Impacts on the process for withholding and reporting by foreign intermediaries with respect to their payment and receipt of substitute dividend paymen

May 20, 2010, the IRS published Notice 2010-46, 2010-24 IRB 1, which impacts on the process for withholding and reporting by foreign intermediaries with respect to their payment and receipt of substitute dividend payments on underlying U.S. Securities. Among its' provisions, Notice 2010-46 revokes Notice 97-66, 1997-2 C.B. 328, effective for substitute dividend payments made after September 13, 2010. Following such date, the approcach described in Notice 97-66 for addressing cascading withholding on U.S. source substitute dividends is replaced with revised documentation, withholding and reporting procedures and requirements described in Section II (Proposed Withholding and Reporting Framework) and Section III (Transition Rule) of the notice.

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Impacts on the process for withholding and reporting by foreign intermediaries with respect to their payment and receipt of substitute dividend payments on underlying U.S. Securities!
Source: InfoTaxSquare Business Documents Filing In All Fifty States!

Who Must File Florida's Corporate Income Tax?

Corporations and artificial entities that conduct business, or earn or receive income in Florida, including out-of-state corporations, must file a Florida corporate income tax return unless exempt. They must file a return, even if no tax is due.

Sole proprietorships, individuals, estates of decedents, and testamentary trusts are exempted and do not have to file a return.

Corporations and other artificial entities, including those located in other states, that are partners in a partnership or members of a joint venture doing business in Florida must file the Corporate Income/Franchise and Emergency Excise Tax Return. A partnership must file a Florida Partnership Information Return if it is doing business in Florida and a corporation is one of the partners.

To read more! Who Must File Florida's Corporate Income Tax? Source: InfoTaxSquare Business Documents Filing In All Fifty States!

The Internal Revenue Service is providing administrative relief for sponsors of defined contribution plans, such as section 401(k) plans!

WASHINGTON — The Internal Revenue Service is providing administrative relief for sponsors of defined contribution plans, such as section 401(k) plans, that were affected by the storms and other severe weather in those counties in Alabama, Connecticut, Massachusetts, Mississippi, New Jersey, Rhode Island, Tennessee and West Virginia declared Presidential Disaster Areas during the period from March 1 through May 31, 2010.


Notice 2010-48 administratively extends to July 30, 2010, the April 30 deadline for restating affected pre-approved defined contribution plans and, if applicable, for submitting determination letters to the IRS, to July 30, 2010. The section 401(b) remedial amendment period for these retirement plans is also extended to July 30.


The relief provided by this notice is in addition to the statutory relief already provided by the IRS, under section 7508A of the Internal Revenue Code, to taxpayers affected by the federally declared disasters in these eight states during the period from March through May 2010.


The notice details the scope of the relief provided by this administrative action and further defines the conditions under which a plan qualifies as an affected plan. A plan is an “affected plan” only if any of the following locations relating to the plan were in the federally declared disaster areas at the time of the disasters:

The principal place of business of the employer that maintains the plan;
The principal place of business of the employer that employs more than 50 percent of the active participants covered by the plan;
The office of the plan or the plan administrator;
The office of the primary record keeper serving the plan; or
The office of any advisor that had been retained by the plan or the employer at the time of the storms or other severe weather that is directly involved with the adoption of the plan or the submission of a determination letter application to the IRS.
This relief applies to the following disaster situations:
Connecticut victims of March 2010 severe storms and flooding. See, News Release CT-2010-35, June 1, 2010.
Tennessee victims of April-May 2010 severe storms and flooding. See, News Release AL/TN-2010-56T, May 5, 2010.
Alabama victims of April 2010 severe storms and flooding. See, News Release AL/TN-2010-55A, May 4, 2010.
Mississippi victims of April 2010 severe storms, tornadoes and flooding. See, News Release LA/MS-2010-21, April 30, 2010.
New Jersey victims of March 2010 storms and flooding. See, News Release NJ-2010-32, April 5, 2010.
Massachusetts victims of March storms and flooding. See, News Release MA-2010-15, March 31, 2010.
Rhode Island victims of March storms and flooding. See, News Release RI-2010-11, March 31, 2010.
West Virginia victims of March storms and flooding. See, News Release WVA-2010-12, March 31, 2010.

To read more! The Internal Revenue Service is providing administrative relief for sponsors of defined contribution plans, such as section 401(k) plans! Source: InfoTaxSquare Business Documents Filing In All Fifty States!