Corporate Compliance and Governance Blog

Under federal tax law, the IRS can serve notice of levies on banks and other financial institutions to levy upon customer account balances because of unpaid taxes. Companies are held liable for the full amount of the levy (plus penalties and interest) for failure to comply within the allowed timeframe. It is equally important, however, for your company to have procedures in place to freeze customer accounts on the day of the receipt of the levy notice. If a customer cleans out an account after your company received a notice of levy, you will be liable for the full amount of the levy.

CSC can help you manage IRS levies:
• Designate CSC as your tax address with the IRS.
• Receive, scan, and index incoming levies from the IRS, populating them into our matter management platform – on the same day as receipt.
• Optimize your IRS tax levy workflow by implementing matter management.
• Provides collaborative tools, task assignment, deadlines, tracking, monitoring, and document storage.
• Allows for on-demand report to ensure transparency and effectiveness of the entire process.
To learn more about how CSC can take the risk and administrative burden out of complying with IRS tax levies, email us or call us at 1-800-927-9801 Ext 3678.

Marie Raymond Revocable Trust v. MAT Five LLC, et al., C.A. No. 3843-VCL, Lamb, V.C. (Del. Ch. Dec. 19, 2008).

Plaintiffs had brought an action for breaches of fiduciary duty and violations of the Securities Exchange Act of 1933 stemming from alleged mismanagement of MAT Five LLC. MAT Five then commenced a tender offer for its own shares, which plaintiffs challenged for inadequate disclosure. A subsequent settlement between the parties provided MAT Five investors the option to tender and receive additional consideration, retain all MAT Five shares, elect to receive the consideration offered in the original tender offer, or opt out of the settlement. The Court of Chancery approved the proposed settlement, finding it fair and reasonable because it significantly improved the disclosures, increased the available monetary value of the tender offer and provided an expansive range of options for the harmed investors. The Court supported its fairness determination by noting that 80% of MAT Five investors chose to participate in the settlement and an opt out clause protected those that did not.

Continue reading " Recent Corporate and Alternative Entity Decisions from the Delaware Courts " »

E-file your Delaware Annual Franchise Tax Report online.

Delaware corporations must file their 2008 annual reports electronically on or before March 1, 2009. CSC® offers an enhanced Delaware E-Filing system to help you:
• Access status and other information about all your Delaware corporations
• File reports and pay taxes for all corporations, regardless of Registered Agent designation
• Prepare and file multiple annual reports simultaneously
• Pay using any one of our 4 easy payment options – electronic check (ACH), credit card, check, or wire transfer
• Obtain instant e-mail confirmation of your payments
• Utilize robust reporting functionality with the ability to allocate fees to your cost centers or matter numbers
• Archive report data and filing history year-over-year for CSC-managed corporations
To learn more about how CSC can take the risk and administrative burden out of filing your Delaware annual reports, email us or call us at 1-888-690-2468.