Awards & Recognition
Business entities are required to comply with a complex and ever-changing network of state and federal tax regulations. However, tax compliance is not the only challenge facing corporations, LLCs, and partnerships. Business owners must also be mindful of how their operational decisions – from opening new branches, to hiring employees and independent contractors, to leasing industrial equipment – could affect tax liabilities or filing obligations in the future. Business owners throughout California and across the United States trust the experienced San Bernardino business tax lawyers and CPAs at the Tax Law Office of David W. Klasing to deliver practical, cost-effective tax guidance. From entity choice and formation in California, to federal FBAR and foreign account reporting, our tax attorneys and business accountants know what it takes to protect your bottom line.
If you own or operate a company in San Bernardino, outside of California, or even outside of the United States, it is imperative that you consult with a knowledgeable, skilled, and experienced business tax attorney to ensure that you are fulfilling your legal duties while taking advantage of the Tax Code. Equipped with more than 20 years of experience assisting small, mid-size, and large businesses with all aspects of state, federal, and international tax planning and compliance, the award-winning tax professionals at the Tax Law Office of David W. Klasing are ready to provide comprehensive guidance, aggressive representation, and an unparalleled level of customer service. If you need advice or assistance concerning employment or business taxes, look to our tax firm for help you can trust.
Choosing the Right Type of Business Entity: What Are the Tax Implications of Each?
When forming a business entity, it is imperative to choose the type of structure and filing status that will best support your vision and priorities. Our entity formation lawyers can help you compare the tax advantages and disadvantages of different business structures and associated liability protection, enabling you to make a strategic decision that will help your company start out its financial life “on the right foot.” Some key tax implications for each entity type are discussed below.
How Are Corporations Taxed?
It is critical to emphasize that C corporations and S corporations, though both called corporations, are not taxed in the same fashion. C corporations must contend with the issue of double-taxation, which occurs when the same income is taxed twice: once at the corporate level, and again at the individual level. In contrast, S corporations are “pass-through” or “flow-through” entities, meaning shareholders are taxed only at the individual level.
While this offers the opportunity to curb tax liabilities and save money, the C corporation may offer other benefits, such as greater ease and flexibility when it comes to raising funds and potential tax savings during the startup phase of the business before distributions to shareholders are made, making a careful selection essential. Fortunately, it may be possible to convert a California C corp to an S corporation if certain criteria are met.
How Are LLCs Taxed?
Limited liability companies are popular among business owners in all types of industries, with several good reasons. For instance, LLCs offer significant protection from personal liability for business debts – without the sometimes-burdensome complexity and rigidity of a C corporation. To provide an example, business owners may elect for a limited liability company to be federally taxed as a partnership, C or S corporation, or disregarded entity where it only has one owner. We can help you determine, for your unique business needs, whether it is better to form an LLC or another appropriate entity.
Tax Planning and Preparation Attorneys for Foreign and Domestic Businesses
Operating a successful business demands considerable time and energy. Unfortunately, so does staying abreast of California’s complicated tax regulations. Instead of wasting precious effort staying current on developments in excise, employment, payroll, sales and use and income tax rules, let the corporate tax professionals at the Tax Law Office of David W. Klasing manage your business tax planning and compliance needs. From helping you take advantage of credits and deductions, to ensuring the proper forms are timely filed, to representing you in audit proceedings, to educating you on the tax implications of possible deals and transactions, we are here to simplify and facilitate your state and federal corporate tax obligations.
Corporate Tax Preparation Services in San Bernardino, CA
The Internal Revenue Service is not the only agency that collects and reviews tax returns. At the state level, California agencies like the Employment Development Department (EDD) and Franchise Tax Board (FTB) also work to enforce compliance – and to conduct tax audits. Our tax preparation attorneys can make sure that you have accurately completed and filed all necessary forms with the IRS, FTB, and other state tax agencies, or, where necessary, discuss strategies for re-entering the tax system and correcting past noncompliance.
Employer Responsibilities for Payroll, Employment, and Income Tax
Employment, income, and payroll taxes are among the most critical areas of tax law for employers in San Bernardino. Accidental errors or omissions may lead to civil penalties, while criminal penalties can result from intentionally providing misinformation to, or concealing information from, state or federal tax authorities like the Internal Revenue Service (IRS) or California Franchise Tax Board (FTB).
Our San Bernardino business tax professionals can help you navigate your responsibilities with regard to withholding, matching, depositing, and filing taxes, while working to ensure that you maintain adequate records of business transactions to comply with IRS requirements. Our team can educate you on, and help you properly fulfill, your duties regarding:
- California Payroll Taxes – Requirements vary by tax. Examples include Employment Training (ETT) and the California Personal Income Tax (PIT).
- Federal Income Taxes – Must be withheld and deposited.
- Federal Unemployment Tax (FUTA) – Must be paid. Must not be withheld from employee compensation.
- Medicare Taxes – Must be withheld, deposited, and matched.
- Additional Medicare Tax – Must be withheld and deposited for employees whose wages surpass a certain threshold.
- Self-Employment (SE) Tax – Must be paid by self-employed taxpayers, such as sole proprietors.
- Social Security Taxes – Must be withheld, deposited, and matched.
If you do business abroad, our international tax lawyers can assess your compliance with FATCA, FBAR reporting, and related disclosure requirements. We also work with internet sellers and online businesses, which are, unfortunately, prone to audits and tax investigations, particularly regarding California sales and use tax.
See our Sales Tax Q and A library
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.
San Bernardino Corporate Tax Lawyers and CPAs Providing Accounting and Bookkeeping Services
Tax laws are constantly changing. Don’t let your business be caught unprepared. At the Tax Law Office of David W. Klasing, we understand the importance of both experience and innovation, which is why our California tax lawyers track the latest court decisions, IRS initiatives, and legislative activity, helping your business stay one step ahead of regulations as they evolve. With our award-winning tax professionals handling your company’s tax, accounting and bookkeeping needs, you have more freedom to focus on what really matters: making your business grow. From corporate tax litigation and IRS appeals, to dissolutions and formations, to California sales tax audits, our San Bernardino tax attorneys are here to provide quality representation you can count on.
See our IRS Appeals Q and A Library
See our Tax Litigation Q and A Library
To discuss your corporate tax needs in a reduced-rate consultation, contact the Tax Law Office of David W. Klasing online, or call our San Bernardino office at (909) 991-7557. Alternately, you can reach our main office by contacting (800) 681-1295. Please note all meetings at our San Bernardino tax office are by appointment only.
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.
