Questions answered by Phillip Monroe Smith

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What can I do after an IRS bank levy from a SFR for 2010 tax year?

Phillip's answer | Answered on March 07, 2013

"SFR" stands for "substitute for return." The IRS filed a tax return for you because you refused to file. You first step is to file a tax which...

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Is the $800 minimum tax on corporations in California part of the income taxes owed or in addition to taxes owed?

Phillip's answer | Answered on March 07, 2013

The $800.00 fee is a franchise tax fee for the privilge of doing business in the state of California. It is not an income tax. The income tax is...

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Is a standard boilerplate Operating Agreement ( likely from the Internet ) adequate for a Single - Member LLC ?

Phillip's answer | Answered on March 06, 2013

I can't comment on a "detailed boilerplate" that I have never seen, and I doubt if any attorney on AVVO will answer that part of your post. The...

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The state of California is trying to say I owe takes for 1991 and 2004 can they do that ?

Phillip's answer | Answered on March 06, 2013

Yes under many circumstances. You have not provided sufficient informtation. Are you a non-filer, or what circumstances are causing the assessment...

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Would obtaining an EIN require an LLC to file yearly with the IRS ?

Phillip's answer | Answered on March 05, 2013

No. if your business entity is a single member LLC that is considered a disregarded entity under IRS regulations. If the entity is disregared it...

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Funding for angel or venture investors

Phillip's answer | Answered on March 04, 2013

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...

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CA Franchise Tax Board Levied checking account 3 / 1 , if I file a CH 7 , when will Levy be released .

Phillip's answer | Answered on March 04, 2013

Filing a bankrutptcy will cause the levy to be released because there is an automatice stay on all proceedings. This will not cause the tax debt to...

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Would filing tax return jointly benefit me?

Phillip's answer | Answered on March 02, 2013

This is a question that you should ask your tax preparer because you can provide you preparer with all the documentation needed to prepare the...

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Should I put all my music work under one LLC and when it comes to playing in my band , hire other musicians as contractors ?

Phillip's answer | Answered on March 02, 2013

I am of the opinion (I am also a musician) that an musician should keep his intellectual property in a separate LLC, and not comingle it with his...

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Am I entailed to half of my husband's investment of shares /

Phillip's answer | Answered on March 02, 2013

This is question for a divorce attorney, not a corporate attorney. I have changed your post to include this area. Good luck! Phillip M. Smith...

Phillip Monroe Smith's Answers (1330)

What can I do after an IRS bank levy from a SFR for 2010 tax year?

Is the $800 minimum tax on corporations in California part of the income taxes owed or in addition to taxes owed?

Is a standard boilerplate Operating Agreement ( likely from the Internet ) adequate for a Single - Member LLC ?

The state of California is trying to say I owe takes for 1991 and 2004 can they do that ?

Would obtaining an EIN require an LLC to file yearly with the IRS ?

Funding for angel or venture investors

CA Franchise Tax Board Levied checking account 3 / 1 , if I file a CH 7 , when will Levy be released .

Would filing tax return jointly benefit me?

Should I put all my music work under one LLC and when it comes to playing in my band , hire other musicians as contractors ?

Am I entailed to half of my husband's investment of shares /