Dr. Mike Ellis was honored last night as “Most Valuable Professor” at the UCA vs Arkansas State baseball game for his impact on UCA student-athletes. Here Dr. Ellis is pictured with MBA student and right fielder Kolby Johnson, who nominated him for the award. Dr. Ellis serves as an Associate Professor of Computer Information Systems & Analytics. Congratulations, Dr. Ellis!
The deadline for filing a 2022 federal individual income tax return and an Arkansas individual tax return is April 18, 2023, rather than the usual April 15th deadline, due to the District of Columbia’s Emancipation Day holiday. If you find yourself unprepared, here are some answers to the top tax questions to get you started.
The following are common documents taxpayers may need to prepare their 2022 tax return.
Employment:
Retirement Income:
Investment Income:
Self-employment Records:
Pass-through Income:
Rental Income and Royalties:
Other Income:
Child Care:
Education:
Health Insurance:
Should I take the standard deduction or itemize?According to the IRS, approximately 87% of taxpayers elect to take the standard deduction. For a single taxpayer in 2022, the standard deduction is $12,950 and for a couple that elects married filing joint status then their standard deduction is $25,900. These amounts increase slightly for taxpayers over age 65 or those that are blind. If the total of your state and local income or sales taxes, personal property taxes, real property taxes, mortgage interest payments, charitable contributions, and a portion of your unreimbursed medical expenses exceeds the standard deduction, then you may want to itemize.
One important thing to keep in mind is that even if you choose to take the standard deduction on your federal return, you may want to itemize on your Arkansas tax return. This is because the Arkansas standard deduction is significantly lower than the federal standard deduction.
If you need additional time to file, you may request an extension.
It is important to keep in mind that while you may extend the time for filing a federal income tax return, the extension does not extend the time to pay any tax due. The tax due must be paid on or before April 18, 2023, in order to avoid interest and penalties.
For individuals who generally make less than $60,000, the IRS’s Volunteer Income Tax Assistance (VITA) program offers free tax return preparation and e-filing for basic tax returns. All VITA tax preparation volunteers are required to take and pass tax law training exam established by the IRS. In Central Arkansas, there are several VITA sites, including 2 sites in Conway. One is sponsored by United Way of Central Arkansas and the other is sponsored by Arkansas Asset Builders. Taxpayers can find contact information for the VITA sites using the following link: https://irs.treasury.gov/freetaxprep/
In addition to the VITA program, the IRS Free File Program provides free online tax preparation and filing at an IRS partner site for taxpayer whose adjusted gross income is $73,000 or less. The link for the free filing software is: https://apps.irs.gov/app/freeFile
For the 2021 tax year, certain tax credits were increased or had expanded eligibility due to the global pandemic. Many of those credit have returned to pre-pandemic levels for the 2022 tax year. Taxpayers taking advantage of these credits may see a decrease in their tax refunds for the 2022 tax year as compared to last year due to these changes. These includes changes in the child tax credit, child and dependent care credit, the earned income tax credit, and charitable contributions.
Child Tax Credit: For the tax year 2022, the child tax credit has a maximum amount of $2,000 per dependent under age 17. This is down from a maximum credit of $3,600 per dependent in 2021, depending on the dependents age. Additionally, while the entire of the credit was refundable in 2021, only up to $1,500 of the child tax credit is refundable per dependent in 2022.
Child and Dependent Care Credit: The child and dependent care credit has a maximum credit of $2,100 for 2022. The maximum credit in 2021 was $8,000. While the child and dependent care credit was refundable for eligible taxpayer in 2021, it is no longer refundable.
Earned Income Tax Credit (EITC): The amount of the EITC for a qualifying taxpayer with no dependents is $560 in 2022 compared with the $1,502 in 2021 for the same individuals.
Charitable Contributions: During 2021, taxpayers could deduct up to $300 ($600 for married couples) of cash contributions to charitable organizations even though they claimed the standard deduction. For 2022, taxpayers may only deduct charitable contribution if they elect to itemize their deductions.
According to the IRS, over 90% of refunds are issued in less than 21 days for those taxpayers that e-file their return and have the refund direct deposited into their account. In many cases, the refunds are appearing in approximately 10 business days. Taxpayers filing a paper tax return can expect longer wait times on refunds as processing the paper return may take more than 4 weeks. Taxpayer’s may check the status of their refund using the IRS2Go app on a mobile phone or visiting the following site: https://www.irs.gov/refunds.
Ashley Phillips joined the University of Central Arkansas in August of 2016 as a full-time Assistant Professor in the College of Business Accounting Department. Prior to that, Phillips served as an attorney in Tennessee and Arkansas, including as a Senior Attorney for the Internal Revenue Service. At UCA she teaches classes like Accounting 2310 for beginners all the way through Advanced Income Tax courses for graduate students.
Phillips earned her Bachelor’s degree in Accounting from the University of Arkansas, her Master of Laws (LL.M) in Taxation from the University of Florida, and her Juris Doctorate (JD) from the University of Arkansas. Phillips is well known for serving her community though the Volunteer Income Tax Assistance Program. In 2022, she was awarded the Peter J. Mehl Service-Learning Faculty of the Year Award for 2021-2022 and the College of Business Excellence in Service award in 2021.
Members of UCA and College of Business leadership unveiled the Dr. Conrad Carroll Society annual giving wall today on UCA’s 9th annual Day of Giving. Honored guests in attendance included Dr. Conrad Carroll, his wife Theda, his son, and his daughter in law, there to share in the historical moment.
Educational excellence requires resources, and the Dr. Conrad Carroll Society will provide the UCA College of Business with the resources to invest in its programs and people. This annual giving program will position the college to pursue unique opportunities as fresh possibilities emerge and ensure that the college is positioned to thrive in the years ahead.
“We have built a comprehensive college of business and we are providing our students with a remarkable and powerful education. I want to thank Dr. Carroll for his years of strong leadership and recognize the foundation he helped build for our world-class College of Business,” said College of Business Dean, Dr. Michael Hargis. “This program will help us continue to celebrate his lasting legacy for years to come.”
The Dr. Conrad Carroll Society allows the UCA College of Business to say ‘yes’ —–
Yes to scholarships for exceptional students,
Yes to applied, hands-on learning experiences,
Yes to world-class research and service opportunities, and
Yes to programs that provide transformational experiences for our students and positively impact our community
Those who say yes to the Dr. Conrad Carroll Society will directly impact the College of Business by providing support for people and programs.
The Dr. Conrad Carroll Society recognizes the highest level of leadership in annual giving to the UCA College of Business. Members of the Dr. Conrad Carroll Society will see their names proudly displayed within the college lobby to inspire future leaders who walk the halls.
Along with unveiling, the college announced three levels of giving:
Finally, the College of Business thanked those who have already pledged to join the Dr. Conrad Carroll Society, specifically for the partnerships and generous support that has gotten the college to where it is today.
Anyone who would like to make a pledge to join should contact the college’s Senior Director of Development, Mrs. Jaime Briggs at (501) 852-1263.
AMAYA WHITMORE
In fall 2022, Senior accounting major Amaya Whitmore accepted an internship to explore what a career in accounting might be like. Little did she know, her fall internship would extend into spring 2023 and then turn into a full-time job offer after she graduates in May. Learn more about Amaya’s experience and her plans for the future:
Why did you choose this internship?
I saw this position for a paid internship at Dillard’s on Handshake. I wasn’t really looking for an internship when I came across this position, but I was in a rut of trying to decide which route I wanted to take after graduation. So I decided that it would be a great opportunity for me to get some experience and decide if I like working in tax. I had done a lot of research on accounting careers, and public vs. private, and realized that most people go the public accounting route after graduation, so I wanted to see what private accounting was like and to get that experience.
What did you learn at this internship?
My internship at Dillard’s has taught me so much. My favorite part has been being able to put the skills that I have learned into the classroom into practice and see real life examples. Working in the tax field, there is always so much to learn with the laws constantly changing. Also, I have been able to learn so many tips and tricks in Excel. We take courses that focus on Excel in the College of Business, but getting to use the program every day has allowed me to learn many shortcuts and ways to make using Excel more efficient.
How do you think this internship will be beneficial in your career?
I have already learned so much, and I am still learning on a daily basis. The things that I have learned from this internship have already helped me in the classroom setting, so I know it will help me in trying to get my CPA license and anything after that.
How do you plan to use your degree?
I will be graduating from UCA with my B.B.A. in Accounting in May. I plan to return to UCA in the fall to start the Master of Accountancy program. Also, I plan to start studying to take the CPA exam. There are so many things that someone can do with a degree in Accounting, so I know that my possibilities are endless!
What advice do you have for students who may (or may not) be considering an internship?
The biggest advice that I have is to take advantage of any internship opportunity that you can get! Internships are very beneficial and allow you to get some insight into what you could possibly be doing in the future. It is a great time to figure out what you like and don’t like, and help you decide what you want to do in the future. Plus, you never know the opportunities you can get from your internship… you could end up with a full-time job secured for after graduation!
UCA has been ranked as one of the nation’s top 50 most affordable colleges for online master’s programs in business. Just six percent of regionally accredited postsecondary institutions earned a ranking position from OnlineMastersDegrees.org (OMD). UCA’s business programs earned top honors for overall quality, affordability and commitment to student success.
“This year, we focused on the schools making it easier for students to compete in today’s increasingly difficult job market,” said Kyle Darland, co-founder of OMD. “Each ranked school offers a fully or partially online master’s program in business at a time when earning a master’s has become a minimum barrier to entry for many.”
Darland is referencing a recent survey from CareerBuilder, which found that “thirty-three percent of employers are hiring workers with master’s degrees for positions that had been primarily held by those with four-year degrees.” These employers cited an evolution of the skills needed to perform the jobs as the cause of the shift, and an increase in work quality, productivity and employee retention as the result.
“Providing students with opportunities to get a master’s online is only part of our rankings,” said Darland. “Top-ranked schools also had competitive tuition rates and/or scholarships to help drive costs down. And with grocery, gas and other expenses on everyone’s mind right now, an affordable master’s is key.”
OnlineMastersDegrees.org analyzed more than 7,700 accredited universities by using data pulled from the schools themselves and from the Integrated Postsecondary Education Data System (IPEDS). After the data was compiled, OMD’s data science team then applied a proprietary algorithm to rank all qualifying schools for each of the different master’s degrees specialties. Primary data points include:
To be eligible for ranking, a university must hold active regional accreditation and have at least one partially online master’s program in the ranking subject.
About OnlineMastersDegrees.org
OnlineMastersDegrees.org began in 2020 to support online learning at the master’s level. Our user-friendly, research-backed content helps students find scholarships, resources, financial aid, and connect with accredited colleges and universities across the country.
Related: Education Abroad Opportunities – Upcoming Deadlines
My semester abroad visiting The Hague, Netherlands was easily the most enriching semester of my undergrad. I learned so much about being a leader, diversity, self confidence, personal growth, and of course I learned a lot about business and marketing!
I was able to take a Purposeful Marketing course which had many different components to it. There was a leadership component, in which I learned different leadership skills and how to flesh out and improve these skills. There was a Project Management component where I learned how to use SCRUM Methodology in order to complete a project. And then the Marketing Component in which I worked with a real life charity in brainstorming a new marketing strategy for their upcoming projects.
Over the course of the semester I was able to travel to multiple countries and experience a variety of cultures. I was able to meet many people that I am now able to call mentors and friends. It is an experience that I will never take for granted, and I feel has given me a renewed appreciation for education and traveling. Thank you UCA for this fantastic opportunity.
Assistant Professor Dr. Yao of Insurance & Risk Management contributed his expertise to Wallethub recently on the topic of how much care insurance people need.
Yao addresses why states have different insurance requirements, whether drivers should purchase more than the minimum requirement, and other types drivers can consider.
If you want to read his advice, check out the full article today.
As spring semester begins, student leaders in the College of Business are offering support, encouragement, experience, and advice to their classmates. Check out their tips to succeed, goals they have, and classes they’ve enjoyed.
Izzy Saetelle | Sophomore | Marketing
“I think the most important part of starting a new semester is developing a routine for studying and completing your coursework. This will look different for everyone, so it is important to know what situations you work best in.”
Jose Castro | Senior | Business Administration
“My favorite class last semester was Entrepreneurial Finance with Dr. Standridge at 8:00am. That class built my discipline, and I enjoyed listening to a successful businessman teach a business class.”
Jamia Akbar | Junior | Computer Information Systems & Analytics
“A class I really liked this semester: Website Development. It introduced me to web framework, and I enjoyed learning more about html. I even got to create my own website!”
Amecia Ellis | Freshman | Marketing
“I’m very thankful for Dr. Moseley. She helped me figure out which major I want, as well as helped me gain friends throughout all the events and our meetings every Thursday. One thing I do know is that she is an amazing advisor, and if I ever need help with anything I know I could go to her.”
Claire Coon | Junior | Logistics & Supply Chain Management
“Dr. Joe McGarrity’s Intermediate Microeconomics was my favorite class last semester, and I highly recommend it to anyone with an interest in applying economics outside the classroom. The appeal of economics for me has always been how applicable it is to my everyday life, and Dr. McGarrity really emphasized this by extensively teaching on how the concept of Game Theory explains why people make certain decisions. His teaching style paired with the class content kept me always kept me engaged; I’ve never been in a class where time passes so quickly. ”
Tymera Marsh | Freshman | Marketing
“I am thankful for Professor Hurley for making my transition to high school algebra and college algebra easy.”
Reagan Reiter | Sophomore | Accounting
“My goal this year is to stay mentally and physically healthy – finding time to workout and take care of myself.”
Thanks to our awesome Ambassadors for sharing! Don’t forget about the many tools that UCA provides students to help you succeed.
| • | Your academic advisor is here to guide you, so be sure to contact them with any questions you have. |
| • | Career Services offers many tools including free professional clothing from the WOW Closet and HandShake, an online tool that helps you find internships and jobs. |
| • | If you’re struggling in a class, you can visit the UCA Tutoring Center or contact your professor for help. |
| • | Read the full Student Support Guide for more resources. |
UCA Management Professor Dr. Doug Voss and Marketing Professor Dr. Joe Cangelosi recently released their findings from a new survey entitled, “Comparing Hair V. Urine Test Effectiveness: Trucking Alliance 2021 Pre-Employment Data,” which examines the differences between hair and urine drug test results, using a sample of 172,632 pre-employment hair and urine drug screens that were administered in 2021.
See the report | Read the News Release
The US Department of Transportation classifies truck driving as a safety-sensitive occupation. For this reason, federally regulated operators of commercial vehicles are required to pass a pre-employment drug test. Urine testing is the primary, federally accepted method. Trucking Alliance carriers supplement DOT urinalysis by requiring drivers to also pass a hair drug test. Hair testing is reliable and accurate due to its longer look-back period to identify regular drug use.
In 2021, 88,021 licensed truck drivers applied for jobs at seven Trucking Alliance member trucking companies. The USDOT required drivers to take both urinalysis and a hair drug test. Here were the results:
“Hair tests uncover 11 times more drug users than a urinalysis but the marked difference in positive cocaine, amphetamine/methamphetamine, and opioid tests is most troubling,” observes Dr. Doug Voss at the University of Central Arkansas, who conducted the survey. “These results underscore the inability of urinalysis alone to remove hard drug users from the truck driver population.”
Because USDOT’s Clearinghouse doesn’t accept hair test results, those four-thousand three-hundred sixty-two (4,362) drivers are likely still driving 80,000-pound tractor trailers for other companies, even though the Trucking Alliance companies disqualified them.
The news release announcing these results stated that “the Trucking Alliance has formally requested USDOT’s trucking agency – the Federal Motor Carrier Safety Administration – to include positive hair tests on the agency’s list of ‘actual knowledge’ of a truck driver’s drug use. If granted, these positive hair test results will be submitted to the Drug and Alcohol Clearinghouse and the names of those drivers will be known by other employers.” Read more about the pros and cons of this application.
The data was independently provided by J.B. Hunt Transport, Knight-Swift Transportation, Schneider, Maverick USA, KLLM/FFE Transportation Services, US Xpress, and Cargo Transporters. All 50 states+DC are represented in the sample.
Just before Thanksgiving, around 20 College of Business students were awarded scholarships from the Arkansas Center for Research in Economics for their weekly participation this semester in two reading group programs.
In “The Role of Government in a Free Society” group led by UCA Economics Professor, Dr. Collin Hodges, and Department Chair, Dr. Tom Snyder, ten participants read and discussed works by scholars such as Adam Smith, J.S. Mill, John Locke, and Karl Marx, as well as more contemporary works by Milton Friedman, Friedrich Hayek, Robert Nozick, and John Rawls to examine what a variety of economists, political philosophers, and public policy experts have contributed to this topic. The group also traveled to Dallas in September to participate in a group summit with other universities that completed the same readings. Students were awarded $500 on November 14 for their participation this semester.
A second reading group also met this semester and awarded $500 scholarships to students who participated in the philosophy and law reading group called “Landmark Supreme Court Cases” led by Business Law Professor Dr. Anthony McMullen and Philosophy Professor Dr. Jacob Held. Over the course of ten weeks, students in this reading group studied major Supreme Court opinions covering topics such as economic freedom, federalism, equal protection, privacy, and intellectual property rights. Working through these decisions helped students understand the rule of law, Constitutionalism, and the role the judicial branch plays in our government.
All students were required to gain acceptance into the program and actively participate in the program throughout the semester.
For questions about reading groups and the application process continuing reading, or contact Suzanne Massey at smassey@uca.edu.
