Q: I just opened my business on April 10th. Do I still have to assess for the current year?
A: Yes. Since your business was opened prior to May 31st, it will have to be assessed for the current year.
Q: My business leases a copier and some office furniture. Do I need to report that on my business assessment?
A: The business or businesses you lease equipment from are responsible for assessing the equipment unless your lease agreement states that you are responsible. We request that you submit a copy of the leased equipment agreement with your assessment and we will notify the leasing company. Knowing you lease some items will assist the auditors should they review your assessment.
Q: How is a business' merchandise held for the purpose of sale valued?
A: It is calculated by taking the previous year's total inventory and dividing it by 12. This will be the monthly average inventory value that will be entered in Section G-Inventory and Supplies, line 3 of the assessment form.
Q: I don't sell anything or manufacture anything, so what do I do in the Manufacturers' Inventory Report and Merchants Inventory Supplies sections?
A: If you do not manufacture a product you do not have to worry about the Manufacturers Inventory Report section. If you do not sell anything in your business, go to line 2 of the Inventory and Supplies Section. This is where you submit your average monthly supply amount (which the majority of businesses will have) for the previous year. Supplies are what are needed to run the day-to-day operations of your business such as - your paper products, toner cartridges, office supplies, etc.
Q: What personal property do I have to assess for my business?
A: Arkansas law requires businesses to assess any personal property used in and by the business.
Q: Does every piece of property have to be assessed at the same time?
A: No, you may assess different property types on a schedule that fits your business's needs, as long as they are all assessed before May 31st to avoid a late penalty. An example of this is a business that might need to assess their automobiles at the start of the year, but need to wait to submit the rest of the assessment 2 months later.