Awards & Recognition
The Internal Revenue Code is packed with financial and legal hazards. This is especially true for international taxpayers and business entities, which must follow a host of unique tax laws that do not apply to other types of taxpayers. For example, U.S. citizens who have foreign income must comply with a disclosure requirement known as the FBAR (Foreign Bank Account Report). In addition to complying with income reporting requirements and related tax laws, business entities must also consider issues such as entity selection, worker classification, and succession planning. These issues can be further complicated if the entity is “foreign” (out-of-state) or is based outside the United States.
If you are a business owner in San Bernardino, are a San Bernardino resident who has foreign income, or are planning to conduct business in San Bernardino or the state of California, you should consult with the award-winning San Bernardino domestic and international tax attorneys at the Tax Law Office of David W. Klasing for guidance. We have significant experience providing tax, accounting, and bookkeeping support to foreign and domestic businesses, and have devoted a significant portion of our practice to assisting international taxpayers and entities with FBAR compliance, FATCA compliance, and related matters. To book a reduced-rate initial consultation, contact us online, or call (909) 991-7557 today.
International Tax Attorneys in San Bernardino, CA
Both business entities and individuals are expected to comply with a rigorously-enforced network of foreign income and information reporting laws. Examples include the Bank Secrecy Act (BSA), which establishes the FBAR filing requirement, and the Foreign Account Tax Compliance Act (FATCA), which establishes a similar requirement to file Form 8938 (Statement of Specified Foreign Financial Assets).
In addition to satisfying mandatory tax requirements, international taxpayers must also consider ways to mitigate penalties, preserve wealth, and make smart use of opportunities within the tax code – for instance, determining when it is appropriate to claim the Foreign Earned Income Exclusion (FEIE). For out-of-state or multinational business entities, these considerations become even more involved due to tax treaties and international regulations, such as regulations on transfer pricing.
Tax Planning Services for Foreign Companies
A “foreign” company is any entity that is registered outside the state of California, even if the entity was formed in the United States. Whether a business is located in another state or on another continent, it is critical to engage in thorough, detail-oriented tax planning to avoid incurring needless expenses and penalties that hurt your bottom line.
Our international tax attorneys work with companies throughout – and beyond – the United States, with a particular focus on multinational entities that conduct business in the U.S. Whether you need assistance incorporating a business in the United States, understanding and fulfilling the applicable filing requirements, or identifying strategies to mitigate transfer pricing penalties, our tax team can help you approach the U.S. market efficiently.
International FBAR and FATCA Tax Lawyers
U.S. persons must report offshore income to the Internal Revenue Service, including citizens and resident aliens. Whether you live and work in a foreign country, or live in San Bernardino but have income overseas, you may need to comply with FBAR and FATCA tax requirements. If your foreign account or accounts exceed $10,000 at any time, you must report the account(s) by filing an FBAR (FinCEN Form 114) online – or face drastic penalties. Similarly, if the account or accounts at any point exceeded $50,000 in value, you must file Form 8938 in order to be in compliance with FATCA.
San Bernardino Tax Lawyers Providing U.S. and International Tax Help
Despite the recent tax reforms brought by the TCJA, the Internal Revenue Code remains a vast and labyrinthine body of regulations, making it difficult simply to comply with the law – let alone use the tax code strategically. Fortunately, taxpayers need not face the IRC alone. Our San Bernardino tax lawyers provide a comprehensive suite of services for businesses and individuals, making tax compliance simpler, less stressful, and potentially more profitable.
Whether your business has been chosen for an IRS tax audit, you have questions about choosing the best structure for your new business entity, or you think you might need to file an FBAR or related tax forms, our skilled and supportive attorneys are here to help. For a reduced-rate initial consultation, contact us online or call (909) 991-7557 or (800) 681-1295 to schedule your appointment.
