Oxnard, CA Tax Compliance & Business Law Attorney + CPA
Complying with tax and business laws successfully often proves easier said than done. The Internal Revenue Code (IRC), which is vigorously enforced by the Internal Revenue Service (IRS), is notorious for its complexity and level of detail. In addition to federal tax regulations, California residents and business owners must also comply with various state tax laws, such as California’s unique sales tax regulations. California tax agencies include the Franchise Tax Board (FTB), which enforces California’s personal and corporate income tax laws, and the California Department of Tax and Fee Administration (CDTFA), which monitors businesses to ensure they are complying with state sales and use tax laws.
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With the IRS, CDTFA, FTB, and other government agencies looking over your shoulder, it is imperative to obey all state and federal tax laws – otherwise, you could be at risk of a tax audit, civil fraud penalties, or even criminal prosecution. Tax compliance is also essential for effective financial planning, whether for your business, your family, or yourself. Engage in smart tax planning – and avoid tax penalties before you get into trouble – by working with an experienced Oxnard IRS attorney, like those at the Tax Law Office of David W. Klasing. Serving the Oxnard region and beyond, our California and U.S. tax compliance lawyers are here to counsel, guide, protect, and represent you.
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California and U.S. Income Tax Compliance
With a few exceptions, most U.S. citizens, resident aliens (such as green card holders), and non-resident aliens file federal personal income tax returns. If the taxpayer owns, co-owns, or operates a business, he or she may also need to file the appropriate type of tax or information returns – for instance, Form 1120 (U.S. Corporation Income Tax Return) or Form 1065 (U.S. Return of Partnership Income). California residents may also be responsible filing and paying state income taxes, which are administered by the Franchise Tax Board (FTB).
If you have failed to file California income tax returns or U.S. income tax returns, state or federal voluntary disclosure programs may be able to provide a resolution, such as the FTB Voluntary Disclosure Program or an FTB Filing Compliance Agreement. In some instances, it may be more practical to simply file delinquent or amended returns, depending on your specific circumstances. Since noncompliance with state or federal income tax laws can trigger costly failure-to-pay or failure-to-file penalties, following the law is essential. A lawyer for unfiled taxes can help you find ways to resolve issues with state or federal back taxes.
State and Federal Employment and Payroll (FICA) Tax Compliance
Employers are responsible for withholding and, in some cases, matching various employment and payroll (“FICA”) taxes, including the Medicare Tax, the Social Security Tax, and in some cases, the Additional Medicare Tax (AMT). Employers who fail to pay over withheld employee wages risk an investigation for payroll tax fraud, often triggered by a worker classification audit or related issues. Noncompliant employers and other “responsible parties” risk Trust Fund Recovery Penalties (TFRPs) – or worse, prosecution by the Department of Justice (DOJ). Work with a federal or California employment tax lawyer in Oxnard to ensure that your business is following the rules correctly.
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California State Sales Tax Compliance for Businesses and Online Retailers
Regardless of whether you own a physical store or sell products online, either on your own website or through Amazon (or similar platforms), you may be responsible for collecting and remitting California sales tax, which is enforced by the CDTFA, if transactions meet certain criteria. For example, even if you are an out-of-state business, you may have California sales tax responsibilities if you have “economic nexus” with California. You may have nexus if you employ workers or salespeople in California, own a storefront or warehouse in California, or even make online sales to California customers. Noncompliance will likely trigger a California sales tax audit – which is every business owner’s nightmare. Avoid this situation, or minimize the potential for damage, by consulting with a knowledgeable business tax lawyer in Oxnard.
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FBAR and FATCA Tax Compliance for U.S. Citizens, Residents, and Non-Residents
Even if you live and work in Oxnard, you could still be impacted by unique tax laws that affect international taxpayers. For example, an Oxnard resident with a foreign bank account could be affected by FBAR laws, which require U.S. citizens, residents, and businesses to file an FBAR (Foreign Bank Account Report, i.e. FinCEN Form 114) if they own or control offshore bank accounts or foreign stock worth $10,000 or more in aggregate. A similar law, the Foreign Account Tax Compliance Act (FATCA), requires citizens, residents, non-residents, and business entities to report specific foreign assets exceeding $50,000 in aggregate value. Our international tax attorneys can guide you through an FBAR audit, help you make a streamlined disclosure, or take other actions to mitigate civil penalties and limit your criminal tax exposure.
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Oxnard Tax Compliance Lawyers + CPAs
Tax compliance can be a challenge – particularly for taxpayers whose financial situations have been complicated by events such as receiving an inheritance, starting a business, selling your company, buying a house, retiring, getting married, getting divorced, donating to charity, or investing in U.S. or foreign securities. No matter what aspect of tax compliance you need assistance with, count on our versatile, award-winning Oxnard tax attorneys and CPAs to provide the sophisticated service you need to resolve the issue efficiently.
To set up a reduced-rate consultation, contact the Tax Law Office of David W. Klasing online, or call our Oxnard tax office at (805) 617-4566 today. Please be advised all meetings at our Oxnard location must be scheduled in advance.
Note: If you have concerns about the privacy of our initial or subsequent communication and are unable to easily travel to our Irvine / Orange County Main Office, consider scheduling a GoToMeeting to safely and securely establish an initial or maintain an existing attorney client relationship. With end-to-end encryption, strong passwords and top-rated reliability, no one is messing with your meeting. To schedule a reduced rate initial consultation via GoToMeeting follow this link. Call our office and request a GoToMeeting if you are an existing client. We are generally happy to travel to any of our appointment only satellite offices for a subsequent meeting in appropriate circumstances once a relationship is established via a signed engagement letter and the payment of an initial retainer or where enough retainer is available where a current client to cover the reasonable travel time and time required for the meeting.
Will it cost me more to hire the Tax Law Offices of David W. Klasing, who’s main office and the vast majority of the firm’s staff is located in Irvine California, but an appointment only Satellite office is close to my location, as opposed to a local company? Absolutely not! See our policies that address this issue here:
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