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Phillip Monroe Smith

Phillip Smith’s Legal Guides

13 total


  • CORPORATE BASICS IN CALIFORNIA

    CORPORATE BASICS WHAT IS A CORPORATION? A corporation is a legal business entity which is considered a "separate person" for most legal purposes. As a "separate person", it has its own identification numbers with the IRS and the state of California. California corporations are g...

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  • LIMITED LIABILITY COMPANIES IN REAL ESTATE MATTERS

    An LLC is currently the favored legal entity for real property owners to hold title to real estate because an LLC shields the real property from a liability that may occur from activities of the owner(s) that are not related to the real estate. LLCs are especially favored where t...

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  • IRS PAYROLL TAX RELIEF FOR EMPLOYERS

    Employers that have misclassified workers as independent contractors can benefit under a new IRS initiative announced on September 21st. The program, known as the Voluntary Classification Settlement Program or VCSP, provides an employer with the opportunity to correct worker clas...

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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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  • 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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  • 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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  • 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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  • 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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  • 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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  • 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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