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Delaware Taxes: Mandatory Electronic Filing and Potential Refunds
by Christina Edson and Aaron Broholm, State and Local Tax Senior Managers, Moss Adams
If your company is a C-Corporation incorporated in Delaware, you should be aware that this year's annual report, due March 1, 2008, requires taxpayers to electronically file and pay their tax. Failure to file electronically could result
in loss of corporate status with the state.
Note that Limited and General Partnerships as well as Limited Liability Companies are not required to file electronically and are only required to pay an annual franchise tax fee of $200 on or before June 1, 2008.
Additionally, many taxpayers unintentionally pay more franchise tax to Delaware than necessary by using the default authorized shares method, not realizing that there is an alternative method available that may result in significant tax
savings. Fortunately, taxpayers who overpaid can amend open prior year returns and receive a tax refund from the State.
Companies should evaluate whether or not they are overpaying their Delaware franchise tax and if so, correct their filing method going forward and consider filing for tax refunds from the State for open tax years.
For questions, please contact Aaron Broholm at
aaron.broholm@mossadams.com, 415-677-8328; or Christina Edson at
christy.edson@mossadams.com, 858-627-1475.
Moss Adams supports CFOs in Southern CA, Clean Tech Execs in Silicon Valley, and Life Sciences Companies in the Pacific Northwest
Moss Adams is proud to sponsor the following organizations this spring.
BIOCOM CFO Roundtable: Selecting and Qualifying Board Members
February 28 in San Diego, CA
Attendance at this event is limited to CFOs. If you are a CFO and would like to attend, please contact Karen Halle at
karen.halle@mossadams.com or 858-627-1411.
Astia Clean Tech Breakfast: Solar Technology - Will Thin Film Take Over?
March 18 in San Francisco, CA
Thin film technology will be the first to achieve the Holy Grail benchmark - retail grid parity - according to some experts. Is this realistic and will thin film become the dominant technology? Listen to leading companies developing thin
film, and crystalline technologies describe the potential for their technology in reducing solar costs. Learn more at the
Astia web site.
WBBA: Invest Northwest
March 18-19 in Seattle, WA
Invest Northwest, the Pacific Northwest's premier life science investor and CEO forum will showcase 57 of the most promising and established companies from this region. The featured keynote speakers for Invest Northwest 2008 are Jeffrey
Feldman, Chairman and Founder of XShares Group, and David Nexon, Senior Executive Vice President of the Advanced Medical Technology Association (AdvaMed). Learn more at the
Invest Northwest web site.
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