Phillip Monroe Smith’s Answers

Phillip Monroe Smith

Culver City Tax Lawyer.

Contributor Level 18
  1. If a person is convicted of a federal offense and cannot vote, does this person have to pay taxes?

    Answered over 1 year ago.

    1. Phillip Monroe Smith
    2. Stephen F Wallace
    3. Robert J Adams Jr.
    4. Nicholas Basil Spirtos
    5. Richard Gordon Stack
    6. ···
    6 lawyer answers

    Yes. There is no law that exempts that person.

    23 lawyers agreed with this answer

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  2. Funding for angel or venture investors

    Answered about 2 years ago.

    1. Phillip Monroe Smith
    2. Filemon Kevin Samson
    3. Eric J Camm
    4. Brian Crozier Whitaker
    5. Timothy John Broussard
    5 lawyer answers

    First, you need a business entity that can facilitate investors- either a C corp. or an LLC that has sufficient stock or units to appeal to investors. Second, you need to comply with Califonia securities laws because your offereing is a security under California law. Third, you need to put together the appropriate prospectus that would appeal to investors, aka a really good investment opportunity! Your question exceeds the scope of an answer that can be adquately provided on AVVO. You need...

    17 lawyers agreed with this answer

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  3. Can individuals be responsible for unpaid corporate taxes?

    Answered about 3 years ago.

    1. Phillip Monroe Smith
    2. Steven Alan Fink
    3. Steven Anderson Leahy
    4. Neal Naro Chilingirian
    5. J David Hopkins
    5 lawyer answers

    No. The state of California does not pursue individualcorporate officers for the unpaid minimal franchise tax. Also you cannot legally dissolve the corporation unless all taxes are paid.

    13 lawyers agreed with this answer

  4. What are the legal implications of a self-employed person 'correcting" their W-2 to show less income than actual income?

    Answered almost 3 years ago.

    1. Phillip Monroe Smith
    2. Sarah Elizabeth Martello
    3. Barry Franklin Poulson
    4. Bruce Allan Wilson
    4 lawyer answers

    Criminal tax fraud for intentionally understating your income! Sent from my Verizon Wireless 4G LTE DROID -----Original message-----

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  5. How much money does my small business have to make to pay taxes?

    Answered about 3 years ago.

    1. Phillip Monroe Smith
    2. Henry Daniel Lively
    3. Curtis Lamar Harrington Jr
    3 lawyer answers

    You need have a consult with a tax attorney. What you posted is ill-advised because you are mixing concepts of profit and non-profit entities. A profit making entity (smaill business) is for your beneifit. A non-profit entity is for either the benefit of the public or its membership, but you cannot have as its "non-profit" purpose you sole benefit. Soliciting "donations" for your personal benifit is not only a profit making venture, it could also be deemed criminal. Statements like"I am...

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  6. In 2012 both my parents turned 65 and they received social security benefits. Should they file tax return?

    Answered over 1 year ago.

    1. Phillip Monroe Smith
    2. Charles Adam Shultz
    3. David J. McCormick
    4. Ronald J Cappuccio
    4 lawyer answers

    Social security income is only taxable above a certain amount of income. Your parents income is probably not taxable if this is their only source of income. As for the tax credit, you need to have a tax preparer take a look at their entire filing situation for 2013 to determine if they will be entitled to any credits.

    12 lawyers agreed with this answer

  7. California taxes

    Answered about 3 years ago.

    1. Phillip Monroe Smith
    2. Henry Daniel Lively
    3. Mayer Nazarian
    4. Richard W Beck
    4 lawyer answers

    I have never known the FTB to purge its files. I have had cases going back to 1989, and the FTB provided me with tax returns forms for 1989 to assist in the preparation of the returns. Beyond 1989, it may depend on the taxpayer and the case. The FTB tends to keep files on nonfilers and tax protesters indefinitely.

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  8. My business partner decided to "quit", just after we got our S-Corp registered. How do we transfer his share of ownership to me?

    Answered about 3 years ago.

    1. Michael Charles Doland
    2. Phillip Monroe Smith
    3. Robert John Murillo
    3 lawyer answers

    In California, stock cannot be issued for no consideration. The issuance of the stock to the both of you was therefore void. HIre an attorney to document this. Pay for your stock, void the 60% stock issuance and have legal counsel provide you legal advice in the future before you engage in corporate transactions.. Phillip M. Smith Jr. Los Angeles Tax and Business Attorney Call: IRSTAXBIZ

    11 lawyers agreed with this answer

  9. My mom just passed away in Sweden. She had some cash. My part is $ 20,000. I live in Ca. Do I pay Calif or Fed taxes on this?

    Answered about 3 years ago.

    1. Phillip Monroe Smith
    2. E. Martin Davidoff
    3. Christopher Michael Larson
    4. Curtis Lamar Harrington Jr
    4 lawyer answers

    Sorry to hear about your mom. My sister passed away this afternoon. California does not have inheritence tax. Good luck! Phillip M. Smith Jr. Los Angeles Tax & Business Attorney Call: 855 IRSTAXBIZ

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  10. Can I obtain copies of the tax schedules used by the IRS preparer who did the taxes "jointly"?

    Answered over 1 year ago.

    1. Phillip Monroe Smith
    2. Alexandra Rachel Lavinsky
    3. Christopher Daniel Leroi
    4. Richard Forrest Gould-Saltman
    5. Michael T Warshaw
    6. ···
    7 lawyer answers

    If you have the tax returns, all scheudules (including Schedule A) should be attached to the tax returns. If the schedules are not attached, have the court order them to be provide to you. If you paid the tax preparer to prepare your tax tax returns, you should have received and/or can obtain a copy of the entire return which makes your question confusiing because tax preparers are required by law to provide you with a copy of the entire return. You need to hire a divorce attorney if you...

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