholding tax, corporate income tax or other state taxes as a result of these storms should call telephone number (501) 682-7924 to discuss their issues. The Department will assist taxpayers by extending the deadline for affected individuals or businesses to file their tax returns and provide other assistance, as needed. Also, interest and penalties that otherwise accrue under state law will be abated if the failure to file or pay results from issues related to this storm.
AFFECTED COUNTIES:
The affected counties are: Faulkner
In addition, taxpayers are reminded that if you have a casualty loss resulting from a federally declared disaster, you may be able to deduct that loss on your income tax return or amended income tax return for the tax year immediately preceding the tax year in which the disaster occurred. For taxpayers making this election, the loss is treated as having occurred in the preceding year. Taxpayers may wish to consult a tax professional for advice regarding this election.
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For more updates on this development, check the AR DFA website here.