Awards & Recognition
All Irvine, CA and Orange County residents are subject to tax laws enforced by the federal government and state of California. However, some of the strictest and most complex rules apply to business organizations and international taxpayers, who must comply with a host of tax and intonational information reporting requirements to which other taxpayers need not adhere.
For example, taxpayers with offshore sources of income, in addition to picking up the offshore taxable income may be required to electronically file a Foreign Bank Account Report (FBAR), 5471 or 5472. To provide another example, domestic business entities must ensure that their workers are classified properly for payroll tax purposes. Moreover, U.S. owned foreign entities must engage in careful tax planning, such as exploring potential uses of tax havens, to promote the greatest odds of financial success. The business and international tax attorneys at the Tax Law Office of David W. Klasing have extensive experience working with international taxpayers and companies, and are here to resolve your matter with precision, efficiency, and attention to detail.
Business Entity Selection in Irvine
Choosing a structure for your new business entity – for instance, deciding whether your corporation will be structured as an S corporation or a C corporation – is one of the first and most impactful decisions you will have to make about the company. Different entities are subject to different tax requirements, meaing some are taxed more heavily than others. Before choosing a business structure, make sure you thoroughly evaluate the pros and cons of each option with a business entity selection attorney who can clearly explain the short- and long-term tax impacts to expect.
Business Succession Planning in Irvine
At some point in life, you will have to pass ownership of your company on to another individual, such as a trusted business associate or the next generation of your family. It is crucial to ensure that a solid business exit strategy is already in place prior to gifting or selling your business. This will simultaneously enable the company to continue operating as smoothly as possible during the transition, while protecting your best interests and minimizing your tax liabilities.
Business Transaction Tax Services in Irvine
Business sales and business purchases can have unforeseen tax consequences, which can undermine or even destroy your company’s financial stability. Working with a business transaction attorney will help you to anticipate and strategize for the tax consequences of sales and purchases, while making it easier for you to prot ect and develop your assets.
