Carraway Accounting PLLC

05/04/2026

If you receive a notice CP53E from the IRS, it is NOT a scam. It is to give you the opportunity to go to their website and input your direct deposit information, so that your refund will be deposited directly into your bank account. If you do not respond, you will receive a paper check on the mail.

If you were not expecting a refund, but paid estimated income tax penalty for 2025, most software did not consider that Arkansas was a Federally Declared Disaster Area and that the first 3 estimates were extended until November 3rd. So the penalties that you paid were incorrect, and the IRS will refund the excess.

If you have questions, please contact your tax preparer.

04/28/2026

https://hazcams.com/station/newport-ar-us-001?referer=https%3A%2F%2Farkansasweatherwatchers.org

Live weather and camera updates from Newport, AR

03/18/2026

We have completed our triennial peer review and received a "pass" rating! We are committed to providing a quality product to the publc.

02/16/2026

Home chef for lunch. Gordon Ramsey’s crispy sesame shrimp with yuzu slaw and snow peas, over a bed of rice.

01/28/2026

I want to make you aware of the major tax changes from the One Big Beautiful Bill Act (OBBBA), signed into law in July 2025. This legislation introduces several provisions that could reduce your tax bill or provide new deductions—especially for working families, seniors, tipped workers, overtime earners, and business owners.

Here are some of the key highlights that may benefit you or someone you know:

• No Tax on Tips: A new above-the-line deduction for qualified tips (up to $12,500 for single and $25,000 married filing jointly), subject to income phase out.
• No Tax on Overtime: Similar deduction for qualified overtime compensation, (up to $12,500 for single and $25,000 married filing jointly), subject to income phase out..

• No Tax on Car Loan Interest: A temporary (2025-2028) deduction up to $10,000 for interest paid on loans used to purchase U.S. made personal vehicles, subject to income phase out.

• Additional Deduction for Seniors: An extra $6,000 deduction (2025–2028) for individuals age 65 and older, which can help lower taxable income and potentially reduce taxes on Social Security benefits or other retirement income, subject to income phase out.

• Trump savings account: U.S. citizen children under age 18 qualify with a valid social security number. For children born in 2025-2028, the Federal Goverment will kick in the first $1,000.00. Non-deductible contributions of up to $5,000 each year, per child, may be made until the child reaches 17 years old. Upon reaching 18, withdrawals can be made penalty-free for education, first time home purchase, or starting a business. Any other distributions would be subject to penalties for early withdrawal, until reaching age 59 ½.

• Restored 100% Bonus Depreciation: Businesses can once again deduct 100% of qualifying property costs in the first year (effective for assets placed in service after January 2025)—a big win for small business owners investing in equipment, vehicles, or improvements.

• Increased SALT Deduction Cap: Temporarily raised to $40,000 (with phase-outs for higher incomes), benefiting homeowners in high-tax states.

• Permanent Extensions & Enhancements: Many popular provisions from the 2017 Tax Cuts and Jobs Act (like higher standard deductions, current tax brackets, and expanded Child Tax Credit) are now made permanent or improved, providing long-term certainty.

These changes apply starting with the 2025 tax year in many cases, so planning now can maximize your savings.

Every situation is unique—whether you’re an employee receiving tips/overtime, a senior on a fixed income, a business owner planning investments, or simply filing with car payments or high state taxes—these updates could make a real difference.

If any of these sound relevant to you or your family, let’s talk! Reply here, send a DM, or call/email the office to schedule a quick review of your 2025 tax situation. We’re here to help ensure you take full advantage of these opportunities.

01/03/2026

We have installed a live weather camera and weather station at our office for the community.
It has a live view from downtown, facing west. It also has local weather information, collected from the weather station onsite. You can find this on Arkansas Weather Watchers website.

If you zoom in, you can see the historic Blue Bridge in the background.

The view will change some soon, as the mounting is temporary and needs a different mount.

Live weather and camera updates from Newport, AR

04/14/2025

Federal income tax returns have been automatically extended until November 3, 2025, for all counties in Arkansas. Arkansas has also extended state income tax returns for all counties until July 31, 2025.

The Internal Revenue Service announced today through IR-2025-49 tax relief for individuals and businesses in the entire state of Arkansas affected by severe storms, tornadoes and flooding that began on April 2, 2025.

These taxpayers, including Form 1040 filers, now have until Nov. 3, 2025, to file various federal individual and business tax returns and make tax payments.

Governor Sanders' office advised ARCPA earlier today that an additional Executive Order will be issued to include the remaining 12 counties not included in the original April 12 order 25-08. ARCPA has not yet received the order and it has not yet posted to the Governor's website.

As previously advised, the Governor's order provides for an extension on the April 15 filing and payment deadline to July 31, 2025. This applies for the entire state of Arkansas.

03/10/2025

Social Security Announces Expedited Retroactive Payments and Higher Monthly Benefits for Millions – Actions Support the Social Security Fairness Act
February 25, 2025 • By Social Security Administration

Social Security Administration Logo

Today, the Social Security Administration announced it is immediately beginning to pay retroactive benefits and will increase monthly benefit payments to people whose benefits have been affected by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).

These provisions reduced or eliminated the Social Security benefits for over 3.2 million people who receive a pension based on work that was not covered by Social Security (a “non-covered pension”) because they did not pay Social Security taxes.

The Social Security Fairness Act ends WEP and GPO.

“Social Security’s aggressive schedule to start issuing retroactive payments in February and increase monthly benefit payments beginning in April supports President Trump’s priority to implement the Social Security Fairness Act as quickly as possible,” said Lee Dudek, Acting Commissioner of Social Security. “The agency’s original estimate of taking a year or more now will only apply to complex cases that cannot be processed by automation. The American people deserve to get their due benefits as quickly as possible.”

People who will benefit from the new law include some teachers, firefighters, and police officers in many states; federal employees covered by the Civil Service Retirement System; and people whose work had been covered by a foreign social security system.

Many beneficiaries will be due a retroactive payment because the WEP and GPO offset no longer apply as of January 2024. Most people will receive their one-time retroactive payment by the end of March, which will be deposited into their bank account on record with Social Security.

Many of these people will also receive higher monthly benefits, which will first be reflected in the benefit payment they receive in April. Depending on factors such as the type of Social Security benefit received and the amount of the person’s pension, the change in payment amount will vary from person to person.

Anyone whose monthly benefit is adjusted, or who will get a retroactive payment, will receive a mailed notice from Social Security explaining the benefit change or retroactive payment. Most people will receive their retroactive payment two to three weeks before they receive their notice in the mail, because the President understands how important it is to pay people what they are due right away. Social Security is expediting payments using automation and will continue to handle many complex cases that must be done manually, on an individual case-by-case basis. Those complex cases will take additional time to update the beneficiary record and pay the correct benefits.

Social Security urges beneficiaries to wait until April to ask about the status of their retroactive payment, since these payments will process incrementally into March. Since the new monthly payment amount will begin with the April payment, beneficiaries should wait until after receiving their April payment, before contacting Social Security with questions about their monthly benefit amount.

Visit the agency’s Social Security Fairness Act webpage to learn more and stay up to date on its progress. Visitors can subscribe to be alerted when the webpage is updated.

02/19/2025

BOI Reporting Deadline Now March 21

On Feb. 18, a Texas district court lifted the last remaining nationwide block against enforcing the Corporate Transparency Act (CTA), restoring beneficial ownership information (BOI) reporting requirements.

To allow businesses additional time to comply, FinCEN has extended the BOI filing deadline by 30 days for most companies. The new filing deadline is March 21, 2025, unless a later date applies to businesses in a federally declared disaster area. FinCEN is also considering further modifications to reporting requirements and deadlines, particularly for lower-risk small businesses.

It is important to note that on Feb. 10, the U.S. House of Representatives voted 408-0 to postpone the CTA’s reporting deadline to Jan. 1, 2026. The measure is now pending in the Senate.

Also, the U.S. Court of Appeals for the 5th Circuit will hear oral arguments on April 1 regarding an injunction in Texas Top Cop Shop, a case that could further impact CTA enforcement.

01/10/2025

We are here, sidewalk is cleared. Thanks Sonny Amos for your help! We appreciate the tiny snowman too! Zoom in by the shovel.

11/26/2024

Business owners, be aware of the new reporting requirement as explained below. When you are researching or filing online, be sure that you are on the official FinCen website. If you are filing your own report on FinCen, it is free and is filed at https://boiefiling.fincen.gov/

If you are on a website that asks for payment, you are not in the right place. If you receive a form in the mail, it is from a company seeking to charge you to file this report, do not send it in. The only way to file a report with FinCen is online on their official website.

Please contact your CPA, attorney or tax preparer for more information and/or assistance.

New Federal Reporting Requirement for
Beneficial Ownership Information (BOI)

https://www.fincen.gov/boi-faqs

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.

Be sure to review FinCEN’s Small Entity Compliance Guide, which provides information to help small businesses comply with this reporting requirement.

*Who Has to Report?

Companies required to report are called reporting companies. Reporting companies may have to obtain information from their beneficial owners and report that information to FinCEN.
Your company may need to report information about its beneficial
owners if it is:

1. a corporation, a limited liability company (LLC), or was
otherwise created in the United States by filing a document
with a secretary of state or any similar office under the law of a
state or Indian tribe; or

2. a foreign company and was registered to do business in any U.S.
state or Indian tribe by such a filing.

*Who Does Not Have to Report?

Twenty-three types of entities are exempt from beneficial ownership information reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies.

FinCEN’s Small Entity Compliance Guide includes checklists for
each of the 23 exemptions that may help determine whether your
company qualifies for an exemption. Please review Chapter 1.2 of
the Guide for more information.

*How Do I Report?

Reporting companies report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi. The system provides a confirmation of receipt once a completed report is filed with FinCEN.

*When Do I Report?

FinCEN began accepting reports on January 1, 2024.
• If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI.
• If your company is created or registered in 2024, you must report
BOI within 90 calendar days after receiving actual or public notice
that your company’s creation or registration is effective, whichever is earlier.
• If your company is created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
• Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

** You can click on the link below to access online filing directly with FinCen for free.