§ 26-54-107 - Computation of tax -- Penalty -- Relief. - Arkansas Statutes

26-54-107. Computation of tax -- Penalty -- Relief.

(a) The Secretary of State from the information reported and from any other information received by him or her bearing upon the subject shall compute the amount of tax of each corporation at the rate or rates provided by this chapter.

(b) (1) (A) If the taxpayer fails to comply with the filing and remittance requirements prescribed in 26-54-105(c) by June 1, the Secretary of State shall assess the corporation a penalty of twenty-five dollars ($25.00) plus interest on the tax and penalty from the date due until paid at the rate of ten percent (10%) per annum.

(B) However, the franchise tax, penalty, and interest for any tax year shall not exceed two (2) times the corporation's tax owed.

(2) On or before November 1 of each year, the Secretary of State shall mail notice to the corporation at its last known address stating that the corporation is subject to forfeiture of its corporate charter under 26-54-111 for the failure to pay corporate franchise tax.

(c) (1) A corporation may seek relief from any proposed assessment of taxes pursuant to the Arkansas Administrative Procedure Act, 25-15-201 et seq.

(2) This method shall be the exclusive method for seeking relief.