Franchise taxes due May 1

Arkansas Secretary of State Mark Martin reminds business owners and tax preparers that franchise taxes for most for-profit businesses must be filed no later than midnight May 1.

“Businesses that fail to file their annual reports and franchise taxes by May 1 will go into delinquency,” Martin said. “We’ve sent forms both by mail and e-mail, and tax preparers have the option to file online.”

Online filing may be completed at https://www.ark.org/sos/franchise/index.php with a credit card or electronic check.

“We recommend online payment because it can be completed instantly and around the clock,” Martin said. “The system even calculates your taxes and checks for errors, which prevents delays in processing payments.

Franchise taxes can also be mailed to P.O. Box 8014, Little Rock, AR 72203-8014 or paid in person in the BCS offices in the Victory Building, 1401 W. Capitol, Suite 250, in Little Rock.

Martin emphasized that businesses that have closed or ceased conducting business must still formally dissolve and pay final taxes.

“Revoked entities or businesses that have closed continue to accrue franchise taxes until the business is formally dissolved or withdrawn through our Business and Commercial Services division,” he said.

Domestic corporations may download an application for a Certificate of Dissolution from the Secretary of State’s website at http://www.sos.arkansas.gov/BCS/Pages/Domestic.aspx. Foreign corporations may withdraw from Arkansas by filing a similar form, available at http://www.sos.arkansas.gov/BCS/Pages/foreign.aspx.