Awards & Recognition
Tax filing errors, record-keeping discrepancies, failures to adequately prepare for audit or oversights in corporate tax planning strategies can undermine the financial health of even the most successful business. Corporations, which are subject to some of the Internal Revenue Code’s most intensive tax regulations, must take particularly careful measures to comply with income, FICA, sales, and other tax requirements, whether enforced by federal agencies like the Internal Revenue Service, IRS, or state tax agencies such as the California Franchise Tax Board (FTB), California Department of Tax and Fee Administration (CDTFA) or Employee Development Department (EDD).At the Tax Law Office of David W. Klasing, we are award-winning business tax attorneys who provide S corporations, C corporations, LLCs, and business owners with pragmatic, strategy-driven tax guidance tailored to the company’s goals and needs. Calling on decades of experience in a broad array of practice areas, including complex, niche tax issues specific to corporations, our versatile team of Bakersfield tax attorneys offers comprehensive counsel on all of your corporate tax questions. From tax audit defense and IRS litigation to corporate tax preparation and compliance, our business tax attorneys in Bakersfield have all of your company’s bases covered.
Bakersfield Corporate Tax Lawyers + CPAs for CA, Foreign, and Multinational Companies
From our convenient Bakersfield office, the tax attorneys at the Tax Law Office of David W. Klasing provide nimble, around-the-clock legal and accounting services for California corporations, out-of-state (“foreign”) corporations, and multinational corporations and entities that do business in the United States or offshore. Contact us online right away to arrange a reduced-rate tax consultation or call our Bakersfield tax office at (661) 432-1480. Please note meetings at our Bakersfield location are by appointment only.
Corporate Tax FAQs
The following FAQs may help to provide clarity regarding your tax issue. However, you are advised to seek counsel from an experienced and trusted corporate tax attorney if you have questions about state, federal, or international filing or recordkeeping requirements.
- Are there penalties for failure to disclose ownership in foreign corporations?
- Can a third party be held liable for a corporation’s actions?
- Can you convert a C corporation to an S corporation in California?
- How are foreign corporations taxed on U.S. income?
- How do corporations compare against other types of business entities?
- How do you avoid personal liability for unpaid corporate franchise tax during dissolution?
- What are the tax consequences of redeeming closely held corporate stock?
- What are the tax implications for corporations?
- What is a controlled foreign corporation (CFC)?
- What is a corporation?
Corporate Tax Preparation + Compliance
For many entities, tax compliance is one of the most challenging – and most costly – aspects of doing business. Working with an experienced tax and business law attorney ensures that your business will receive sound, clear guidance – not only in terms of tax strategies you could explore, but even more importantly, tax regulations you must follow. Services we offer in this area include, but are not limited to, the following:
- Corporate Bookkeeping and Accounting
- Corporate Succession Planning
- Corporate Tax Planning and Preparation
- Corporate Transactions
Employers must comply with an array of income, sales, and employment tax regulations, some of which are enforced by the IRS while others are enforced by state agencies like the Franchise Tax Board (FTB). For example, California employers are required to withhold, match, and pay Social Security and Medicare taxes from employee wages. Self-employed individuals, such as freelancers and sole proprietors, are required to pay self-employment taxes, which effectively substitute Medicare and other FICA taxes normally deposited and reported by employers. Note that online businesses are impacted by these same regulations, though some online sellers may qualify for relief from CDTFA sales tax penalties for specific time periods.
Most businesses will eventually face a tax audit. In some industries, the likelihood of an audit is amplified by a perceived potential for fraud and abuse. For example, auto dealerships and dental practices are frequently audited by the IRS, as are sole proprietorships, cash-based businesses, and businesses with more than $10 million in reported income.
IRS Tax Audit Defense for Businesses
The IRS is more likely to audit your business if you have unfiled tax returns, owe unpaid federal taxes, or if it has received or discovered information that indicates a potential problem. For example, the IRS may have received information from your bank or a former employee, such as a report that you have improperly classified employees as independent contractors for purposes of committing payroll tax fraud. Other serious indicators of tax evasion include mismatched books; destroyed or missing records; backdated or otherwise falsified records; failures to deposit receipts; padding your business expenses; or misappropriating corporate funds to pay for personal expenses.See our Non-Filer Q and A Library
California Business Audit Defense (IRS, FTB, CDTFA, EDD)
Several state agencies can audit your business, depending on the tax issue under examination. For example, income tax audits are performed by the Franchise Tax Board, while California sales tax audits are performed by the CDTFA. We provide aggressive audit and appeals representation, protecting your business throughout the process and fighting for your right to contest an audit outcome you do not agree with.
Selecting the Correct Type of Business Entity and Tax Structure
Choosing a business structure and forming an entity are two of the first – and most important – stages to starting a corporation. Our entity selection lawyers can help you compare C corporations, S corporations, and LLCs to ensure that you make a decision which aligns with your business goals. We can also help you convert a C corporation into an S corporation in California.
Every aspect of your business is impacted by Federal and California tax regulations. Before you start a business, you must choose an entity type that has favorable tax consequences. While you are operating the business, you must consider the possible tax ramifications of every transaction, simultaneously taking careful measures to prepare for and defend against potential tax audits. When it is time to sell or close the business, you would be wise to engage in careful exit planning to ensure a seamless transition. And if you intend to merge with or acquire another business, it is vital to ensure thorough due diligence takes place in order to uncover potential tax debts or “off balance sheet risk” you might inherit through successor liability or similar considerations.No matter what stage of its development your company has reached, or what aspect of domestic or international tax law you need assistance navigating, count on the Tax Law Office of David W. Klasing for effective, strategic counsel that is focused on the bottom line. Serving the Bakersfield region, we are award-winning Tax Attorneys and CPAs and CPA Candidates with decades of experience advising and representing C & S Corporations, Limited Liability Companies, and other pass-through entities, in addition to independent contractors and self-employed individuals. Leveraging our expertise in a wide breadth of state, federal, and international laws and treaties, our business tax attorneys and CPAs work tirelessly to refine your tax strategy and reduce your tax burden through entirely legal means so you can sleep peacefully at night.
Selecting the appropriate structure is a fundamental step toward the long-term growth and success of your business. Each type of entity has different tax and asset protection consequences, making it vital to weigh your options carefully. Our business entity formation lawyers can guide you through the tax benefits and drawbacks of various structures in a post-TCJA landscape, in addition to handling all filings necessary to incorporate the business and register with state tax agencies, such as the California Department of Tax and Fee Administration (CDTFA).
Bakersfield Business Tax Attorneys for Corporations (S, C)
Our corporate tax lawyers and CPAs provide numerous tax services for C corporations, S corporations, and LLCs that have elected to be treated as corporations for tax purposes. Whether a corporate taxpayer needs assistance evaluating contracts and transactions; filing tax and information returns; incorporating and registering as a business; correcting tax compliance errors; resolving a tax dispute with the IRS or state tax agencies; preparing to undergo auditing; or appealing the results of a tax audit, the Tax Law Office of David W. Klasing provides flexible and focused support.
In a competitive landscape where tax regulations are complicated and ever-evolving, give your business the edge it needs by retaining the services of an experienced, dependable, and strategically-minded tax attorney in Bakersfield. Contact the Tax Law Office of David W. Klasing online to arrange a reduced-rate tax consultation, or call our Bakersfield, CA office at (661) 432-1480. Please note that meetings at our Bakersfield location are by appointment only.
Note: If you have concerns about the privacy of our initial or subsequent communication and are unable to easily travel to our Irvine / Orange County Main Office, consider scheduling a GoToMeeting to safely and securely establish an initial or maintain an existing attorney client relationship. With end-to-end encryption, strong passwords and top-rated reliability, no one is messing with your meeting. To schedule a reduced rate initial consultation via GoToMeeting follow this link. Call our office and request a GoToMeeting if you are an existing client. We are generally happy to travel to any of our appointment only satellite offices for a subsequent meeting in appropriate circumstances once a relationship is established via a signed engagement letter and the payment of an initial retainer or where enough retainer is available where a current client to cover the reasonable travel time and time required for the meeting.
Will it cost me more to hire the Tax Law Offices of David W. Klasing, who’s main office and the vast majority of the firm’s staff is located in Irvine California, but an appointment only Satellite office is close to my location, as opposed to a local company? Absolutely not! See our policies that address this issue here.
