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DCRA 60 Day Business Development Amnesty Program

Effective January 1, 2016 through February 29, 2016, the Department of Consumer and Regulatory Affairs (DCRA) will waive all penalties and/or interest for revoked companies wishing to reinstate in the District of Columbia.

DCRA will waive the requirement of filing all past due reports and will only require the most recent delinquent report along with the reinstatement application plus applicable filing fees. Additionally, DCRA will allow the reinstatement of revoked basic business licenses, without penalties, during this time period.

If you have any questions or would like assistance with filing, please feel free to reach out to us!

Thanks for reading,

Deirdre

Deirdre Davis-Washington is an Assistant Vice President and manages the Washington, DC office.

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Oregon Individual Debtor Name Requirement

Effective January 1, 2016, under Oregon Senate Bill 462, the name of an individual debtor listed in a Uniform Commercial Code (UCC) filing, will need to match the debtor’s name on their Oregon driver’s license or Oregon-issued state ID card.

Beginning January 1, the requirement takes effect for all new UCC-1s filed. Existing valid UCCs remain in effect until continued or no later than January 1, 2021. To read SB 462 in full, click here.

If you have any questions or concerns, please feel free to contact us!
Thanks for Reading,

Gennine

Gennine Cooper is a Marketing Associate in our Dover, Delaware office. 

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Delaware SOS will have Altered Hours!

Just a reminder…

Tomorrow, December 11th, the Delaware Secretary of State’s Division of Corporations (DE SOS) will be holding its Employee Recognition Luncheon. State services have been altered for this day.

The DE SOS will be closed between 12:00 PM and 1:00 PM (ET); no expedited filings will be processed during this time period. Filings which need attention prior to this period should be received by the DE SOS prior to 10:00 AM (ET).

All 30 Minute and One-Hour service filings must be received by the DE SOS prior to 6:00 PM (ET), Two-Hour service filings will need to be received prior to 5:00 PM (ET). All other cut-off times will remain unchanged.

To meet these deadlines, Incserv must receive all filings AT LEAST 15 MINUTESbefore the DE SOS corresponding cut-off times.

Incserv will have full-staff available that day to meet all of your corporate and UCC needs.

Thanks for reading,

Gennine

Gennine Cooper is a Marketing Associate in our Dover, Delaware office.

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2015 Louisiana Tax Amnesty Program

If you recently received a letter from the Louisiana Department of Revenue (LDR) regarding a 2015 Louisiana Tax Amnesty Program, don’t dismiss it as junk!  This is a legitimate program. The LDR is offering a 2015 Tax Amnesty Program, at the direction of the Louisiana Legislature. This program will provide the opportunity for taxpayers to resolve delinquencies on their tax account(s) with the department. Amnesty will only be granted to eligible taxpayers who apply during the amnesty period and who either pay in full or enter into an installment agreement on or before December 15, 2015, for all the tax.

2015 Louisiana Tax Amnesty Program began statewide November 16, 2015 and will end on December 15, 2015.

Thanks for reading,

Gennine

Gennine Cooper is a Marketing Associate in our Dover, Delaware office.

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Looking For Extra Money For the Holidays? Try This Out!

For Fiscal Year 2016, the top three anticipated streams of revenue included in the Governor of Delaware’s recommended budget (the “Recommended Budget”) were:  personal income tax, incorporation revenue and abandoned property.

It probably wouldn’t be a surprise to anyone to know personal property tax income in a state with no sales tax might be relied on heavily.  It also probably isn’t a surprise to anyone to hear revenue related to business entities formed or qualified in the State of Delaware (the “State”) might be a major source of revenue for the state since many refer to it as the “Incorporation State”.  In fact, services provided by such companies as Incorporating Services, Ltd. (ISL) (included with services rendered directly by the State’s Division of Corporations) bring in an anticipated 25-26₵ of every tax dollar, or 25-26% of all anticipated State revenue.

What probably IS surprising is to learn about the amount of money going to the State’s general fund from abandoned property.  In the Recommended Budget, it was anticipated that 17.6% of State revenues for Fiscal Year 2016 would come from escheated funds!

What are abandoned property or escheated funds?  According to Merriam-Webster, one definition of the generic term “escheat” is “the reversion of property to the crown in England or to the state in the United States when there are no legal heirs”.  The State further defines unclaimed property or escheat to include such things of value as:  “dormant checking and savings accounts, uncashed money orders or cashiers [sic] checks, unclaimed insurance benefits, mineral royalty payments, safe depository contents, unused gift certificates, dividends, stocks, bonds, and utility deposits or refunds”.

Why might this be of interest to you?  Given such a large amount of funds going to the State from unclaimed – or escheated – property, if you have ever done business in or with an entity formed, qualified or located in the State, it’s possible your name might be on the unclaimed or abandoned property list.  If it is, there is a means by which you can claim that property!!

To see if your name is there, check out the State’s “Claim Unclaimed Property” page at https://delaware.findyourunclaimedproperty.com/app/claim-search.  I checked my name to no avail but perhaps you might be luckier!

Thanks for reading,

Kathy

Kathy Jordan retired as VP of Client Services in October 2014 and is our special guest blogger.

Incserv No Comments

Looking For Extra Money For the Holidays? Try This Out!

Looking For Extra Money For the Holidays? Try This Out!

For Fiscal Year 2016, the top three anticipated streams of revenue included in the Governor of Delaware’s recommended budget (the “Recommended Budget”) were:  personal income tax, incorporation revenue and abandoned property.

It probably wouldn’t be a surprise to anyone to know personal property tax income in a state with no sales tax might be relied on heavily.  It also probably isn’t a surprise to anyone to hear revenue related to business entities formed or qualified in the State of Delaware (the “State”) might be a major source of revenue for the state since many refer to it as the “Incorporation State”.  In fact, services provided by such companies as Incorporating Services, Ltd. (ISL) (included with services rendered directly by the State’s Division of Corporations) bring in an anticipated 25-26₵ of every tax dollar, or 25-26% of all anticipated State revenue.

What probably IS surprising is to learn about the amount of money going to the State’s general fund from abandoned property.  In the Recommended Budget, it was anticipated that 17.6% of State revenues for Fiscal Year 2016 would come from escheated funds!

What are abandoned property or escheated funds?  According to Merriam-Webster, one definition of the generic term “escheat” is “the reversion of property to the crown in England or to the state in the United States when there are no legal heirs”.  The State further defines unclaimed property or escheat to include such things of value as:  “dormant checking and savings accounts, uncashed money orders or cashiers [sic] checks, unclaimed insurance benefits, mineral royalty payments, safe depository contents, unused gift certificates, dividends, stocks, bonds, and utility deposits or refunds”.

Why might this be of interest to you?  Given such a large amount of funds going to the State from unclaimed – or escheated – property, if you have ever done business in or with an entity formed, qualified or located in the State, it’s possible your name might be on the unclaimed or abandoned property list.  If it is, there is a means by which you can claim that property!!

To see if your name is there, check out the State’s “Claim Unclaimed Property” page at https://delaware.findyourunclaimedproperty.com/app/claim-search.  I checked my name to no avail but perhaps you might be luckier!

Thanks for reading,

Kathy

Kathy Jordan retired as VP of Client Services in October 2014 and is our special guest blogger.