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DE Foreign Corporations Annual Reports Due June 30th!

CorporationsAll foreign Corporations qualified in 2017 or before are required to file an annual report in Delaware on or before June 30th.  There are several ways to file:

  • Complete and send in the paper form that was sent to you by your registered agent of record.  Follow the instructions provided for returning the completed filing and payment.
  • Allow Incserv to file for you; send us your completed report and we will take care of having it filed with the state.
  • File online “here”.  Delaware is allowing foreign reports to be filed online.

Sign up for ARFS now to allow Incserv to keep you in good standing; let us do the remembering for you!

Karen Elliott, Assistant Vice President Client Development

 

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June 8th – DE Secretary of State Luncheon – Cut-Off Times Altered!

Luncheon, June 8thOn Friday, June 8, 2018 an Employee Recognition Luncheon is planned for all the employees of the Delaware Secretary of State – Division of Corporations.  State services have been altered.

There will be NOSame Day” or “Must Approval” service filings after 11:30 AM (ET) on that day.

All 30 Minute and One-Hour service filings must be received prior to 10:00 AM (ET)Two-Hour service filings will need to be received prior to 9:00 AM (ET) and 24 Hour service filings must be received prior to 12:00 PM (ET).

We will be able to secure filing dates and times until 10:30 PM (ET).

To meet these deadlines, Incserv must receive all filings AT LEAST 15 MINUTES before the Delaware Secretary of State  corresponding cut-off times.

If you have questions or concerns, please contact our office at 302.531.0855, 800.346.4646 or orders@incserv.com.

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Don’t Forget! – Delaware June 1st deadline approaching

Delaware, Don't Forget!The Delaware 2017 Limited Liability Company, Limited Partnership and General Partnership taxes are due on or before June 1, 2018. For more information, click here.  The Delaware 1st quarter taxes for Corporations are also due on or before June 1, 2018.

Taxes can be paid by:

Logging into Snapshot™, click here.  (LLC, LP and GP taxes can be paid in SnapShot™; quarterly taxes cannot)

Calling Incserv to assist (800.346.4646)

Going directly to the state website.

Sign up for ARFS now to allow Incserv to keep you in good standing; let us do the remembering for you!

Karen Elliott, Assistant Vice President of Client Development

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What is needed to keep my Delaware Company in Compliance?

Delaware CompanyWith a Delaware company, you may find that you receive several payment requests from your Registered Agent for different services, and it may not be clear what those services are.  This blog helps clarify what those invoices are for.  There are two types of payments that need to be made each year.

State of Delaware Annual Franchise Tax:  Each company is required to pay an annual franchise tax to the State of Delaware.  Each year, you will receive a notice from your Registered Agent on behalf of the Delaware informing you of the tax payment requirement.

CORPORATION:  Due on or before March 1st of each year, and also requires and annual report to be filed. You will receive this notice from our office mid-end of December each year.

LLC/LP:  Due on or before June 1st of each year. You will receive this notice from your Registered Agent mid-end of April each year.

For more information, see our blog on Delaware franchise tax payments.  Click here.

Delaware Statutory Registered Agent:  This is the service fee to represent the company as the Registered Agent in Delaware. This is billed annually; typically renewing on the date of our appointment. Every company formed or qualified within most States are required to appoint a Registered Agent with the Secretary of State. A Registered Agent is the company or individual named to receive Service of Process and all official notices from the jurisdiction on behalf of the company.

For more information on the role of the Registered Agent, see our blog.

How can I make this process easier?Delaware company

There are a few ways to simplify this process and reduce the number of invoices you receive.

  • If you have multiple entities, synch all your entities to the same date. Rather than receive invoices on the anniversary of the appointment, which could be scattered throughout the year, synch these invoices to one date (e.g. January 1).  Or, you could synch the invoices to be received around the same time as your annual tax notice.
  • Sign up for our Annual Report Filing Services (ARFS). With this service, for a small annual fee, we will make sure your tax payment is made.  To learn more about this service click here.

Amy Balke, Accounting Manager

 

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Don’t Forget! – Delaware LLC, LP & GP Taxes Due June 1st

taxesDomestic and Foreign Alternative Entity Taxes Coming Due

The Delaware 2017 Limited Liability Company, Limited Partnership and General Partnership taxes are due on or before June 1, 2018. The tax is $300 per entity and there is no requirement to file an Annual Report.  Annual taxes are assessed if the entity is active in the records of the Division of Corporations anytime during January 1st through December 31st of the current tax year.  If not paid by June 1, a penalty is assessed and interest will begin to accrue.  The company will no longer be in good standing if this fee is not paid and can even be at risk of being voided.

Annual Taxes can be paid by:

Logging into Snapshot™ (https://snapshot.incserv.com/login.aspx)

Calling Incserv to assist (800.346.4646)

Going directly to the state website (https://corp.delaware.gov/paytaxes.shtml)

Incserv also provides a service for paying annual taxes for you each year, contact us and ask about ARFS for your alternative entity.

Rose Redman, Quality Assurance and Employee Development Manager

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March 23rd – DE Secretary of State Luncheon- Cut-Off Times Altered!

Luncheon, March 23rdOn Friday, March 23, 2018 an Employee Recognition Luncheon is planned for all the employees of the Delaware Secretary of State – Division of Corporations.  State services have been altered. 

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

We will be able to secure filing dates and times until 10:30 PM (ET).

To meet these deadlines, Incserv must receive all filings AT LEAST 15 MINUTES before the DE Secretary of State corresponding cut-off times.

If you have questions or concerns, please contact our office at 302.531.0855, 800.346.4646 or orders@incserv.com.

 

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Delaware Annual Report & Franchise Tax–The Buzz! Part 3

Delaware Annual Report & franchise taxFrequently Asked Questions – Delaware Annual Report

In today’s Delaware Annual Report & Franchise Tax – The Buzz!, we would like to offer you answers to frequently asked questions you may have while filing your Delaware Annual Report.  If you happen to have missed part one and two of our blog series, click here to view.

Q.  Where do I find my Gross Assets?

A.  The Delaware Annual Report requires your company’s entire Gross Assets as reported to the IRS on your Federal 1120, Schedule L form. If you haven’t filed your Federal Taxes yet, please refer to your Balance Sheet for your most recent information on your gross assets.  If you have an accountant or tax service handle this for you, please ask them for the most up to date information.  If you used Snapshot™ last year to file your report and nothing has changed, this information will still be available for your reference.

Q. What if my Gross Assets change after I file my Delaware annual report; shouldn’t I wait to file when it is finalized?

A.  You can file an amended Annual Report with the State of Delaware if you need to make a change, rather than filing your report late to wait for the finalized amounts. Filing late incurs both a penalty of $200 as well as interest of 1.5% per month on the unpaid tax amount.

Q. Where do I find my Issued Shares?

A.  The State of Delaware has record of your Authorized Shares and Par Value, however, Issued Shares are not public information. The shares your company has issued should be recorded on a company held stock ledger found in your corporate minute book.  If you have a CPA or Attorney handle these matters for you, please ask them for the current amounts.  If you’ve used Snapshot™ last year to file your report and nothing has changed, this information will still be available for your reference.

Q. My company didn’t do any business during part of 2017; can I enter those Inactive dates in the space provided?

A.  The Inactive dates on the report refer only to a portion of the year in which a company was potentially Inactive within the records of the Secretary of State. If you had to file a renewal or reinstatement during the calendar year of 2017 then this may apply to your company (please call or email us to provide you with the dates.)  Otherwise this does not likely apply to your company.  If your company is no longer doing business, but you have not filed a dissolution with Delaware, your company will continue to be required to file a Delaware Annual Report until this is filed; please call or email us if you feel you need to dissolve.

Q. My company never began doing business; do I still owe this report and fee?

A.  As long as the company is Active with the State of Delaware, it will owe a Delaware Annual Report and franchise tax each year. The report fees are based on the Authorized Shares as outlined in the charter documents filed with Delaware.  If the company is minimum stock then the minimum tax will be due ($225 which includes the report filing fee.)   If you feel you should dissolve the company because it will not do business in the future, please contact us to ask about dissolving.

Q. My Principal Place of Business is outside the U.S.; how do I enter this?

A.  There is a check box on the Annual Report for a “Non-US Address”. By checking this box and choosing the country, the report will format correctly to accept the address and allow the report to submit properly.

Q. Why am I receiving an error when attempting to submit my report through Snapshot?

A.  Be sure and enable your pop-up blocker for our site when filing. If you still experience trouble, please let us know.

Lucy Rose, Project Manager, Product Research and Development

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Delaware Annual Report & Franchise Tax–The Buzz! Part 2

 Annual Report & franchise tax, DelawareFiling your Delaware Annual Report & Franchise Tax via Snapshot™; Benefits and Tips!

In today’s Delaware Annual Report & Franchise Tax – The Buzz!, we would like to tell you the benefits and tips of using Incserv’s Snapshot™ Annual Report Filing Section. We may be a little biased, but we think you’ll find it to be pretty great as well!

  • No matter if you manage just one or multiple Delaware entities, all entities within your account will appear on screen for one-click Annual Report filing access.  Just click “Franchise Tax & Annual Reports” to get started.
  • Snapshot™ saves your previous year’s filing information, saving you the time of reentry! If nothing has changed, simply review and file.
  • View and download previous year Annual Reports filed through snapshot™, including the second page wherein Issued Shares and Gross Assets are listed (this information cannot be retrieved from the State as it is not public record.)
  • Snapshot™ charges a minimal fee for all this convenience of just $20 per report filing.
  • TIP! Use Google Chrome to access Snapshot™ and disable your pop-up blocker for our site.

Don’t have a Snapshot™ login?   You can visit this link anytime and place a request for a login.  During business hours, feel free to email us at radiv@incserv.com or call us and we will provide you with a login and password.

In addition to Annual Report filing, Snapshot™ provides you with a view of all of your account entities in one place including access to previously received Service of Process.  You can also place an order, view pending orders and pay invoices quickly and easily.  Watch for new features as we continue to upgrade your entity management experience!

Lucy Rose, Project Manager, Product Research and Development

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Delaware Annual Report & Franchise Tax–The Buzz! Part 1

Annual Report & franchise tax, DelawareDelaware is one of the jurisdictions which require annual report filings and franchise tax payments.  The deadline of March 1 is quickly approaching, so today, we decided to answer a few basic questions…

Where are the annual report & franchise tax notices sent? In Delaware, annual report and franchise tax notices are sent to the agent of record, also known as your registered agent. The registered agent is then responsible for passing the notice along to you. This is one of the major reasons it’s imperative to keep your registered agent up to date with the most current contact information for your entity.

How and when are the Delaware annual report & franchise tax notices sent?  Annual tax notices for domestic Delaware corporations have been sent either by e-mail or First Class Mail.  Incserv completed their mailings on 12/29/2017.  If you have not yet received your notice, please contact your registered agent.

How can I file my Delaware annual report? The State of Delaware Division of Corporations requires all Delaware annual reports for profit corporations be filed online. This can be done by visiting the Division of Corporation’s website at www.corp.delaware.gov or by utilizing a registered agent. When utilizing a registered agent, you can have the agent file for you or use their filing portal that is tied directly to the State’s system (ours is Snapshot™ – if you want to know more about it, click here).

Be sure to check back weekly or subscribe to the blog so you don’t miss out on the rest of the details. Next week we will continue the series and talk more about how to file using our Snapshot™ portal. Of course, if you have a question in the meantime, feel free to reach out to us. We are here to help!

Rose Redman, Quality Assurance and Employee Development Manager

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Delaware Annual Report & Franchise Tax – Help! Part Six

Today we close out our six-part Delaware Annual Report & Franchise Tax Series. If this happens to be the first blog you’re seeing in the series, click here to start from the beginning. We’ve covered the basics pertaining to filing a Delaware corporation annual report and paying Delaware franchise taxes. Now for a few of the “special case” scenarios…Delaware annual report

I understand the assumed par value method of Delaware franchise tax calculation, but what happens if a stock amendment was filed during the year? If an amendment changing your stock or par value was filed with the Delaware Division of Corporations during the year, issued shares and total gross assets within 30 days of the amendment must be given for each portion of the year during which each distinct authorized amount of capital stock or par value was in effect.  The tax is then prorated for each portion of the year dividing the number of days the stock/par value was in effect by 365 days (366 leap year), then multiplying this result by the tax calculated for that portion of the year.  The total tax for the year is the sum of all the prorated taxes for each portion of the year.

Is a Delaware corporation that is ending its existence or reinstating required to file an annual report or pay franchise taxes? Yes, when a Delaware corporation is ending their existence or reinstating to return the entity to good standing, the corporation is required by law to file an annual report and pay any and all franchise tax due. If you’re handling the process on your own, you will need to reach out to the Franchise Tax Section of the Delaware Division of Corporations prior to submitting your Renewal, Merger, Dissolution, Conversion or any other document filing that will end the existence or renew the status of your Delaware corporation in order to determine the final franchise tax fees and annual report filing requirements. If you’re working with a service provider, such as us, we can handle this part for you.

What happens if I miss the deadline for filing my corporation’s Delaware annual report and paying my Delaware franchise tax? A penalty fee will be added if the annual report is not filed by the due date. In addition, 1.5% interest is assessed and added to the total amount due. The 1.5% interest is calculated based only on the total franchise tax due and does not include the annual report fee and penalty. Interest is continually accrued on the 6th of each month until the franchise tax is paid or the entity goes into an inactive status.

What do I do if I made a mistake on my Delaware annual report filing? An amendment may be filed, but it must be filed before a subsequent report is filed. For example if you made a mistake on the 2016 report, the 2016 report must be amended before the 2017 report is filed. Otherwise the 2016 record will stand as is.

This wraps up our Delaware Annual Report & Franchise Tax Series. However, if you have any questions about or need assistance with filing a Delaware annual report or paying Delaware franchise tax, feel free to reach out to us. We’re here to help!