Wyoming Governor Matt Mead recently signed a bill to expand the duties of the Wyoming Infrastructure Authority (WIA). Previously the WIA's duties primarly focused on electricity but the new bill is said to include "electric and energy transmission infrastructure."
According to a recent publication by the Wyoming Business Report, "the change is primarily designed to give the agency a greater role in the development of coal infrastructure, particularly the kind that would allow state producers to more readily export coal from proposed deepwater ports that are under heavy public fire."
The apparent goal is to expand the WIA's role without stepping on the toes of other agencies that fall into the category of "energy transmission"-such as the Wyoming Pipeline Authority- as well as improving on the amount of coal export.
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, March 12, 2014
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
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
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
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
• 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
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
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
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