Domestic and International Business and Tax Attorney in Panorama City, CA
A thriving part of Los Angeles, Panorama City is home to thousands of small to middle market businesses. Whether a business is located in Panorama City, sells its products or services elsewhere in the state of California, or is based overseas with U.S. branches in or near Panorama City, the entity and its owners must comply with all aspects of the California and federal tax codes and foreign information reporting requirements. In addition, business owners must take part in efficient tax and financial planning in order to remain competitive, comply with regulations, and make the most advantageous use of corporate tax laws. Thorough tax planning and compliance is also essential for international taxpayers, such as Panorama City residents who have foreign bank accounts, in order to avoid expensive IRS penalties.
At the Tax Law Office of David W. Klasing, our award-winning team of < href="https://klasing-associates.com/tax-attorney/panorama-city-tax-attorney/" title="Panorama City, CA Tax Attorney">Panorama City tax attorneys and CPAs approaches every tax matter with the insight and perspective that can only come from decades of experience. We bring to each matter a comprehensive understanding of the latest court cases, tax laws, and business regulations – and how they affect you, your business, or your family. From advising our clients on cutting-edge tax issues like cryptocurrency reporting, to providing traditional tax and financial services like business succession planning, our business and international tax attorneys are here to offer the guidance you need.
Panorama City Business and Employment Tax Lawyers
Our business tax attorneys and employment tax lawyers work with business owners, taxpayers who are in the process of starting small businesses, and small to midsize entities, including domestic entities, out-of-state or foreign entities, and multinational entities. Types of entities we serve include, but are not limited to, the following:
- C corporations and S corporations
- Family-owned businesses
- General partnerships and limited partnerships (LPs)
- Limited liability companies (LLCs)
- Sole proprietorships
- Inbound International Taxation
- Outbound International Taxation
Whether you are in the earliest stages of starting a business, or you represent an established multinational corporation, we can provide tailored tax and financial planning services to meet your company’s needs. Examples of business and employment tax issues our Panorama City tax lawyers handle include:
Panorama City Business Succession Planning Attorneys
Business succession planning is essential – not only to determine an exit strategy for the current business owner, but also, to avoid costly delays or miscommunications when the company eventually changes ownership. Our business succession planning lawyers can help you assess the tax impacts of gifting your business versus selling your business, while working to achieve four key goals: (1) minimizing business disruptions, (2) minimizing tax liabilities, (3) meeting the needs of beneficiaries, and (4) improving liquidity.
Business Transaction Lawyers in Panorama City
Whether they involve the purchase, the sale, or the dissolution of an entity, business transactions can be rife with financial peril for business owners. For example, if acquiring a business, the purchaser must perform due diligence in order to determine whether the acquisition owes unpaid tax debts, is engaged in tax litigation, or poses other financial risks. Our Panorama City business transaction attorneys can draft and evaluate contractual agreements to protect your rights, minimize your risks, and ensure you are compensated for completed transactions, such as the sale of your business.
Panorama City Entity Selection Lawyers
Choosing a business entity is one of the first and most impactful steps in the process of starting a business. For example, is it better to set up your company as a corporation, or a partnership? Which type of partnership? Which type of corporation? Will you be subject to double-taxation? Will your personal assets be at risk if the company takes on debt? What types of returns must be filed, and how frequently? What if you want to change the structure of the business later on? Our business entity selection attorneys are here to help you answer these questions – with a watchful eye toward the long-term tax consequences.
International Tax Attorneys for Businesses and Individuals
Whether a taxpayer is a business entity or an individual, the Internal Revenue Service enforces complex – and stringent – reporting regulations with regard to global income, offshore assets, and foreign bank accounts, including checking accounts, savings accounts, and business accounts. Both companies and individuals are expected to disclose – and pay taxes on – all foreign income that surpasses certain thresholds. However, deductions and credits for international taxpayers, such as the Foreign Tax Credit (FTC) or Foreign Earned Income Exclusion (FEIE), may be available to help reduce tax liabilities and/or taxable offshore income. From our tax office in Panorama City, our international tax law attorneys work with businesses and U.S. citizens around the globe to improve compliance, lessen penalties, protect assets, and uphold the rights of the taxpayer.
Tax Planning Services for Foreign Companies
In addition to remaining mindful of regulatory compliance and international treaties, foreign companies need meticulous international tax planning services to remain competitive in the global marketplace. Our international business tax lawyers wield an in-depth understanding of the global tax system and are ready to assist your company with tax issues such as U.S. entity formation, compliance with filing requirements, and the taxation of effectively connected income.
International FBAR Lawyers for U.S. Expats and Citizens Abroad
If you have control over one or more offshore bank accounts, and the contents of the account (or accounts) exceeded $10,000 at any point during the year, you will likely be required to file an online tax form alternately known as the FBAR (Foreign Bank Account Report) and FinCEN Form 114, formerly called Form TD F 90-22.1. This requirement is established by federal law under the Bank Secrecy Act (BSA), meaning noncompliance – whether willful or negligent – can result in severe FBAR penalties.
If the value of the foreign accounts exceeded $50,000 at any time during the tax year, you may have additional requirements to file Form 8938 (Statement of Specified Foreign Financial Assets) for the pertinent tax year(s). Note that fulfilling this requirement, which is established by federal law under the Foreign Account Tax Compliance Act (FATCA), does not relieve you of your responsibility to file an FBAR, nor vice versa. As with the FBAR, failure to file Form 8938 can lead to substantial penalties.
Panorama City Tax Attorneys for U.S. and International Tax Issues
Whether you are in need of personal tax and accounting services, or you are a business owner with questions about business accounting and bookkeeping, international regulations, or payroll tax compliance, the Tax Law Office of David W. Klasing is here to provide zealous advocacy and comprehensive guidance. From aiding multinational companies with U.S. entity formation, to representing employers in worker classification audits, to advising U.S. expats on FBAR and FATCA compliance, our versatile and experienced tax attorneys are prepared to provide the level of service that has come to distinguish our boutique California tax firm.
For a reduced-rate initial consultation about the domestic and international tax services we offer, contact the Tax Law Office of David W. Klasing. You can also call our office at (818) 935-6098 or (800) 681-1295 or contact us online.