Awards & Recognition
International Business entities and international taxpayers must comply with some of the Internal Revenue Code’s most complicated and extensive tax and foreign information reporting requirements. Regardless of whether a business is headquartered in Carlsbad, CA, an out-of-state location, or in another country, there are strict rules for reporting foreign and domestic income, classifying and withholding tax from workers, and conducting online or in-person transactions in the United States. Above and beyond complying with tax laws, international and domestic taxpayers should also consider exploring entirely legal tax strategies to preserve wealth and minimize tax liabilities.
At the Tax Law Office of David W. Klasing, we are experienced domestic and international tax attorneys who work with individual taxpayers and business entities to improve compliance, mitigate penalties, and seize financial opportunities afforded by the Tax Code. Whether an individual or business needs assistance filing a Foreign Bank Account Report (FBAR), preparing for a worker classification audit, or weighing the tax ramifications of a business decision like a potential merger or expansion overseas, our Carlsbad tax lawyers can make the process smoother and simpler.
Carlsbad Business Tax Lawyers for Domestic and Foreign Companies
Effective tax planning is an essential ingredient in the success of any business. Our award-winning, nationally recognized tax attorneys have been working with S corporations, C corporations, limited liability companies (LLCs), sole proprietorships, and all types of business partnerships for over 20 years, making our tax team eminently qualified to help your business resolve even the most complex of tax challenges.
Our attorneys, CPAs, and EAs combine a broad range of professional backgrounds, ranging from mergers and acquisitions to business dissolutions and contract disputes, enabling us to help your business find better, more efficient solutions to any tax question. Some of our focus areas and business tax services for domestic and foreign companies 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 Services
The entity you select will have immediate and long-term tax ramifications for your business. For example, C corporations are subject to double-taxation, which is avoided utilizing by pass-through entities like Partnerships, LLCs and S corporations. Working with a knowledgeable business tax lawyer can help to ensure that you make the appropriate entity selection to shield your personal assets from liability and operate in a “tax advantaged” fashion where possible.
Business Succession Planning Services
Planning an “exit strategy” well in advance of the actual exit can prevent your business from experiencing costly interruptions while ownership is changing hands. Our business succession planning attorneys can help you evaluate the effects of selling versus gifting your business, while incorporating the following goals into your exit strategy: improvement of liquidity, mitigation of your tax burden, protection of your best interests, and continuity of operations during the change.
Business Transaction Tax Services
Business sales and purchases can have hidden costs concealed within provisions of the Tax Code. Working with an experienced business tax lawyer reduces your risk of inadvertently assuming unexpected off-balance sheet risk including tax liabilities, while simultaneously making it easier to meet state and federal compliance requirements.
International Tax Services for Expats, U.S. Owned Offshore and Foreign Owned Domestic Businesses
Foreign owned companies that conduct business in the United States are required to comply with federal tax laws demanding disclosure of domestic and offshore assets, income, and accounts. The same applies to U.S. tax residents with Offshore Businesses whether they are Carlsbad residents with assets overseas, dual citizens who maintain U.S. citizenship while living abroad, or frequent business travelers who maintain foreign bank accounts for convenience. At the Tax Law Office of David W. Klasing, our international tax attorneys work with businesses and individuals to form entities, report foreign income, prepare for FBAR audits, appeal the results of foreign account audits, and take advantage of tax breaks for international taxpayers, such as the Foreign Earned Income Exclusion (FEIE).
Tax Planning Services for Foreign Companies doing business in the U.S.
We service overseas companies with U.S. operations & domestic business entities that are under partial or complete foreign ownership. Foreign companies must comply with specific tax filing requirements, such as the obligation 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)), which applies to certain foreign-owned U.S. companies. We can assist with all aspects of tax planning for foreign companies to help keep your costs to a minimum while adhering to tax and information reporting laws.
Tax Services for U.S. Expats
During the past decade, the Internal Revenue Service (IRS) has amplified its efforts to enforce compliance with offshore income reporting requirements. This has resulted in an increased emphasis on the requirements to file an FBAR and Form 8938 (Statement of Specified Foreign Financial Assets) if respective $10,000 and $50,000 foreign asset thresholds are surpassed. FBAR is required by the Bank Secrecy Act (BSA), while Form 8398 is a requirement under the Foreign Account Tax Compliance Act (FATCA).
These requirements apply to U.S. persons, including U.S. citizens, U.S. residents, and U.S. business entities, such as partnerships, LLCs, and corporations, in addition to domestic trusts and estates. If you own a business, earn income, or maintain a checking, savings, or business account overseas, you may have FBAR and FATCA obligations.
Carlsbad Tax Attorneys for Domestic and International Businesses and U.S. Citizens Abroad
The Carlsbad tax lawyers at the Tax Law Office of David W. Klasing bring decades of experience to every tax matter we handle. Whether we are helping a taxpayer determine whether it is appropriate to participate in the Offshore Voluntary Disclosure Program (OVDP), advising an aspiring business owner on the tax impacts of entity selection, or determining the filing requirements that apply to a foreign-owned domestic U.S. corporation, we approach every case with precision, dedication, and commitment to client service. For a reduced-rate initial consultation about how our tax firm can help you or your business, contact the Tax Law Office of David W. Klasing online, or call us at (760) 338-7035 or (800) 861-1295.
