Arkansas Finance Department Publishes Withholding Tax Instructions for Employers

The Arkansas Department of Finance and Administration Sept. 2 published withholding tax instructions for employers, for corporate income, individual income, and trust income tax purposes. The revised publication is effective Oct. 1 and includes: 1) definitions of employer, employee, wages, and payroll period; 2) employer responsibilities for withholding, depositing, reporting, correcting, and paying withholding taxes; 3) exclusions, year-end requirements, and termination of business; 4) penalty and interest for failure to pay; and 5) payment by electronic funds transfer. The publication also explains what forms employers must complete and give to employees or file with the state, what forms employees must ...