Questions answered by Phillip Monroe Smith

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I own 5 rental properties in the metro area, i did not file a tax return because the income was less than the depreciation and

Phillip's answer | Answered on June 11, 2013

Hier an attorney and file your returns whenever there are potential criminal consequences to you an investigation of your tax matters. Good...

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Does owners of CA based LLC need to be on Payroll or can they work as independent contractor for the company?

Phillip's answer | Answered on June 11, 2013

If the LLC is a partnship, there is no requirement that either of you be employees of the company subject to payroll taxes. Partners do not need to...

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When should my S-corporation election be effective?

Phillip's answer | Answered on June 11, 2013

The instructions to form 2553 state that A corporation making the election for its first tax year should enter (a) the date of incorporation, (b)...

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If there is a mistake on my taxes, and in turn, I get billed for more money from the IRS and the state, is my preparer liable?

Phillip's answer | Answered on June 10, 2013

Your explanation is confusing in that you state that you are receiving multiple bills from the FTB. The first course of action you should take is...

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Moved out of the state my home based business was incorporated in, and the company won't have a presence in new state, what now?

Phillip's answer | Answered on June 10, 2013

If all work is done over the internet from home in California, you are doing business in California and must register the corpo. in California....

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Is a class action lawsuit money taxable in California?? I am the trustee Should I include all siblings on the claim form?

Phillip's answer | Answered on June 10, 2013

You state that you are the "trustee." If you are trustee for an estate, then the estate is the claimant and should be named on the claim form. You...

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LLC question

Phillip's answer | Answered on June 06, 2013

Hire an attorney to draft a partnerhship agreement as the LLC operating agreement. The patnership agreement could provide among its many...

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Should I still file taxes and pay all the penalties to bring it current?

Phillip's answer | Answered on June 06, 2013

The attorney was correct. California does not pursue indivlduals for past due franchise tax fees of LLC's. Good luck! Phillip M. Smith...

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What can I do now? I am not sure where to turn ...

Phillip's answer | Answered on June 05, 2013

Consult with an experienced business attorney, who is also is familiar with labor disputes in the state where the offenses you contend...

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Modify LLC operating agreement to give a member bank account privileges?

Phillip's answer | Answered on June 04, 2013

This is an inappropriate question because you are clearly requesting legal services in the form of the legal drafting of an operating agreement. I...

Phillip Monroe Smith's Answers (1330)

I own 5 rental properties in the metro area, i did not file a tax return because the income was less than the depreciation and

Does owners of CA based LLC need to be on Payroll or can they work as independent contractor for the company?

When should my S-corporation election be effective?

If there is a mistake on my taxes, and in turn, I get billed for more money from the IRS and the state, is my preparer liable?

Moved out of the state my home based business was incorporated in, and the company won't have a presence in new state, what now?

Is a class action lawsuit money taxable in California?? I am the trustee Should I include all siblings on the claim form?

LLC question

Should I still file taxes and pay all the penalties to bring it current?

What can I do now? I am not sure where to turn ...

Modify LLC operating agreement to give a member bank account privileges?