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.
San Bernardino Business, Payroll, and Employment Tax Attorneys
Whether it is a new startup with just a few employees, or a Fortune 500 company with dozens of offices and a globally-recognized brand, every business entity benefits from meticulous tax planning and preparation. Supported by our knowledgeable CPAs, our San Bernardino business tax attorneys deliver insights that help your company make better financial decisions in an increasingly competitive and tightly-regulated business landscape.
Proudly serving limited liability companies (LLCs), sole proprietorships, S and C corporations, general and limited partnerships, sole proprietorships, and other entities, our dedicated tax team merges business bookkeeping, accounting, and tax services to cover all of your needs at every stage of the entity’s life-cycle. Our business and employment tax lawyers assist with matters related to:
- Business entity selection
- Business succession planning
- Business transactions
- California employment tax audits
- California sales tax audits
- Employment tax
- Tax havens
- Worker classification audits
San Bernardino Business Entity Selection Lawyers
If you are planning to open a business, one of your first tasks will be determining the best structure for your company – for instance, weighing the advantages and disadvantages of structuring the company as a pass-through tax entity (such as an S corporation, partnership, or LLC) as opposed to a C corporation. When choosing an entity, business owners will also need to weigh the potential effects of the Tax Cuts and Jobs Act (TCJA), whose provisions take effect in the 2018 tax year. Our business entity selection attorneys can help you gauge the pros and cons of each option – or, if you have already established the business, help you change the company’s current structure.
San Bernardino Business Succession Planning Attorneys
The purpose of business succession planning is to establish a long-term plan for the business in the event that its owner passes away, decides to sell the business, or wishes to pass the business down to a family member. When handled properly, business succession planning brings order, efficiency, and clarity to a delicate transitional period in the company’s life-cycle. Our attorneys can work with you and your family to provide better liquidity, minimize your tax burden, and address questions about buy-sell agreements.
San Bernardino Business Transaction Attorneys
Our business transaction lawyers advise business entities on the tax ramifications of sales, purchases, dissolutions, mergers and acquisitions, and other commercial transactions. From performing due diligence on behalf of prospective buyers, to helping sellers obtain compensation by drafting clear and enforceable contractual agreements, our business transaction lawyers are here to provide on-point guidance that serves your best interests.
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.
