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How To Approach the Tax Extension

Ashley Phillips, Ph.D.

In response to COVID-19, the Internal Revenue Service has extended the due date for filing 2019 federal income tax returns and remitting federal income tax payments until July 15.

This relief applies to federal income tax payments — including the payment self-employment income tax — and federal income tax returns due on April 15. The July extension is automatic. Arkansas Gov. Asa Hutchinson extended the deadline for filing state income tax returns to July 15, as well. However, the deadline for Arkansas’ estimated tax payments has not been extended.

To understand how Arkansans should approach the federal and state tax deadline extension, we spoke with Ashley Phillips, Ph.D., assistant professor of accounting, who was a tax attorney with the IRS for five years before joining the UCA College of Business in 2016.

When should a return be filed?

“Everyone should file their federal and state income tax returns as soon as possible rather than waiting until July 15. One important reason for filing your return as early as possible is to reduce the risk of tax identity theft. Filing tax returns prevents an identity thief from later electronically filing a return using your personal information to claim a fraudulent refund. The IRS is encouraging taxpayers who expect a refund to file their return as soon as possible. For those expecting a refund, filing a tax return electronically with direct deposit is the quickest way to receive the refund.

If a tax payment is due, the return may still be filed now and the tax due may be remitted closer to July 15. If you are concerned that you will not have the ability to pay the tax due, then a payment plan with the IRS should be considered. The IRS has short-term (120 days or less) payment plans and long-term (more than 120 days) installment plans. More information on these payment plans can be found on the IRS website. It is important to remember interest, penalties and additions to tax for postponed federal income tax filings and payments will begin to accrue on July 16 for returns not filed or tax payments not remitted by July 15.

If an extension of time beyond the July deadline is needed, then an application for extension should be filed on Form 4868 by July 15.”

What is the impact of the extension on estimated payments?

“All first-quarter estimated income tax payments for the 2020 tax year due on April 15 are now due July 15. The extension of time does not apply to the second-quarter estimated income tax payments due on June 15.”

What is the deadline for 2019 IRA contributions?

“The deadline for making IRA contributions for 2019 has also been extended until July 15.”

Posted in: COB News on March 25, 2020 Tagged: , , , , , , , ,

Furnishing a Nation: Supply Chain During COVID-19

Doug Voss, Ph.D.

The country’s response to COVID-19, known as the coronavirus, has seen busy times for grocery stores as Americans stockpile canned goods, non-perishable food and household supplies to prepare for more time at home.

Doug Voss, Ph.D., director of the Center for Logistics, Education, Advancement & Research and Scott E. Bennett Arkansas Highway Commission Chair, said inventory in the channel to grocery stores is plenty as most stores receive multiple loads of product a week, and some multiple shipments a day.

“Thank a truck driver next time you see one,” he said.

Voss took part in a Q&A with us to explain how the supply chain and logistics industry responds to a crisis like COVID-19.

How does the supply chain industry respond to situations like this? Does it compare to the everyday hustle with just a few more shipments, or are there certain trips in the system that brings about a change?

“Demand is the primary driver for supply chains. As demand for certain items increases, production and transportation of that item will frequently increase as well. Demand fluctuations are an everyday occurrence. The current spike in demand for some items is pretty extraordinary but manageable thanks to the hard work of our truck drivers, warehouse workers and supply chain managers.”

Many news reports show empty shelves in several stores in the past couple of weeks. Are stores running out of products too quickly? How often are stores in our area receiving shipments?

“A simplified supply chain consists of a network of suppliers, manufacturers, storage facilities, transportation service providers and retail outlets. Inventory is held by each member of this network to some degree. The bare shelves at your local retailer are caused by demand that exceeded inventory availability in a short amount of time.

However, that doesn’t mean there isn’t plenty of product. There is plenty of inventory in the supply chain for almost every product. It’s just a matter of moving that inventory from the supplier or warehouse to the supermarket where we buy our goods.

The retailer monitors real-time sales and inventory levels. The replenishment process begins when inventory gets low. The supply chain is specifically designed to quickly replenish goods. Your local supermarket may be replenished by several trucks each day with each truck delivering a specific assortment of goods for that store.

Store shelves are constantly replenished, but now that the initial COVID-19 demand spike is complete, the supply chain will be able to catch up. That’s what the system is designed to do and it does it very well. Other than hand sanitizer, there would be plenty of product to go around if we all showed a little more restraint at the store.”

What are the problems or issues that could cause issues in the supply chain?

“The ‘kinks’ that would cause this system to break down include labor shortages or other calamitous events that stop the manufacture or flow of goods. We haven’t seen anything that would shut down the supply chain yet. Things will generally go well as long as we can keep manufacturing and moving product.”

The federal government has taken steps to remove regulations in response to the crisis. Why was that seen to be necessary to deal with COVID-19?

“The federal government has suspended many regulations on trucking companies engaged in the movement of goods critical to support our medical community and societal needs. Trucks are the only mode of transportation that can deliver goods to the front door of most locations. Without trucks, everything shuts down including the ability to decontaminate drinking water.

As an example of a suspended regulation, the federal government has temporarily removed hours of service regulations for companies hauling critical freight. This effectively expands the amount of trucking capacity by allowing drivers to work more hours each day while also speeding time to market for the critical goods they carry. We are all better off if medical supplies and food are replenished faster.”

What are the issues to watch for in the next few days or weeks?

“There was a big increase in demand for trucking services following the initial surge in grocery demand. However, many other shippers — the “Big 3” auto manufacturers — have idled production and the initial consumable demand has subsided to a degree. This means that some trucking companies will have idle capacity but, perhaps more importantly, many shippers may not be able to pay their bills. Cash flow is always important but especially at this critical juncture. Companies need to avail themselves of assistance resources available from the state and federal governments.”

For more information on programs available to small businesses, click here.

Posted in: COB News on March 24, 2020 Tagged: , , , , , , , , , , , , ,

How do Small Businesses Respond to COVID-19?

If you’re a small business owner, the last couple of weeks have been filled with long days, more stress and anxiety, and questions about the future as the country responds to the COVID-19 pandemic.

School closings, mass event cancellations and postponements, and social distancing have challenged small business models across the country, including in Arkansas. How can small businesses respond to obstacles created by COVID-19?

Remain Calm

Jeff Standridge, Ed.D., adjunct instructor of Finance and managing director of the Conductor, said small business clients, customers and employees are looking to the owner for guidance.

“Your attitude and demeanor can make them feel comfortable or worried,” said Standridge. “Your thoughts impact your feelings, your feelings impact your actions, and your actions impact your results.”

Put Yourself in Your Customer’s Shoes: Reach Out!

Business owners should figure out ways to make customers more comfortable in doing business with them in the middle of self-isolation and reduced trips outside the home, said Standridge.

“Before you decide to close for two weeks, look for ways to reduce human contact points within your business,” he said. “If you can serve your customers remotely, you should do it.”

It is important for customers to see care, concern and empathy from businesses, said Standridge.

“It builds trust and loyalty,” he said. “Reduce risks, increase convenience, go above and beyond to meet their physical and emotional needs.”

Reaching out to top customers or clients, asking how they can be helped and informing them of changes your business is making can be helpful.

“Everyone is facing this crisis together, so be transparent about what your business is going through,” said Standridge. “Customers can empathize with brands facing a crisis, as long as you communicate with them properly.”

Doing the Right Thing Now Will Benefit You in the Long Run

The potential for negative press, ill will or loss of business from the general public is possible for the firms and businesses that do nothing or are slow to respond to the crisis, said Parker Woodroof, Ph.D., assistant professor of Marketing.

Whether it is transitioning to online services, reimbursing clients for missed or canceled services or offering gratuities, “being the first small business in the competitive environment gives you a competitive edge and advantage,” said Woodroof.

Go Online

When many stores shuttered in China and workers stayed home in response to COVID-19, Standridge said the savvy business owners shifted their sales strategy to social media, email and phone calls to avoid heavy losses.

“If you’re closing your store, find ways to keep your employees earning a paycheck by reaching out to your clients, selling on social media, putting your email list to good use or using a video tool to reach new leads,” he said.

Keep Your Routine

Things may not seem the same at the moment, but it’s important to keep some semblance of a routine.

Always have coffee with a mentor? Lunch with a fellow small business owner? Keep those appointments, said Vance Lewis, Ph.D., assistant professor of Management, just adapt.

“You can still have those morning coffee chats, greetings, lunches and comradery over the phone or internet just as easily as in-person.”

Plan for Cash Flow Implications & Get Help

Develop and plan for scenarios likely to result in an increase or decrease in demand for your products and services during the outbreak, said Standridge.

“Determine any potential impact on business financials using multiple possible scenarios that affect different product lines or store locations,” he said.

Other strategies that can be implemented include:

  • Reduce or eliminate all non-business-critical tasks and expenses.
  • Identify essential, revenue-critical employees and make sure they are focused on business-critical tasks.
  • If you reduce staffing levels, consider developing rotating work schedules to continue serving clients. Maintain some level of income to as many employees as possible.
  • Talk to your bank and suppliers about alternate payment arrangements. Talk to suppliers about extending payables. Talk to your bank about temporary interest-only payment arrangements.
  • Eliminate excess inventory to generate cash.
  • If the situation calls for it, reach out to your bank about the SBA Economic Injury Disaster Recovery Loan program.

Cynthia Burleson, director of the Center for Insurance & Risk Management, said it could be beneficial for small business owners to consider business income coverage.

“This is nuanced and often misunderstood,” said Burleson. “Owners need to understand their policy to see if they may have the potential for partial help due to loss of income.”

For more information regarding the policy, click here.

Doug Voss, director for the Center for Logistics, Education, Advancement & Research and Scott E. Bennett Arkansas Highway Commission Chair, encouraged small businesses to negotiate payment terms with financial institutions.

“Protect your employees’ health and financial well-being to every extent possible, and avail yourself of state and federal assistance programs,” said Voss.

For more information on programs available to small businesses, click here.

The Conductor provides free, one-on-one virtual consultation for small businesses.

“We work every day to help business owners in Arkansas to get their game plan together if they need guidance or assistance,” said Standridge.

Go to arconductor.org to set up a session.

Posted in: COB News on March 23, 2020 Tagged: , , , , , , , , , ,

BIT Club Meeting – 3/10/20

The Business & Information Technology (BIT) Club is having its third meeting on Tuesday, March 10th.  The event, which will be held in the College of Business Auditorium (Rooms 107/208) during X-period (1:40 – 2:30 p.m.), is open to all majors on campus.  Phi Beta Lambda is co-hosting the event.  Our speaker will be Ms. Shari Natovitz, former Senior Vice-President, Director of Risk Management, Silverstein Properties and World Trade Center Properties, New York, NY.  Shari has spent the past fifteen years providing leadership, direction and creative solutions for the risk management challenges of the company’s real estate, development and financial services businesses.  This included the WTC development project and the Silverstein portfolio of buildings, acquisitions, operations and new construction projects.  Refreshments will be served and door prizes will be awarded.  All students, faculty, and staff are invited to attend.

Posted in: COB News on March 5, 2020

BIT Club Meeting ~ 2/25/20

The Business & Information Technology (BIT) Club is having its second meeting on Tuesday, February 25th.  The event, which will be held in the College of Business Auditorium (Rooms 107/208) during X-period (1:40 – 2:30 p.m.), is open to all majors on campus.  Mr. Seth Bartolotta, Decision Support Analyst with Acxiom Corporation in Conway, will be the featured speaker.  From coast to coast, our internships and new college grad programs provide you with powerful skills to set you up for career success.  From mentoring to hands-on problem solving, get ready to roll up your sleeves and make a difference for an industry-leading Fortune 500 company.  Seth is a graduate of our College of Business and we are delighted to welcome him back to campus.  Refreshments will be served and door prizes will be awarded.  All students, faculty, and staff are invited to attend.

Posted in: COB News on February 12, 2020

BIT Club Meeting – 1/28/20

The Business & Information Technology (BIT) Club is having its Spring Welcome Meeting and Kick-Off on Tuesday, January 28th.  The event, which will be held in the College of Business Auditorium (Rooms 107/208) during X-period (1:40 – 2:30 p.m.), is open to all majors on campus.  Courtney Phillips, a UCA alum who is a Team Leader (Mainframe Academy) at Ensono, will be the featured speaker.  Joining her will be Samantha Valencia, Project Lead (Mainframe Academy) and TJ Sambuunyam, Associate Application Developer – all UCA graduates!  Katie Branch, Manager (Mainframe Academy), will be present as well.  Ensono delivers managed IT services to optimize and modernize mainframes, infrastructure, and cloud for clients all around the world and will be at our Career Fair.  We are delighted to welcome them all back to campus.  Refreshments will be served and door prizes will be awarded.  All students, faculty, and staff are invited to attend.

Posted in: COB News on January 23, 2020

The Best of 2019

As we close out another year in the College of Business, we want to thank all our friends and supporters, and look back at some of the milestones and achievements of the last year.

UCA Day of Giving

In 24 hours, our college received nearly $200,000 in donations, named three spaces in the college and created seven scholarships for our students. The UCA Day of Giving included Greenway Equipment establishing the Greenway Equipment Cultivating Successful Leaders Scholarship Fund, Modern Woodmen sponsoring a classroom, C.H. Robinson sponsoring our Imagine Lab used for the Innovation & Entrepreneurship program, and Leanna Godley, of Goddess Products, establishing the first Minority in Business scholarship in the college.

Diversity in Business Night

How do we achieve diversity in business? It was the discussion our accounting and Biz@Bear students had with business community members in our college in March.

 Student Awards Banquet

In April, we honored the best of the best in the college, awarding our students for their academic and service achievements throughout the 2018-19 academic year. Kelsey Carter, an accounting major, was won our 2019 Outstanding College of Business Student Award.

MIS Student Wins Student Worker Award

Darby Ketron, an MIS student, was awarded the 2018-19 Student Worker of the Year Award by UCA Career Services in April.

John W. Allison Entrepreneurial Speaker Series: Bunny Adcock

Bunny Adcock, chair of the UCA Board of Trustees, spoke to our Innovation & Entrepreneurship students in April as the latest speaker of our John W. Allison Entrepreneurial Speaker Series. Adcock shared about the work he does with his organization, Opportunity Matters, which assists undocumented immigrants purchase a home.

HR Club Wins at State Competition

Danesha McCraney and Kaitlyn Reeves won the student case competition at the Arkansas Society for Human Resource Management Conference in April. Reeves was also named a recipient of the J.C. Cote Scholarship.

Phi Beta Lambda Racks Up Awards

Our Phi Beta Lambda students won 11 awards in April at the State Leadership Conference. The awards covered categories such as contemporary sports issues, sports management and marketing, computer applications, information. Management and insurance concepts.

Beta Gamma Sigma Inducts New Class

Beta Gamma Sigma is the premier business honor society in academics. Being a part of AACSB allows the exceptional students from the College of Business to enjoy membership. In April, we had the pleasure of inducting our newest class of members.

Beta Alpha Psi Named Student Organization of the Year

Beta Alpha Psi, the national honors organization for financial information professionals at UCA, was named the campus’ Student Organization of the Year in April.

Celebrating 50 Years of Business Education Excellence

July 1, 1969. The day our college was established. Much has changed since then. What was the State College of Arkansas became the University of Central Arkansas. We’ve called multiple buildings across campus our home, established new departments, created new programs and started new fields of study.

In all our growth and advancement, the one thing left untouched is our mission. We have the same commitment to providing a high-quality business education to our students as we did a half-century ago. We are honored to be celebrating 50 years.

Standridges Establish First Endowed Scholarship in Innovation & Entrepreneurship

Jeff and Lori Standridge established the first endowed scholarship in Innovation & Entrepreneurship at the UCA College of Business in June. The Dr. Jeff and Lori Standridge Innovation & Entrepreneurship Scholarship will be awarded to one upperclassman majoring in Innovation & Entrepreneurship each year.

UCA/Acxiom IT Careers Camp

Our IT Careers Camp brings together young students interested in information technology with young business professionals for a two-day camp on our campus. The students enjoy an engaging series of sessions with hands-on learning and activities.

Insurance Program Named Global Center of Insurance Excellence

This summer, our Insurance & Risk Management program was designated a Global Center of Insurance Excellence by the International Insurance Society. Our program is the only four-year program of its kind in Arkansas. UCA is one of 34 universities in 11 countries to have obtained the designation.

Insurance Hall of Fame Inducts New Class

Six new members were inducted into the Arkansas Insurance Hall of Fame in October. The inductees were: James Howard Atkins, of Herrington, Inc.; Matthew Cashion, of Cashion Company, Inc.; Daryl Coker, of Spradley & Coker; Gail James, of Bituminous Insurance Companies; Ron Lensing, of BancorpSouth; and Jim Spradley, of Spradley & Coker.

The Arkansas Insurance Hall of Fame was created to recognize leaders of the insurance industry in Arkansas, and to remind the public of the important role insurance plays in securing the well-being of both individuals and businesses. The Hall of Fame is housed in the UCA College of Business, which offers the only insurance and risk management program in the state.

Dean Hargis Appears on Talk Business

Dean Michael Hargis appeared on Talk Business & Politics with Roby Brock in August to discuss the college’s 50th anniversary and the future of higher education.

Meet The Firms 2019

Business suits, polished resumes and big smiles were on full-display in September as our accounting students met with dozens of firms and companies at our annual Meet The Firms event on-campus.

Anthony McMullen Wins Master Teacher Award

Anthony McMullen, associate professor of business law, is a long-time fan of “The Simpsons.” With a little inspiration, he found a way to incorporate clips of the popular animated show in his classroom to teach aspects of business law. His efforts won him the Academy of Legal Studies in Business’ Charles M. Hewitt Master Teacher Award.

#ArcBestDay in the COB

ArcBest took over our building Tuesday, visiting several classes and setting up tables to visit with students and tell them about the opportunities in various fields that await them at the company.

Davis Family Lecture Series Welcomes Curtis Barnett

Curtis Barnett’s career at Arkansas Blue Cross and Blue Shield has taken him across several divisions of the company from product development, primary care network and operations on his way to being president and CEO of the largest health insurer of the state.

Barnett’s journey began at the University of Central Arkansas. He shared that journey today with students as the keynote speaker of our Davis Family Lecture Series. Our students learned the occurrences in Barnett’s life that impacted his future and how he leveraged those moments to his advantage. It was an honor to host Barnett and allow our students to be inspired by his story.

TIDA Awards 3 Scholarships in the COB

Karen Xiao, Lane Granberry and Lani Meares are the latest recipients of scholarships from the Trucking Industry Defense Association. We appreciate TIDA for its continued support of our Logistics and Supply Chain Management program.

MBA Program Named to Best Business Schools List

Our MBA program was named recently to The Princeton Review’s Best Business Schools list of Best On-Campus MBA programs. The MBA program has 141 students and offers concentrations in finance, health care administration, information management and international business. It is accredited through the Association to Advance Collegiate Schools of Business (AASCB).

Accounting CPE Workshop

One-hundred and twenty accounting professionals were on-campus in December for the Department of Accounting’s annual Continuing Professional Education in Accounting Workshop. The participants received updates on real estate taxes, estate and financial planning, compliance issues for financial institutions, current expected credit losses and auditing.

Posted in: COB News on December 12, 2019

Corey Throneberry Named Senior Director of Development for UCA College of Business

Corey Throneberry has been named the senior director of development for the University of Central Arkansas College of Business.

Prior to joining UCA, Throneberry worked as a business development officer at First Service Bank. He also worked with Centennial Insurance Agency in Conway.

Throneberry graduated from the UCA College of Business in 2008 with a bachelor’s in insurance and risk management.

“Through his prior work experience, Corey has established valuable contacts in the business community that will serve us well as we continue to enhance the College of Business for our students, faculty and staff,” said Michael B. Hargis, Ph.D., dean of the UCA College of Business.

The UCA College of Business has more than 1,600 undergraduate and graduate students. It offers 13 baccalaureate degrees, two master’s and one graduate certificate across four academic departments and houses the state’s only insurance and risk management program. The UCA College of Business is accredited by the Association to Advance Collegiate Schools of Business (AACSB). Visit uca.edu/business for more.

Posted in: COB News on December 10, 2019

UCA MBA Program Makes Princeton Review’s Best Business Schools List

The University of Central Arkansas’ Master in Business Administration program has been named to The Princeton Review’s Best Business Schools list of Best On-Campus MBA programs.

“Our MBA program continues to be one of our fastest-growing in the College of Business,” said Michael B. Hargis, Ph.D., dean of the UCA College of Business. “This ranking among the top business programs in the country reinforces that our students are receiving an outstanding education at UCA.”

The survey asked more than 26,700 students about their school’s academics, student body and campus life.

“We recommend UCA as an excellent choice for a student aspiring to earn an MBA,” said Rob Franek, The Princeton Review’s Editor-in-Chief. “What makes our ‘Best Business Schools’ designations unique is that we take into account the opinions of students attending the schools about their campus and classroom experience.”

The MBA program has 141 students and offers concentrations in finance, health care administration, information management and international business. It is accredited through the Association to Advance Collegiate Schools of Business (AASCB).

The UCA College of Business has more than 1,600 undergraduate and graduate students. It offers 13 baccalaureate degrees, two master’s and one graduate certificate across four academic departments and houses the state’s only insurance and risk management program. The UCA College of Business is accredited by the Association to Advance Collegiate Schools of Business (AACSB). Visit uca.edu/business for more.

Posted in: COB News on November 21, 2019 Tagged: , ,

BIT Club Meeting ~ 11/14/19

The Business & Information Technology (BIT) Club is having its last meeting of the fall semester on Thursday, November 14th.  The event, which will be held in the College of Business Auditorium (Rooms 107/208) during X-period (1:40 – 2:30 p.m.), is open to all majors on campus.   Dwight Southerland, an Arkansas native with over 39 years of experience in software development, consulting, project management, and systems optimization, will be the featured speaker. He has a BA and MBA from UCA, a secondary education certification from UALR, and a Project Management Professional (PMP) certification.

It is his experience and proven collaboration with stakeholders that has provided him with the skillset required in his position as Deputy Secretary of State.  Dwight’s role is that of Chief of Staff, and as such, he oversees the operations of all divisions of the Office of the Secretary of State through the facilitation of effective decision making, organizational strategy, and implementing process solutions. Dwight is committed to working for the citizens of Arkansas and serving the mission of the Secretary of State.

Refreshments will be served (PIZZA!) and door prizes will be awarded.  All students, faculty, and staff are invited to attend.

Posted in: COB News on November 7, 2019