Wednesday, November 6, 2013

Opportunities for Wyoming Industries in Asia

Last month the Wyoming Business Council posted an article regarding Wyoming Governor Matt Mead's trade mission to South Korea and Taiwan. According to the article both South Korea and Taiwan have potential to expand benefits to Wyoming's top three industries- energy, tourism and agriculture.

Governor Mead was quoted as saying "South Korea and Taiwan will increase imports of coal, natural gas and uranium in the coming years. As a leading producer of those energy sources, Wyoming must continue to develop relationships with both these countries and others as well. Countries that need our energy are valuable partners in any effort to export coal, natural gas or uranium."

To read full article CLICK HERE.

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300

Tuesday, October 15, 2013

What’s Next After You Incorporate?

If you just incorporated in Wyoming, or are doing some preliminary research, below are some helpful links to guide you. We encourage you to call us at any time if you have any additional questions or if you need help.

Videos regarding obtaining an EIN, Banking, Taxes, etc.
http://aaacorpservices.com/videos.html

Why Did You Incorporate- for Asset Protection, Tax Savings or both?
The number one reason people incorporate is for asset protection. However, nearly 60% of businesses are in jeopardy of having their corporate veil pierced because they do not have a Corporate Record Book and are not maintaining corporate records.

Quick Overview of Corporate Record Keeping
http://aaacorpservices.blogspot.com/2012/09/quick-overview-of-corporate-record.html

IRS Audits and Corporate Record Keeping
http://aaacorpservices.blogspot.com/2013/09/irs-audits-and-corporate-record-keeping.html

Establishing a Presence and Building Your Business
We understand the importance of asset protection and putting your money to work for you. Read about an additional service to not only help you establish a Wyoming presence and why, but with this service we can also help you build your business with sales support.
http://www.aaacorpservices.com/package.html

1099 vs. W-2- What You Need to Know
If you’re considering hiring someone as 1099 contract labor rather than as a W-2 wage earner, it’s important that you understand that the IRS has very strict rules regarding employee classification. Misclassification can have serious repercussions.
http://aaacorpservices.blogspot.com/2013/02/important-what-you-need-to-know-about.html

Tax Benefits of a Medical Reimbursement Plan
Your Corporation can provide you with many benefits. One that is often overlooked is a Medical Reimbursement Plan.
http://aaacorpservices.blogspot.com/2012/09/medical-and-dental-reimbursement-plan.html

Special Permits for your Wyoming Entity
Some frequently asked questions regarding permits, tax requirements, etc.
http://www.wyomingbusiness.org/program/business-permitting/2833

Additional Links

Elite Bookkeeping & Tax Services
http://www.elitebookkeeping.biz

Internal Revenue Service
http://www.irs.gov

Electronic Federal Tax Payment System (EFTPS)
https://www.eftps.gov/eftps/

Wyoming Department of Workforce Services
https://doe.state.wy.us/wyereg/

Wyoming Secretary of State
http://soswy.state.wy.us/

U.S. Social Security Administration
http://www.socialsecurity.gov

U.S. Small Business Administration
http://sba.gov

Government Services Administration
http://www.gsa.gov

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300

Friday, September 27, 2013

IRS Audits and Corporate Record Keeping

Contributed by Sara Zaro, EA
Elite Bookkeeping & Tax Services

When the IRS conducts an audit on a Corporation, the agent will ask for the corporate record book. The Agent will review organizational documents, meeting minutes, stock ledger and resolutions.

If these documents are not kept current, the IRS can determine that you are running your business as a Sole Proprietor and change the taxation rules for your business. This could have a large tax impact on the owners of the business as some of the tax deductions taken as a corporation are not allowed as a sole proprietor.

This could result in higher personal income tax along with self employment tax before penalties and interest are added, which add up quickly. In some cases thousands of dollars have been owed by the owners because of poor record keeping of the corporation.

Corporate record keeping is just as important as filing the tax return, preparing the necessary minutes and resolutions annually makes the task relatively simple.

To obtain a Record Book for your Corporation or LLC use the order forms at the links below. If you need assistance with updating your records, call our office.

CORPORATION

LLC

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300

Thursday, September 12, 2013

Articles of Amendment

Before you file an Amendment to the Articles with the Secretary of State you have a couple things to consider:

• You will need signed Special Meeting Minutes and a Resolution in your book reflecting that the Board met and voted in favor of the Amendment.

• If you are changing the name of your corporation you will need to then update your corporate record book. You will need the new name on the book, the stock certificates & corporate seal.

You will also need to notify your bank, vendors and customers of the new name.

• If you are changing the amount or par value of the corporations stock you will need to replace and reissue stock certificates reflecting the current amount of stock/par value.

As always, record keeping is the life of your corporation. Any changes in the corporation need to be documented with a meeting, vote, minutes and a resolution. All need to be signed and placed in your corporate book behind the “Minutes” tab along with all your Annual Minutes in chronological order.

Should you need assistance with filing an Amendment or obtaining replacement stock certificates, etc. give us a call. We'll be happy to help.

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300

Thursday, June 13, 2013

LLC Classification

Contributed by Sara Zaro, EA, CB
Elite Bookkeeping & Tax Services

A Limited Liability Company (LLC) is a business structure allowed by state statute. Every state has its own regulations so it’s important to be aware of state requirements.

For example, in some states any business that requires special licensing may not be an LLC. Banks and insurance companies are typically prohibited from operating as an LLC. Also there are special rules for foreign LLCs.

Owners of an LLC are known as members. In most states there are no restrictions regarding ownership so members may be individuals, corporations, foreign entities and other LLCs.

Classification

Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation. And an LLC with only one member is treated as an entity disregarded as separate from it’s owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes), unless it files Form 8832 and affirmatively elects to be treated as a corporation.

Effective Date of Election

An LLC that does not want to accept its default federal tax classification, or that wishes to change its classification, uses Form 8832, Entity Classification Election, to elect how it will be classified for federal tax purposes. Generally, an election specifying an LLC’s classification cannot take effect more that 75 days prior to the date the election is filed, nor can it take effect later than 12 month after the date the election is filed. An LLC may be eligible for late election relief in certain circumstances.

See form 8832 general instructions for more information.
http://www.irs.gov/pub/irs-pdf/f8832.pdf

Recommended reading Benefits of a Wyoming LLC
http://aaacorpservices.blogspot.com/2013/05/benefits-of-wyoming-llc.html

For tax questions or assistance with your bookkeeping or tax preparation, contact
Elite Bookkeeping & Tax Services toll free at (800) 416-3820.
Visit their web site at http://www.elitebookkeeping.biz

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300

Wednesday, May 29, 2013

Enrolled Agent Information

Contributed by Sara Zaro, EA, CB
Elite Bookkeeping & Tax Services

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.

Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.

Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.

At Elite Bookkeeping & Tax Services we currently have two enrolled agents (EAs)- Sara Zaro and Robyn Yelton. They both have many years of experience handling corporate and personal tax returns for multiple states and they also hold titles as Certified Bookkeepers (CBs).

For assistance with your bookkeeping and tax needs contact:
Elite Bookkeeping & Tax Services
(800) 416-3820
http://www.elitebookkeeping.biz

Read more about Certified Bookkeepers below.
http://elite.homestead.com/certifications.html

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300

Monday, May 20, 2013

Benefits of a Wyoming LLC

Did you know that Wyoming is the home of the LLC? That's right! Wyoming became the first state to enact Limited Liability Company statute. In 1977 legislation was drafted and presented to the Wyoming Legislature and adopted without amendment.

As the home of the LLC, Members and Managers can remain anonymous in Wyoming. Unlike other states, Members and/or Managers names are not required to be listed with the Secretary of State's office. This helps to provide protection by providing a level of privacy to the owners.

The LLC has generated a substantial amount of interest due to the fact that it provides both the limited liability of a Corporation and the single level pass through taxation of a Limited Partnership.

Why use a Wyoming LLC? Here are some other advantages.

- No Initial Annual Report filing required. You do not have to file an Annual Report until the following year after you organize your LLC.

- Annual Report filing fee is only $50 if you have no assets located in Wyoming. Compare that to other states where filing fees can be ten times that or more.

- There has been established case law for three decades for the LLC.

- One person can own and operate a Wyoming LLC.

- Wyoming has a Charging Order Provision that extends to single-member LLCs.

With a Wyoming LLC you have privacy, protection and lower fees with a Wyoming LLC.

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300

Wednesday, May 8, 2013

Wyoming Registered Agent

When forming a Wyoming entity the state will require the name and address of the registered agent. What is a registered agent and what do they do?

The registered agent is required to accept “process of service” on behalf of the business. That means if your Wyoming business is sued, the process server will deliver the Summons or Subpoena to the registered agent at the registered office on file with the state of Wyoming.

The registered agent must be kept up to day of any changes in contact information. The information is confidential and private but the registered agent must be able to contact you knowing time can be essential.

What else should your registered agent service do for you? They should be knowledgeable and able to provide information you need to know to incorporate in Wyoming. They should know what is required annually and be able to provide other services necessary to maintain your entity.

Located near the capital, AAA Corporate Services provides free expedited service, hand delivering your documents every business day. You can trust us to notify you of any changes in the status of your business.

As the registered agent we will forward all official mail from the state of Wyoming and the IRS. We also provide Executive Suite Service or a low cost Business Address Service to provide a physical Wyoming address to use for any business purpose.

We can explain the importance of and provide assistance with establishing a Wyoming bank account. We also have resources for legal needs as well as bookkeeping and tax services.

AAA Corporate Services is a Wyoming registered agent you can trust. Our professionally trained staff has been providing the knowledge and tools needed to incorporate and maintain a Wyoming entity for over a decade.

For assistance with your bookkeeping and tax needs contact
Elite Bookkeeping & Tax Services (800) 416-3820
http://elitebookkeeping.biz

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300

Tuesday, April 23, 2013

Incorporate in Wyoming- Promotions

We are pleased to announce that we are joining in the celebration of the 20th Anniversary of our affiliate office. As such we are offering the following Client Appreciation promotions through May 31, 2013.

* $50 off of our New Corporation or New LLC Package for any state.
(not valid with any other discounts or with basic package)

* $300 off of new enrollment in our Annual Executive Suite Service for first year. - May be used towards Platinum Package -

Win FREE Registered Agent Service for one year by:

1. Following us on Facebook.

2. Refer a friend! For any referrals that contact us you will receieve an entry. If they place an order, you will also receive referral credit on your account with us.

3. Order a new Corporation or LLC package.

4. Upgrade your services with us.

Orders may be placed online at http://aaacorpservices.com/online_order.html

We appreciate the opportunity to serve you!

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300

Monday, April 8, 2013

10 States With Low Tax Burdens

This year, courtesy of the "fiscal-cliff" deal and the payroll tax increase that Congress passed in early January, the majority of Americans are facing higher tax bills. But depending on what state you live in, you may hardly feel the pinch.

For example, Wyoming residents enjoy one of the lowest sales-tax rates in the country and pay no corporate or individual income taxes. Meanwhile, New Yorkers pay some of the highest property taxes, individual income taxes and sales taxes, according to the Tax Foundation's 2013 State Business Tax Climate report. It recently ranked the best and worst states for taxes by comparing state and local income taxes, property taxes and local sales taxes.
Click through to see which states have the lowest tax burdens.

10 states with low tax burdens

For more information, visit our website at http://www.aaacorpservices.com/Toll Free: (800) 891-5987Outside the US: (307) 635-8700Fax number:(307) 635-1300

Thursday, April 4, 2013

Wyoming Secretary of State Issues Alert Regarding Deceptive Business Filings

On April 2, 2013 the Wyoming Secretary of State issued an alert regarding deceptive business filings. Secretary of State Max Maxfield wants to warn Wyoming business owners of a deceptive solicitation form that has surfaced.

Businesses have received a form that appears to be an "Annual Minutes Disclosure Statement". Per the Secretary of State's office, the form "seems to insinuate that it is to be filled out and a fee paid in order for the businesses to comply with state and national laws".

Forms of this type have been received in other states as well and they are now beginning to surface in Wyoming.

Read more

For more information, visit our website at http://www.aaacorpservices.com/ Toll Free: (800) 891-5987 Outside the US: (307) 635-8700 Fax number:(307) 635-1300