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STATE OF ARKANSAS AR1103 Election By Small Business Corporation (As to taxable status under Act 55 of the 1st Extraordinary Session of the 68th General Assembly, as amended) Name of Corporation Employer.

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For tax years beginning on or after January 1, 2021, all taxpayers with income from sources within and without Arkansas must use a single sales factor to apportion income from Arkansas unless the taxpayer is subject to a special industry apportionment method authorized for; 1. Railroads by Regulation 1.26-51-204, 2.

What is the standard Arkansas apportionment formula? Through tax year 2020, Arkansas uses an apportionment formula made up of a double-weighted sales factor, a property factor, and a payroll factor. The formula is applied by multiplying a corporation's income by a fraction.

For tax years beginning on or after January 1, 2022 the maximum tax rate shall be 5.9% for all income exceeding $25,000. The maximum tax rate for tax years beginning before January 1, 2021 is 6.5% for income exceeding $100,000.

Under Senate Bill 576, for tax years beginning on or after January 1, 2021, all business income of both general corporations and financial institutions will be apportioned to Arkansas using a single-sales or receipts factor method.

A corporation or other entity eligible to be treated as a corporation files this form to make an election under section 1362(a) to be an S corporation.

Arkansas' top corporate income tax rate dropped from 6.5% to 6.2% on Jan. 1, 2021, and then to 5.9% on Jan. 1, 2022.

Form 2553, Election by a Small Business Corporation, is an Internal Revenue Service form that can be filed by a business to elect to be registered as an S Corporation rather than a C Corporation. When a business is registered as a corporation with the IRS, it is formed as a C Corp by default.

If you have already filed a federal extension, you do not have to file a state extension. The State of Arkansas will honor an accepted Federal extension and your due date will be one month after the due date of the federal return.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232