Awards & Recognition
Any taxpayer can be hamstrung by the complexities of the Internal Revenue Code (IRC). However, foreign and international taxpayers are subject to some of the most complicated and high-stakes tax issues, particularly when the taxpayer is a business entity. Whether you are a Los Angeles resident who has offshore income generating assets and a foreign bank account, a U.S. expat who recently moved to a different country, a business owner with questions about the tax impacts of a prospective merger, or an international entrepreneur who plans to form a business entity in California, the Tax Law Office of David W. Klasing can meet your tax needs with professionalism, efficiency, and zeal. For a reduced-rate initial consultation, contact us online or call us at (310) 492-5583.
LA Business Tax Attorneys for Corporations, Partnerships, and LLCs
Even if you sell the finest quality products or services, failure to engage in strategic tax planning can cause irreparable damage to your business’ bottom line. Moreover, failure to comply with tax and information reporting laws – even inadvertently – can result in costly penalties which could set you back years, or even bankrupt the business you have worked so hard to develop.
Working with experienced business tax attorneys and CPAs in Los Angeles, like those at the Tax Law Office of David W. Klasing, gives your business better odds for long-term financial success. From helping you select the right business structure when forming your new company, to selling, gifting, or dissolving the business, we have the detailed, up-to-date tax knowledge you need to arm yourself with a better business plan at all stages of the company’s life cycle. Tax & Business Law issues with which our Los Angeles business tax lawyers & CPAs can assist with include:
- Business entity selection
- Business succession planning
- Business transactions
- California employment tax audits
- California sales tax audits
- Employment tax
- Tax havens
- Worker classification audits
Business Entity Selection
There is a lengthy checklist of legal, tax, and financial issues for new business owners to consider. One of the first and most integral items on that checklist is deciding what form the entity will take: in other words, whether to structure the business as an S corporation, C corporation, limited liability company (LLC), general partnership, limited partnership (LP), limited liability partnership (LLP), limited liability limited partnership (LLLP), or sole proprietorship. Each decision has both long-term and immediate tax ramifications with regard to issues like double-taxation, protection of personal assets, and how the business is taxed on gains and losses.
Business Transactions
Whether you are the seller or purchaser in a prospective business transaction, you must be mindful of the potential tax fallout before proceeding. Our Los Angeles business transaction attorneys can assist you with all aspects of business sales and purchases in California and beyond. Whether you need help reviewing a contract to ensure that you will be able to collect sale proceeds smoothly, or you need to perform due diligence before purchasing a company, our LA tax attorneys provide comprehensive support.
Business Succession Planning
Though it may not arrive for years or even decades, a time will eventually come when you wish to “exit” your current business. It is wise to have a thorough, well-planned business exit strategy securely in place long before that day arrives. Our estate planning and business succession planning attorneys and CPAs can help you and your family evaluate potential strategies for exiting the business without disrupting operations – or compromising your wealth to unforeseen tax pitfalls.
International Tax Attorneys for Expats, U.S. Citizens Abroad, and Foreign Companies Seeking to do Business in the U.S.
Though embedded in the IRC, federal tax laws reach far beyond the physical boundaries of the United States. Both business entities and individual taxpayers are responsible for not only for reporting domestic income, but also various assets and financial accounts that are maintained overseas, such as a business checking account in Switzerland or a personal savings account in Singapore. In addition to complying more readily with intergovernmental agreements and treaties, federal laws like the Foreign Account Tax Compliance Act (FATCA), and state tax requirements enforced by agencies like the Employment Development Department (EDD), both individuals and business entities can preserve greater wealth by working with a knowledgeable international tax lawyer.
Tax Planning for Foreign Companies
Foreign companies face unique tax challenges – and financial opportunities – when forming a U.S. entity or opening a U.S. branch of the business. Our international business tax planning attorneys are ready to help you and your associates efficiently navigate the financial, legal, and tax considerations of U.S. entity selection and formation. From educating your team on the tax treatment of effectively connected income, to helping you fulfill your tax and information filing requirements in a timely fashion, to mitigating the penalties that can result from noncompliance with Federal and California regulations – our tax planning services for foreign companies are designed to help your business achieve more and waste less.
Taxes for Expats and Citizens Abroad: FBAR and FATCA
The Internal Revenue Service (IRS) is extremely aggressive when it comes to enforcing compliance with federal tax laws like FATCA and the Bank Secrecy Act (BSA), which were both designed to curb offshore tax evasion. Under these laws, taxpayers are generally required to report foreign income and bank accounts provided certain thresholds are surpassed: $10,000 in aggregate for the Foreign Bank Account Report (FBAR) requirement under the BSA, and $50,000 per account for the related Form 8938 (Statement of Specified Foreign Financial Assets) requirement under FATCA.
Failure to file an FBAR, file Form 8938, or meet related disclosure requirements can result in the imposition of civil and/or criminal penalties, potentially resulting in outcomes like incarceration, financial hardship, and closure of your business. Therefore, it is essential to consult with a knowledgeable FBAR attorney who can walk you through international tax requirements for expats, foreign companies, and Los Angeles residents or businesses with foreign income.
Los Angeles, CA Tax Lawyers for Expats, U.S. Companies, and International Businesses
Whether you need to resolve a tax issue on your own behalf, or that of a domestic or foreign corporation, look to the international tax and business attorneys at the Tax Law Office of David W. Klasing for nuanced support and trusted guidance in all areas of business tax law and international tax law. We bring more than 20 years of experience to every client we serve and pride ourselves on delivering the high level of service that has come to distinguish our nationally recognized, award-winning tax and business law firm. For a reduced-rate consultation with an experienced tax attorney, CPA, or attorney-CPA, contact us online or call (310) 492-5583 or (800) 681-1295.
