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Business entities face tax challenges of considerably greater complexity than the average individual. Whether an organization is domestic or foreign, tax planning will play a major role in positioning the business for financial success – or eventual collapse. It is imperative to effectively plan for and mitigate any penalties or liabilities your business faces, while likewise taking advantage of the business tax credits and deductions for which the entity qualifies. Moreover, it is vital that your business complies with California and federal tax laws, which require entities to disclose foreign and domestic income, gains, and losses, domestic and foreign information through an array of IRS forms, such 1099’s, FinCen 114 and Form 5472.
Whether you are looking to start or dissolve a business, acquire another company, lease a commercial space, open a foreign branch overseas, or simply fulfill your tax filing requirements, the California and international business tax attorneys at the Tax Law Office of David W. Klasing are here to provide dependable, on-point guidance for all your tax compliance and financial planning needs. To schedule a reduce rate initial consultation call us (661) 432-1480 or contact us online.
Bakersfield Business Tax Lawyers for Corporations, LLCs, and Partnerships
Whether your business is currently focused on evaluating compliance with tax laws, engaging in a more profitable tax planning strategy, determining the best approach to business succession planning, preparing to undergo an audit, or appealing the results of a tax audit, the Tax Law Office of David W. Klasing can help. We have built a reputation on providing the sophisticated, meticulous service you require to resolve your individual, corporate and entity tax concerns effectively. Serving entities and entrepreneurs throughout the Bakersfield, CA area, our business tax attorneys help startups and business owners handle matters such as:
- Business entity selection
- Business succession planning
- Business transactions
- California employment tax audits
- California sales tax audits
- Employment tax
- Tax havens
- Worker classification audits
Three of our most frequently requested services are assistance with business entity selection, business transactions, and business succession planning. These services are discussed in greater detail below.
Entity Selection
If you plan to start a business, whether in Bakersfield or elsewhere, one of your first tasks will be deciding how to structure the entity – for instance, structuring the business as an S corporation as opposed to a C corporation or as an LLC. Any structure you select will have innumerable tax and personal liability protection implications throughout the company’s life-cycle, impacting considerations that range from liability and asset protection to distributions and contributions of property. Therefore, it is essential to work with a business formation attorney who can help you make the appropriate decisions.
Business Transactions
Choosing the right business transaction attorney is imperative if you are seeking to minimize the tax liabilities resulting from business sales and purchases. The Bakersfield tax attorneys at the Tax Law Office of David W. Klasing can help you plan for the tax consequences of business purchases and sales by performing due diligence, assessing unpaid tax liabilities and off balance sheet risk, developing contractual agreements, and more.
Business Succession Planning
Succession planning is the area of tax law which relates to business exit strategies, such as selling your company or gifting the business to the next generation of your family. Our business succession planning attorneys can evaluate your objectives, assets, and liabilities to make a determination about which exit strategy is right for you. In succession planning cases, we have four primary goals: minimizing your tax burden, improving liquidity, protecting the best interests of you and your loved ones, and ensuring that your exit strategy is executed as smoothly as possible, with minimal disruption to normal operations.
International Tax Law Attorneys in Bakersfield, CA
Regardless of whether an entity is a U.S. company based here in California, a foreign corporation, or an international business with branches in Europe, Asia, South America, Australia, or Africa, the entity will be required to comply with the applicable set of reporting obligations. Our international tax attorneys for businesses and expats can help you understand and comply with the pertinent filing requirements, while identifying strategies to minimize your U.S. tax liabilities or penalties.
Tax Planning for Foreign Companies
Foreign companies have unique U.S. tax and information return filing responsibilities. For example, depending on the extent to which the business is under foreign ownership, there may be a requirement to file Form 5472 (Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (Under Sections 6038A and 6038C of the Internal Revenue Code)). Whether you need assistance determining your filing requirements, forming an entity to conduct business in the United States, or taking steps to avoid or mitigate transfer pricing penalties, our comprehensive tax planning services for foreign companies can provide the guidance you require.
Tax Services for Expats
Even if you leave the United States behind, you cannot leave behind your U.S. tax requirements. The United States is one of the only nations in the world to impose tax on the basis of citizenship rather than residency, meaning expats often face unanticipated tax liabilities. The United States taxes citizens not only on domestic income, but on foreign income as well.
If you have a job, own a property, run a business, or maintain a bank account overseas, your foreign income and assets are likely sufficient to trigger filing requirements like FinCEN Form 114, or the “FBAR” (Foreign Bank Account Report), and Form 8938 (Statement of Specified Foreign Financial Assets), which is critical to compliance with the Foreign Account Tax Compliance Act (FATCA). Our expat tax attorneys can help you navigate these requirements and explore avenues for minimizing penalties, such as participating in the Offshore Voluntary Disclosure Program (OVDP), Streamlined Voluntary Disclosures or, following closure of the OVDP in 2018, alternative options like delinquent FBAR filings.
Bakersfield Tax Attorneys for Expats, Domestic, and International Businesses
At the Tax Law Office of David W. Klasing, we have more than 20 years of experience assisting C and S corporations, limited liability companies (LLCs), general and limited partnerships, and sole proprietorships with a wide array of California, Federal, and International Tax Issues. Led by dually licensed attorney-CPA and former auditor David W. Klasing, our award-winning team of tax professionals includes Tax Lawyers and CPAs whose backgrounds range from FBAR and FATCA compliance, to business tax consulting, to financial reporting and payroll tax preparation and compliance.
Whether you are a small business owner, an aspiring business owner, or simply an expat with questions about your tax responsibilities, look to our team for support. For a reduced-rate consultation, contact our tax firm at (661) 432-1480 or (800) 681-1295 or contact us online.
