Arkansas Does Not Follow Federal Law on Foreign Income

Friday, October 5th, 2018

 
 
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Arkansas
General

The Arkansas Department of Taxation and Finance recently released an opinion that says the state does not conform to federal law in relation to certain foreign income.

The taxpayer requested an opinion on whether corporations are required to follow new federal law relating to undistributed earnings from certain controlled foreign corporations. The opinion says that Arkansas has a "stand-alone tax code" and that the state is not automatically required to conform to federal law. In other words, Arkansas is a "selective conformity state." The state has not elected to conform to federal law in relation to foreign income.

https://www.ttrus.com/ArkansasDoesNotFollowFederalLawonForeignIncome


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