Oxnard Business Tax Lawyer

As any skilled entrepreneur knows, operating a successful business involves more than just providing quality goods or services. In addition to keeping customers satisfied, the business must also engage in careful tax planning, while simultaneously ensuring compliance with local, state, federal, and potentially international tax laws. Meticulous tax planning is especially critical if the business is expanding, relocating, or changing owners. Failure to plan strategically can expose a business owner to personal liability for unpaid tax bills – and in a worst-case scenario, could even threaten the taxpayer with an audit or criminal investigation.

No matter where your company is headquartered or what types of products and services it provides, efficient business tax planning is essential to avoid costly penalties, mitigate tax losses, and maintain the financial health of your business. At the Tax Law Office of David W. Klasing, our talented team of tax and accounting professionals merges the legal insight of tax attorneys with the financial judgment of CPAs and EAs, enabling us to craft and execute a comprehensive strategy tailored to the unique needs, goals, and challenges facing your business or industry. Whether your tax issue pertains to payroll withholding, employee benefit plans, an upcoming audit, impacts of the recent federal tax reforms, strategies for avoiding double-taxation, or another matter, count on our Oxnard business tax attorneys for reliable, around-the-clock support.

Tax Services for Small, Mid-Size, and Large Companies in Oxnard, CA

The Tax Law Office of David W. Klasing provides a wide array of business tax services for small, mid-size, and large entities, ranging from family-owned “mom-and-pop” businesses to multinational corporations with thousands of employees. Supported by a comprehensive network of satellite offices, our main office is positioned to serve businesses located in and around Oxnard, outside of California, and abroad. Types of entities we serve include:

• Business Taxation Lawyer & CPA
  • Corporations
  • C-corporations
  • S-corporations
  • Closely held corporations
• Limited liability companies (LLCs)
• Partnerships
  • Family limited partnerships (FLPs)
  • General partnerships (GPs)
  • Limited liability partnerships (LLPs)
  • Limited partnerships (LPs)
• Sole proprietorships
• Startup companies

Types of tax and financial services we provide for businesses include:

• Audit representation
  • Audits conducted by the Internal Revenue Service (IRS)
  • Employment tax audits conducted by the IRS or California Employment Development Division (EDD)
  • Cash-intensive businesses
  • Dentist Tax Audits
  • Real Estate Professional Tax Audits
  • Veterinary Tax Audits
  • Audits of Manufacturers
  • Audits of Service Based Businesses
  • Audits of Retailers, Restaurants & Bars
  • California Sales Tax Audits
• Bookkeeping and accounting
• Business formation & Entity Selection
• Business Succession Planning
• California Franchise Tax Board (FTB) issues
• Capital gains planning
• Commercial tax liens
• Criminal tax defense
• Employment and payroll compliance and collection issues
• California sales tax and collection issues
• Tax planning for:
  • Business transactions
  • International Business – Inbound and Outbound
  • Business Sales and Dissolutions
• Tax preparation for businesses
• Business Collection Issues
  • Delinquent Payroll Taxes
  • Tax Liens Levys and Garnishments
  • Offer and Compromises

Tax Guidance for Entity Selection and Business Formation

Congratulations on making the exciting decision to launch your own business. One of the first and most important decisions you must make is how the business entity will be “structured,” or organized. To use a common example, should your corporation be structured as an S-corporation, which will allow you to avoid double-taxation due to having pass-through entity status, or as a C-corporation, which – despite affording other advantages – will cause you to be taxed at both the entity and individual level? This is merely one example of the myriad ways in which entity selection, and other aspects of business formation, can impact your company’s financial future before operations even begin.

Unfortunately for business owners, entity selection is not the only business decision with major tax ramifications. On the contrary, tax laws will directly or indirectly impact virtually every aspect of your day-to-day operations and long-term financial strategies. For example, if you are planning to someday pass the business down to your son or daughter, have you adequately prepared for the estate tax issues which will arise? If you sell the business, will greater tax benefits result from an asset sale or a stock sale? How will your payroll tax obligations change if your workers are classified as employees rather than independent contractors, and how do you classify your workers properly? What tax credits, deductions, and exemptions are available, and how might claiming them impact other aspects of your overall tax strategy?

These are just a few of the many questions business owners should ask themselves when planning for the future. Our experienced tax attorneys can sit down with you to analyze your operational budget, discuss your mission and objectives for the company, and design a tailored plan that advances your goals and adheres to your vision while complying with the law.

Employment and Payroll Tax Services for Employers

Tax planning, though crucial, is merely one component of a successful tax strategy for your business. In order to avoid debilitating financial penalties – as well as damage to your company’s public image and reputation – you must also take care to comply with the thousands of complex regulations encapsulated in the Internal Revenue Code (IRC), the California Revenue and Taxation Code (RTC) or your state’s equivalent, and other laws and regulations set by state or federal government agencies, such as the employer responsibility laws enforced by the U.S. Department of Labor (DOL), which have bearing on employee compensation, employee benefit plans, and other employment law issues that overlap with taxation and financial planning.

Among these regulations, some of the most important pertain to employment taxes and payroll taxes, which include federal income taxes, Social Security and Medicare taxes, the Federal Unemployment Tax (FUTA), the Additional Medicare Tax, and, for the self-employed, the Self-Employment (SE) Tax. With a few exceptions, such as FUTA, which should never be withheld from your employees’ compensation, employers are generally required to withhold, match, and deposit these taxes or be subject to costly penalties, such as failure-to-file and failure-to-pay penalties. Employers in California must also concern themselves with an array of state payroll taxes, such as State Disability Insurance (SDI) and Unemployment Insurance (UI).

Depending on the nature of the violation and how the entity is structured, the business owner may assume personal liability for unpaid payroll taxes, which could seriously damage the business, potentially to the point of insolvency. Our tax professionals can help you navigate all of the state and federal employment and payroll/FICA tax obligations that affect your business, mitigating penalties while identifying ways to increase efficiency and protect the company’s financial health to the greatest extent possible.