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0. Properties - Meeting Date: 2026-03-02 - Meeting Type: 1x1 - Note Type: Summary - Attendees: SCOTT_WARNER, MICHAEL_CARLSON 1. Meeting Summary We aligned on shifting all annual franchise tax reporting to ArentFox Schiff (AFS) following Jennifer's departure. TTS Holdings USA was not filed by the March 1 deadline, and the state is currently showing an incorrect $67,000 balance. AFS can correct this once we provide two data points: total issued shares and total assets as of 12/31/2025 (1120 Schedule L). Since the 2025 federal return is not finalized, we will use the balance sheet total assets for now. Michael will generate the asset figure today so AFS can file immediately and stop the daily penalty; we can amend later if the finalized federal return materially changes the numbers. I will also set up an introduction between Michael and Mary at AFS to clarify process, ownership, and coverage in my absence. 2. Attendee List - SCOTT_WARNER - MICHAEL_CARLSON 3. Action Items - Scott: Instruct AFS to assume responsibility for all annual franchise tax filings going forward and provide them the entity list and prior-year files. - Scott: Forward AFS's data request and supporting documents to Michael today. - Michael: Provide total assets from the TTS Holdings USA balance sheet as of 12/31/2025 today for use on the franchise tax report. - Scott: Confirm and provide the total number of issued shares for TTS Holdings USA to AFS. - Scott + AFS: File the TTS Holdings USA franchise tax report today to stop daily penalties; plan to amend if the finalized 2025 federal return changes reported amounts. - Scott: Schedule an intro meeting for Michael with Mary at AFS to align on process, points of contact, and handoffs. - Michael: Add franchise tax filings to the compliance calendar and ensure coordination with Barb so this is on Finance's radar going forward. 4. Relevant Timelines - Franchise tax report due date: March 1 (missed) - target filing today, March 2, to minimize daily penalties. [Action: Scott, Michael, AFS] - 2025 federal corporate return (CLI) targeted to be filed within the next three weeks in March. [Action: Michael to monitor; informs whether an amendment to the franchise filing is needed] - Post-federal filing: Review and amend the franchise tax report if necessary. [Action: Scott, AFS] 5. Additional Notes - Clarify the requested metric with AFS: they need total assets (1120 Schedule L), not fixed assets. Michael flagged he can provide fixed assets; we must ensure total assets are supplied. - AFS previously handled the majority of these filings (approximately 80), which supports the handoff for consistency and coverage. - Finance completed Washington and Ohio filings last week, but this particular franchise report was not on their radar. We should lock down ownership, dates, and backup coverage in the compliance calendar post-Jennifer. - Expect a small penalty due to the one-day delay; filing today will stop further accrual.
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