Showing posts with label excise taxes. Show all posts
Showing posts with label excise taxes. Show all posts

Friday, October 27, 2017

Annual Report Filing and Types & Stages of Dissolving your LLC with Wyoming Secretary of State

How to file the annual report on the Wyoming Secretary of State website


In order to remain compliant with business filing regulations, you will need to file an 'annual report' for your LLC. The report can be automatically generated using the Wyoming Secretary of State website and submitted within a few minutes. This post explains the steps to complete this task.

  • Access your online account with the Wyoming Secretary of State website either
    • via a link that carries you directly to your 'Detail' page pictured immediately below. (Your registered agents and or the Wyoming Secretary of State may provide this direct link) -- or -- 
    • from the site's index page, select 'business e-filing' (from the top menu), 'annual report filing' (in the left column menu), 'Get started' button, Enter your 'filing ID'. Then click 'next' (to arrive on the 'verify' page).

Make the following selections
  • If the previous step places you on the 'Detail page:
    • ‘file your annual report’ (in the top right corner)
    • ‘Get started’
  • ‘Next’ (in the ‘verify’ page which provides basic company information like company name and so on)
  • If necessary, change the ‘mailing address’ then click ‘next’
    • NB. The mailing address can be anywhere (including non-US locations). However, the mailing address will be public. Consequently, if you want this information to be private, you can use the address of your Wyoming registered agent.
  • Next
  • In the ‘filing fees’ page, enter any relevant figures
  • Click ‘next’ on the confirm page
  • Continue through the signature and payment pages. 


Types & Stages of Dissolving your LLC 

What happens if you completely missed your filing date? There are 2 ways in which you may dissolve an LLC.
  1. Soft & progressive-to-final dissolution. This way allows the LLC to become dissolved over a period of time if you stopped filing any (further) annual reports.
  2. Immediate final dissolution. (not discussed in this post). This way involves actively filing to officially dissolve the LLC. This takes immediate effect.

The former, which I describe as 'soft and progressive-to-final dissolution' occurs over a period during which the status of your LLC’s account changes through progressively more advanced stages of dissolution until completion as follows.
  • You have a submission deadline (example 1st November yearly if you first created the LLC during the month of November). Your registered agents will usually notify you by email of this deadline as it approaches and after it passes.
  • After this first deadline, you can file the annual report to re-instate the LLC with no fees (ie other than the usual annual report filing fee) within a 60-day grace period during which a notification will be sent to your mailing address.
  • After the aforementioned grace period ends, the status of the LLC will be changed to a 60-day 'inactive' phase. You can file the annual report to re-instate the LLC but with a USD 50 reinstatement fee (ie in addition to the usual annual report filing fee of USD 50).
  • After the aforementioned period, you will be granted a 2-year grace period during which the LLC can still be claimed by you (in a pre-emptive rights fashion). You can file the annual report to re-instate the LLC with a USD 50 fees (ie in addition to the usual annual report filing fee also of USD 50 for all of fiscal periods / years missed).
  • The LLC will be finally and completely dissolved and no longer available for you to reinstate.


CONTENT RELATED TO FILING AN ANNUAL REPORT TO THE WYOMING SECRETARY OF STATE

Thursday, December 22, 2016

Wyoming Resale Tax Returns

When applying for a license, avoid overstating your monthly sales in the state of Wyoming. A smaller, more realistic sales volume (typically below USD 5,000) may minimize the frequency with which you are required to file a tax return. Below are the steps for completing a successful sales tax return.
  • Log in to Wyoming Internet Filing System (WYIFS) website
  • Click the 'Sales/Use Tax' button (to manage returns and payments)
  • Click on the license number (against which you will make the return). A list of un-filed return IDs will appear in a table
  • Select the filing period and click on the number of the 'un-filed return ID'
  • Review the filing period and corresponding due date to confirm you are filing against the correct period
  • If there are no sales, sales tax or use tax to report, tic the box shown immediately below

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  • Click 'Continue'
  • All of the fields will be set at '0' except for line 8. If you are paying within the due date, enter '0'

  • Click 'Continue'
  • Enter your name and title and click 'Continue
  • You will see a confirmation note. An email will also be sent.
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CONTENT RELATED TO WYOMING RESALE TAX RETURNS