Delaware Intercorp Blog

Friday, January 30, 2015

The Delaware Corporate Legislation Tracker - January 30, 2015

What has happened this past week that may impact business in Delaware and Delaware Corporate Law?

The Delaware Corporate Legislation Tracker is a free service offered by our firm, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters.

Here's the latest edition:


The following Legislation affecting Delaware Title 30 - State Taxes was acted upon by the Legislature on 1/27/2015:




Senate Bill # 17
Title:  AN ACT TO AMEND TITLE 30 OF THE DELAWARE CODE RELATING TO THE ESTATE TAX.

Synopsis:

This Act repeals the Delaware Estate Tax as of July 1, 2015.

Bill History:



Jan 27, 2015 - Assigned to Finance Committee in Senate



The following Legislation affecting Delaware Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the Legislature on 1/29/2015:




SB 11 w SA/2
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ESCHEATS.

Synopsis:

This bill addresses various aspects regarding the administration of the abandoned or unclaimed property law of the State of Delaware and implements certain recommendations of the Task Force to Study and Make Findings and Recommendations to Improve Fairness and Compliance in Delaware’s Unclaimed Property Program established under the provisions of Delaware Senate Concurrent Resolution No. 59.
The bill limits the total number of audits anyone outside contract can be assigned and requires all contracts with such contract auditors to assure that they will not employ or compensate senior officials from the Department involved with their work for two years after such officials leave state employment.
The bill amends the administrative appeal process regarding the assessment of unremitted abandoned or unclaimed property to provide that the determination of the independent reviewer shall be binding on the Secretary of Finance unless properly appealed to the Delaware Court of Chancery.
The bill amends the statutory provision regarding the period of limitations to assess additional unclaimed property liability in connection with a filed annual unclaimed property report to provide that in the case of a filed report the State Escheator must make a specific finding of fraud before the State is entitled to an unlimited period of limitations with respect to assessment.
Section 2 directs the Secretary of Finance to prepare and promulgate a detailed manual containing procedural guidelines for the conduct of Delaware unclaimed property examinations and to update its regulations accordingly.

Bill History:



Jan 29, 2015 - Passed by House of Representatives. Votes: Passed 38 YES 0 NO 0 NOT VOTING 3 ABSENT 0 VACANT
Jan 28, 2015 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 9 On Its Merits
Jan 27, 2015 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House
Jan 22, 2015 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jan 22, 2015 - Amendment SA 2 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jan 22, 2015 - Amendment SA 1 - Stricken
Jan 22, 2015 - Amendment SA 1 - Stricken
Jan 22, 2015 - Amendment SA 2 - Introduced in Senate
Jan 21, 2015 - Amendment SA 1 - Introduced and Placed With the Bill in Senate
Jan 21, 2015 - Reported Out of Committee (BANKING AND BUSINESS) in Senate with 1 Favorable, 3 On Its Merits
Jan 15, 2015 - Assigned to Banking and Business Committee in Senate






SS 1 for SB 16
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ISSUANCE OF SMALL ESTATE AFFIDAVITS.

Synopsis:

This Act amends Section 2306 of Delaware’s probate code to clarify that if a decedent owned real estate in Delaware, either solely or as tenants in common, the small estate affidavit authorized by Section 2306 of Delaware’s probate code should not be issued, and therefore, the grant of letters for the estate shall be necessary, pursuant to Chapter 15 of Title 12 of the Delaware Code.

Bill History:



Jan 29, 2015 - SS 1 for SB 16 - Re-Assigned to Judiciary Committee in Senate
Jan 29, 2015 - Substituted in Senate by SS 1 for SB 16
Jan 27, 2015 - Assigned to Judiciary Committee in Senate


The following Legislation affecting Delaware Title 5 - Banking was acted upon by the Legislature on 1/29/2015:




House Bill # 20
Title:  AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO THE PURCHASE BY A BANK OR TRUST COMPANY OF THE SHARES OF ITS OWN CAPITAL STOCK.

Synopsis:

This Act authorizes the State Bank Commissioner to approve the purchase by a bank or trust company of the shares of its own capital stock, subject to such terms and conditions, if any, as the Commissioner may require.

Bill History:


Jan 29, 2015 - Passed by Senate. Votes: Passed 20 YES 0 NO 1 NOT VOTING 0 ABSENT 0 VACANT
Jan 21, 2015 - Reported Out of Committee (BANKING AND BUSINESS) in Senate with 1 Favorable, 3 On Its Merits
Jan 15, 2015 - Assigned to Banking and Business Committee in Senate
Jan 15, 2015 - Passed by House of Representatives. Votes: Passed 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT
Jan 14, 2015 - Reported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 8 Favorable, 1 On Its Merits
Jan 09, 2015 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House


The following Legislation affecting Delaware Title 10 - Courts and Judicial Procedure was acted upon by the Legislature on 1/29/2015:




Senate Bill # 32
Title:  AN ACT TO AMEND TITLE 10 OF THE DELAWARE CODE RELATING TO EXEMPTIONS FOR REAL PROPERTY IN FEDERAL BANKRUPTCY AND STATE INSOLVENCY PROCEEDINGS.

Synopsis:

This bill removes the time limitation applicable to exemptions for real property and manufactured homes.

Bill History:



Jan 29, 2015 - Assigned to Judiciary Committee in Senate

posted by Russell Rozanski at 8:18 AM 0 Comments

Thursday, January 29, 2015

BEWARE OF SCAMMERS POSING AS IRS



Phishing Remains on the IRS “Dirty Dozen” List of Tax Scams for the 2015 Filing Season
IRS YouTube Video:
Phishing-Malware:English | Spanish | ASL
WASHINGTON — The Internal Revenue Service today warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2015 filing season.
"The IRS won’t send you an email about a bill or refund out of the blue. Don’t click on one claiming to be from the IRS that takes you by surprise,” said IRS Commissioner John Koskinen. “I urge taxpayers to be wary of clicking on strange emails and websites. They may be scams to steal your personal information.”
Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or find people to help with their taxes.
Illegal scams can lead to significant penalties and interest and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice (DOJ) to shutdown scams and prosecute the criminals behind them.
Stop and Think before Clicking
Phishing is a scam typically carried out with the help of unsolicited email or a fake website that poses as a legitimate site to lure in potential victims and prompt them to provide valuable personal and financial information. Armed with this information, a criminal can commit identity theft or financial theft.
If you receive an unsolicited email that appears to be from either the IRS or an organization closely linked to the IRS, such as the Electronic Federal Tax Payment System (EFTPS), report it by sending it to phishing@irs.gov.
It is important to keep in mind the IRS generally does not initiate contact with taxpayers by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media channels. The IRS has information online that can help you protect yourself from email scams.

posted by Kelly at 2:28 PM 0 Comments

Tuesday, January 27, 2015

ANNUAL U.S. PET EXPENDITURES ON THE RISE



In recent years, the money we spend annually on our pets is rising.  This includes all things pet, such as; food, toys and supplies, medications, vet care, live animal purchases, groomingand boarding fees.

The pet product and pet careindustry has continued to thrive, regardless of economic hardships.

posted by Joanne at 3:23 PM 0 Comments

Friday, January 23, 2015

The Delaware Corporate Legislation Tracker - 148th General Assembly Begins

Earlier this month Delaware lawmakers began the 2015 legislative session as the 148th General Assembly convened.


This year promises to be busy, with a host proposals likely to come before the state legislature. How can you stay on top of what is happening in Delaware Law?

The Delaware Corporate Legislation Tracker is a free service offered by our firm, designed to keep you informed on current and pending legislation related to Delaware Corporate rules, regulations, and Delaware business matters.

Here's the latest edition:

The following Legislation affecting Delaware Title 12 - Decedents' Estates and Fiduciary Relations was acted upon by the Legislature on 1/22/2015:




SB 11
Title:  AN ACT TO AMEND TITLE 12 OF THE DELAWARE CODE RELATING TO ESCHEATS.

Synopsis:
This bill addresses various aspects regarding the administration of the abandoned or unclaimed property law of the State of Delaware and implements certain recommendations of the Task Force to Study and Make Findings and Recommendations to Improve Fairness and Compliance in Delaware’s Unclaimed Property Program established under the provisions of Delaware Senate Concurrent Resolution No. 59.
The bill limits the total number of audits anyone outside contract can be assigned and requires all contracts with such contract auditors to assure that they will not employ or compensate senior officials from the Department involved with their work for two years after such officials leave state employment.
The bill amends the administrative appeal process regarding the assessment of unremitted abandoned or unclaimed property to provide that the determination of the independent reviewer shall be binding on the Secretary of Finance unless properly appealed to the Delaware Court of Chancery.
The bill amends the statutory provision regarding the period of limitations to assess additional unclaimed property liability in connection with a filed annual unclaimed property report to provide that in the case of a filed report the State Escheator must make a specific finding of fraud before the State is entitled to an unlimited period of limitations with respect to assessment.
Section 2 directs the Secretary of Finance to prepare and promulgate a detailed manual containing procedural guidelines for the conduct of Delaware unclaimed property examinations and to update its regulations accordingly.
Bill History:



Jan 22, 2015 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jan 22, 2015 - Amendment SA 2 - Passed by Senate. Votes: Passed 21 YES 0 NO 0 NOT VOTING 0 ABSENT 0 VACANT
Jan 22, 2015 - Amendment SA 1 - Stricken
Jan 22, 2015 - Amendment SA 1 - Stricken
Jan 22, 2015 - Amendment SA 2 - Introduced in Senate
Jan 21, 2015 - Amendment SA 1 - Introduced and Placed With the Bill in Senate
Jan 21, 2015 - Reported Out of Committee (BANKING AND BUSINESS) in Senate with 1 Favorable, 3 On Its Merits
Jan 15, 2015 - Assigned to Banking and Business Committee in Senate



The following Legislation affecting Delaware Title 18 - Insurance Code was acted upon by the Legislature on 1/22/2015:




HB 15
Title:  AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO CAPTIVE INSURANCE.

Synopsis:
This bill will make captive insurance companies subject to additional sections in Title 18. These additional sections will allow the Commissioner greater regulatory authority and will also clarify that those acting on behalf of the Commissioner for captive insurance have the same level of liability protection as those who act for the Commissioner in the regulation of commercial insurance. The bill adds “foreign branch captive”. The bill adds definition of a “series captive insurance company.” The bill clarifies that the Commissioner may retain legal, financial, and examination services for conducting regulatory reviews, processing, investigations, and examinations and the reasonable expense may be charged to the captive insurance company. The bill adds a new definition and licensing category for series captive insurance company so that series as established in 6 Del. C. § 17-215(b), 6 Del. C. § 218(b), and 12 Del. C. § 3804(a) can be defined as captive insurance companies. The bill makes risk retention groups subject to Article 16A of Title 18 in order to satisfy a NAIC accreditation requirement. The bill increases the captive insurance application fee from $200 to $300. It increases the captive insurance processing fee from $3,000 to $3,200. It increases the annual captive insurance license renewal fee from $300 to $400. The bill makes the premium tax caps for direct business at $200,000 and assumed business at $110,000 and sets the aggregate cap to $200,000. For each series captive insurance company, the bill adds an annual minimum aggregate tax of $3,500. The bill removes the tax benefit for common ownership and control of a captive insurance company. The bill indicates the minimum capital and surplus for a series captive insurance company. The bill makes captives subject to Chapter 3 except for §§ 331, 332, and 333, and § 2716. The bill clarifies that captive insurance companies may become members of the Federal Home Loan Bank system.
Bill History:




Jan 22, 2015 - Introduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

posted by Russell Rozanski at 8:14 AM 0 Comments

Thursday, January 15, 2015

CHINESE NEW YEAR



Do you have something to ship to China within the coming weeks? You probably want  to postpone it after the celebration of Chinese New Year is over. Imagine doing business on Christmas or Thanksgiving.That's how busy it is during this season.

Chinese New year, the year of the sheep falls on Feb. 19. This is the busiest time for  all types of transportation systems in that country. All people staying away from home will spend time with their respective families , have lots of food  and enjoy the festivities. 
They may have a diverse celebrations but the spirit behind it is the same: a sincere wish for peace and happiness for family members and friends.


Gung hay fat choy!!

posted by daisy at 3:26 PM 0 Comments

Wednesday, January 14, 2015

Are you planning to open a US bank account? Here are some things you should know.




Due to the Patriot Actand Know Your Customer policies, US bank accounts must be opened in person. This means that applicants must appear before a banking representative with identification and, at a minimum, produce an EIN and a date and time stamped Certificate of Formation/Incorporation.  A US address is also required. Certificates of Good Standing and private documents evidencing signing authority are also commonly requested.  As procedure varies between institutions, you will want to have a conversation with the bank you are interested in doing business with to make sure that you meet their requirements. This will save you unnecessary travel expenses and possible disappointment.

While Delaware Intercorp must leave the opening of bank accounts to our clients, we do offer a variety of business support services that include EIN Procurement, Document Retrieval, Delaware Business License Procurement and Address Usage Programs to help meet bank expectations.  Contact a member of our service team today for additional information.

posted by Kelly at 1:48 PM 0 Comments

Tuesday, January 13, 2015

Martin Luther King, Jr. Holiday Closing (Jan. 19)




The State of Delaware, Division of Corporations, will be closed Monday, January 19, in observance of Martin Luther King, Jr.’s birthday. 

Delaware Intercorp is open and ready to serve your certificate retrieval needs!

posted by Robin at 12:15 PM 0 Comments

Tuesday, January 13, 2015

Assistance with your Due Diligence Corporate Research


Let Delaware Intercorp, Inc help you with all of your Delaware due diligence and corporate documentation research requests!  We are directly linked to the Secretary of State’s database and can retrieve documentation for you in an efficient and comprehensive way.   Ask us about our volume discount pricing!

posted by Larry at 10:26 AM 0 Comments

Tuesday, January 13, 2015

HOME REMEDIES FOR THE FLU

It would seem that winter is upon us.  With that being said, Flu season is here. Unfortunately it appears the vaccine was short a few strains.  Seems like more and more  people are being knocked off their feet with this illness.  Don’t get caught short have certain items on hand in case..   Ginger, saline nasal spray and of course chicken soup.


Posted by Linda

posted by Larry at 10:23 AM 0 Comments

Saturday, January 03, 2015

Don't Get Zoomed!

When shopping for an incorporator, be sure to compare the bottom line.  Most glitzy online incorporators zoom you for at least $149 more than does Delaware Intercorp, Inc. (DI).  DI doesn't charge any service fee to assist you with your filing if you use us as your Delaware Registered Agent.  This is a huge difference.  So, watch the bottom line, see what is being charged, plus the State charges, and you will see one of the many value advantages of Delaware Intercorp!

posted by Larry at 12:18 PM 0 Comments

Wednesday, December 31, 2014

Top Reasons To Buy Soy Candles Instead Of Regular Paraffin Candles

      I’ve been making, selling and burning all natural soy candles for 5 years now. They are easy to make, all natural and safe for your environment, what more could you ask?

      Did you know that soy is so safe (unless you are allergic) that you can wash the container with soap & warm water and drink out of it!

by Susan Storrer

posted by Larry at 9:09 AM 0 Comments