David Gendron's blog

Earlier today we completed several updates to our dedicated private server and have concluded through outside testing that our server is not vulnerable to the heartbleed bug.

We did use the version that had the bug in it, so at some point our server, along with about 70% of the rest of the internet, was vulnerable at one time.

Due to the USA Government shutdown the IRS is closed and not processing new EIN requests. This will create a back log and further delays (from the IRS) once they come back to work. So if you order an un-expedited EIN Retrieval from us you can bet it will take a long while to get it.

We're proud to announce a new secure client area that you should find even easier to use than before. You still have access to the same great features like the Secure Document Vault for keeping corporate docs that we or you upload, and important notices about your LLC or Corporation and our services renewals.

As of Jan 1, 2011 The IRS is now requiring your credit card processor, including PayPal and the like, to report to them how much money you're receiving by accepting credit card, etc. payments they've processed for your business. The figure the IRS asked for is the gross, unadjusted amount, so if you processed $100 in gross receipts, that's the number they are going to send to the IRS, even if you had a $20 chargeback and $15 in fees. At the end of the year the processor will send you a 1099 showing you the total dollar amount that you received through them and that they reported to the IRS.

The IRS has recently made it very clear that the owner(s) of an LLC have to file an income tax return in the USA. This applies to LLCs formed in every State, not just in Delaware, so you can't form in another State thinking this doesn't apply to you.

From the IRS website: http://www.irs.gov/businesses/small/article/0,,id=98277,00.html
"The federal government does not recognize an LLC as a classification for federal tax purposes. An LLC business entity must file as a corporation, partnership or sole proprietorship tax return."

What this means to you:

The State of Delaware has passed legislation ordering the increase of fees due to them for all services they perform like forming corporations and LLCs and providing Certificates of Good Standing as well as basically all of their other corporate services. The change to the Delaware Corporations Fee Schedule come into effect on Aug 1, 2009 so if you are thinking about forming a new company, now is the time to do it! Before you have to pay more for the same service on or after August 1, 2009.

The G20 talks were considered a great success by the participants, but leave many wondering about what happened to financial privacy. The world seems to be heading in the distinct direction of us all having to give up any semblance of privacy in our lives, financial or otherwise.

The good news is that all of us involved in legitimate business and tax economization strategies have our names on the companies anyway, so ultimately this won't affect us at all.

Hello! This is my first entry in VALIS International's blog. I will use it to post a unofficial messages about our services, some news messages in industry and more. I like it and I hope you will like it too and will be happy to comment on my posts here!