1. (a)

   1. (1) An affected business entity shall file a pass-through entity tax return with the Department of Finance and Administration.
   2. (2) An affected business entity shall annually file the required return with the Secretary of the Department of Finance and Administration on or before the fifteenth day of the fourth month following the end of the taxable year covered by the return.
   3. (3) If the fifteenth day of the fourth month following the end of the taxable year covered by the return falls on a weekend or state holiday, the return is due on the next business day immediately following the weekend or holiday.
   4. (4) The return shall be filed on forms provided by the secretary.

   5. (5)

      1. (A) The return shall be signed, and the affected business entity shall attach its federal income tax return thereto.
      2. (B) A single-member limited liability company must attach the federal return of the owner member.

2. (b)

   1. (1) An affected business entity shall annually remit the pass-through entity tax to the secretary within the time for filing its tax return.
   2. (2) Failure to remit the full amount due will result in the assessment of tax, penalty, and interest against the affected business entity.
   3. (3) If the affected business entity fails to remit the full amount of pass-through entity tax due, the secretary may assess tax, penalty, and interest against the member or members of the affected business entity based on the member’s or members’ pro rata share of the entity’s income.

Codification Notes: This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: "Authority. Ark. Code Ann. § 26-18-301; Ark. Code Ann. § 26-65-102 through Ark. Code Ann. § 26-65-105."