San Francisco Domestic and International Tax Compliance & Preparation Attorney + CPA
Due to the complexities of U.S. and California regulations, complying with tax laws is often easier said than done. Tax compliance can be particularly challenging for high net worth individuals, business owners, and taxpayers with foreign income or assets, all of whom have unique obligations with regard to the filing of tax forms and maintenance of financial records. For many taxpayers in San Francisco, successful tax compliance has been further complicated by the recent passage of a federal tax reform bill known as the Tax Cuts and Jobs Act (TCJA), which makes substantial changes to various portions of the tax code.
Allow the award-winning tax professionals at the Tax Law Office of David W. Klasing to alleviate the burden by providing you with personalized, trustworthy tax guidance in San Francisco. Our award-winning team of Tax Attorneys, CPAs, and Dually Licensed Tax Attorney CPAs combines decades of experience in all areas of tax compliance, from resolving delinquent returns and failures to pay taxes, to FBAR reporting and voluntary disclosure. We can help you mitigate or avoid tax penalties while educating you on your options for reentering compliance with the law. Contact us online to set up a reduced-rate consultation or call our appointment only San Francisco tax office at (415) 287-6568 today.
California and IRS Tax Compliance Services in San Francisco
Federal tax laws are contained in the U.S. Tax Code or Internal Revenue Code (IRC), while California’s tax laws are found in the California Revenue and Taxation Code (RTC). San Francisco residents and businesses are responsible for complying with both. At the Tax Law Office of David W. Klasing, our knowledgeable Tax Compliance Lawyers & CPAs work with both businesses and individual taxpayers to improve adherence to the law, reducing penalties and lowering the risk of an audit.
Income Tax Compliance and Preparation
Failure to file or pay California or U.S. income taxes will cause you to sustain civil penalties. Subject to certain caps, the IRS imposes a failure-to-file penalty of 5%, and a failure-to-pay penalty of 0.5%, per each complete or partial month in which the return goes unfiled or the income tax debt goes unpaid. Not only does failing to file or pay state or federal income taxes result in costly penalties – it also increases your risk of being selected for an IRS or Franchise Tax Board (FTB) tax audit.
Our tax compliance attorneys can help you develop a clear and efficient plan for catching up on delinquent tax filings or tax debts, negotiating with the IRS or FTB to lessen your penalties and protect your interests. We also provide San Francisco tax preparation services for businesses and individuals, giving you peace of mind that your tax forms will be completed accurately and filed on time – without any missed opportunities for tax credits or deductions you might not know you qualify for.
FBAR Compliance and Voluntary Disclosure
Many San Francisco residents are surprised to learn that they are responsible for reporting not only domestic income, but also their foreign income and the existence of foreign bank accounts on an FBAR. This requirement is rooted in the Bank Secrecy Act (BSA), which requires “U.S. persons,” including U.S. citizens and residents, to file an online-only tax form called the “FBAR,” or Foreign Bank Account Report (also known as FinCEN Form 114) if the following criteria apply:
- The taxpayer controls or has access to a foreign bank account, including checking, savings, and business accounts.
- The contents of the account or accounts, in aggregate, exceeded $10,000 at any time in the tax year.
The IRS has recently redoubled its efforts to enforce compliance with FBAR reporting requirements, in addition to a similar requirement which obliges taxpayers to file Form 8938 (Statement of Specified Foreign Financial Assets) if their offshore income exceeds or exceeded $50,000 in aggregate. Be forewarned that failure to fulfill these requirements subjects you to burdensome civil penalties, making careful compliance essential. We can help you explore various disclosure programs, or IRS delinquent FBAR submission procedures, to report the income while shielding yourself from penalties to the greatest extent possible.
Employment and Payroll Tax Compliance
Employers in San Francisco and throughout California have unique tax responsibilities. Namely, employers are required to withhold from employee wages, remit to the government, and in some cases, provide matching amounts, for various payroll or “FICA” taxes, which include Social Security taxes, Medicare taxes, and, depending on the employee’s earnings, the Additional Medicare Tax (AMT). Freelancers and self-employed individuals assume these responsibilities through the Self-Employment (SE) Tax, which is triggered once the taxpayer’s earnings surpass a $400 threshold. In California, payroll taxes are administered by the Employment Development Department (EDD), which may choose your business for a payroll tax audit if you fail to categorize your workers appropriately by misclassifying employees as independent contractors.
San Francisco Tax Compliance Lawyers and CPAs for Businesses and Individuals
The San Francisco tax compliance attorneys and CPAs at the Tax Law Office of David W. Klasing possess the nuanced, cutting-edge tax, business, and regulatory knowledge to ensure that you or your company complies with state and federal requirements to file and pay various U.S. and California taxes. Whether you need to resolve a tax controversy, catch up on unfiled taxes, pay delinquent tax debts, disclose U.S. or offshore income, or you simply have questions about what sorts of records your business is required to maintain, look to the Tax Law Office of David W. Klasing for tax help you can depend on. To set up a reduced-rate consultation, contact us online or call our appointment only San Francisco office at (415) 287-6568.