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006.05.307-26-18-208. ADDITIONAL PENALTIES AND TAX

AR ADC 006.05.307-26-18-208Arkansas Administrative Code

West's Arkansas Administrative Code
Title 006. Department of Finance and Administration
Division 05. Division of Revenues
Rule 307. Comprehensive Individual Income Tax Regulations (Refs & Annos)
Ark. Admin. Code 006.05.307-26-18-208
006.05.307-26-18-208. ADDITIONAL PENALTIES AND TAX
1.26-18-208(3)(B) Failure to File and Failure to Pay Penalties
For individual income tax purposes only, failure to file penalties of five percent (5%) per month and failure to pay penalties of one percent (1%) per month are assessed simultaneously, not to exceed thirty-five percent (35%).
1.26-18-208(6) Underestimated Tax Penalty
The underestimated tax penalty shall not be imposed if the tax liability for the current tax year is one thousand dollars ($250.00) or less.
The underestimated tax penalty shall not be imposed if the current year payments made equal or exceed ninety percent (90%) of the current year tax liability or one hundred percent (100%) of the preceding tax year liability and the preceding tax year was twelve (12) months.
The underestimated tax penalty is calculated by multiplying the underpayment for each quarter by .00027397, then multiplying this product by the number of days from the date the estimate payment was due to:
a) the date estimate was paid, or
b) the date the return is filed, or
c) the due date of the return, whichever is earlier.
For purposes of this regulation, payments include taxes withheld from the taxpayer's wages and estimated tax payments. Estimated tax payments must be made by the required due dates. Payments made with an extension of time to file individual income tax returns do not constitute estimated tax payments.
Current with amendments received through May 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 006.05.307-26-18-208, AR ADC 006.05.307-26-18-208
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