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Phillip Monroe Smith

Phillip Smith’s Legal Guides

13 total


  • IRS UNCOLLECTIBLE STATUS

    The IRS puts many taxpayers into the Uncollectible Status category or classifies them "Currently Not Collectible" (CNC) every year. This status means that the IRS will not pro-actively seek back taxes from a taxpayer because of a validated economic hardship. If the taxpayers fina...

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  • EMPLOYER’S BEST PRACTICES AND POLICIES TOWARD EMPLOYEES IN THE WORKPLACE

    There are a number of steps employers must take to prevent potential lawsuits other labor disputes by its employees that can drain the financial resources of a company. The following are recommended steps that need to be taken by small to medium sized company which can assist in protecting an employ

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  • DERIVATIVE ACTION LAWSUITS

    What is a Derivative Action? Under California law, a corporate shareholder (or LLC member and, in many instances, a partner in a partnership) can bring a legal action for damages against management on a corporations behalf. The legal the theory is that managements alleged wrongd...

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  • NEW CALIF LAWS IMPOSE STIFF PENALITES FOR MISCLASSIFICATION OF EMPLOYEES AS INDEPENDENT CONRACTORS

    Effective January 1, 2012, employers in CA will face stiff penalties including fines of $5,000 to $10,000 for first violations and up to $25,000 for repeat violations for "voluntarily and knowingly" mis-classifying workers as independent contractors. The new law applies to "non...

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  • New IRS Offer In Compromise Process Gives Real Tax Relief

    WASHINGTON - On May 21, 2012, the IRS announced a new expansion of its "Fresh Start" Offer in Compromise (OIC) program in an effort to encourage taxpayers who owe back taxes to pay off their tax obligations with the most favorable tax settlement process in the history of the IRS.

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  • Important Tax Law Changes for 2011 Federal Individual Income Tax Returns

    Here are a few important tax changes that took effect in 2011 that could affect your 2011 individual income tax returns.

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  • Should you file Form 8938, "Statement of Foreign Financial Assets"?

    The Internal Revenue Service has posted to its website the instructions and the form for reporting non-U.S. (foreign) financial assets under section 6038D of the Internal Revenue Code. This new Form applies from January 1, 2011 for tax returns filed from January 1, 2012 onwards. ...

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  • ARE YOU CHOOSING THE RIGHT BUSINESS ENTITY?

    So you want to start a business and you don’t know which type of business entity you should choose? This article is intended to list the major questions you may be asking yourself, and hopefully provide some answers you may need in order to make informed decisions when about starting your business.

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  • YEAR END TAX PLANNING FOR 2011

    Now is the time to involve yourself with year end tax planning strategies for Businesses and Individuals. Sound tax planning in November can often go a long way on April 18, 2012 - the filing deadline next year. There are many legal strategies to reduce your tax liability that require tax planning.

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  • Foreign Account Tax Compliance

    Foreign Account Tax Compliance The IRS is engaged in the serious enforcement of the Foreign Account Tax Compliance Act (FATCA). This is a recent ACT intended to combat tax evasion by U.S. persons holding investments in offshore accounts. FATCA also places increased burdens on ...

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