Wyoming's Pro-business Climate

It's no surprise why we love Wyoming. For one thing, it's beautiful here! Also it continues to be in the top rated places to do business for a multitude of reasons.

But don't just take our word for it. Below is a link to an online publication put out by the Wyoming Business Council that showcases Wyoming's pro-business climate. See for yourself.

http://www.wyomingbusiness.org/news/article/wyoming-business-climate-magazine-now-/8873

If you're interested in moving your Corporation or LLC to Wyoming, or would like assistance establishing a new entity, contact our office. 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

Wyoming Direct Financial Incentives 2014

Wyoming continues to be a leader in the list of business friendly states. Read about the 2014 business incentives at the link below.

http://www.areadevelopment.com/stateResources/wyoming/WY-Direct-Financial-Incentives-2014-509274.shtml#.U0hhI7QGa34.blogger

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 Signs Bill Expanding WIA Duties

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

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

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

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

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