Domestic and International Business and Tax Attorney in San Francisco, CA
Compared to other taxpayers in San Francisco, business entities and international taxpayers are subject to some of the Internal Revenue Code’s most complicated tax provisions. Not only must these taxpayers take care to comply with federal laws such as the Bank Secrecy Act (BSA), the Foreign Account Tax Compliance Act (FATCA), and the Tax Cuts and Jobs Act (TCJA) – in addition, they must think carefully about strategies to mitigate tax liabilities while limiting the burdens of double-taxation, making smart use of tax breaks, and taking other tax issues into consideration.
Whether you own a business in San Francisco, own a foreign company that conducts business in California, or have income and assets located overseas, turn to the San Francisco tax lawyers at the Tax Law Office of David W. Klasing for on-point legal and financial guidance. From tax planning and preparation to audit representation, our team approaches every tax and accounting question with the sort of perspective that can only come from decades of experience.
San Francisco Business Tax Lawyers for Domestic and Foreign Companies
In the business world, your success depends on more than innovation, quality, or trust. It also depends on strategic tax planning, plus careful adherence to state and federal tax laws. With most provisions of the new tax reform bill, the TCJA, set to take effect in the 2018 tax year, businesses are entering a new regulatory landscape. Is your company prepared?
At the Tax Law Office of David W. Klasing, we work with all types of foreign and domestic business entities, including C corporations, S corporations, partnerships, sole proprietorships, and limited liability companies (LLCs). Whether your business is a pass-through entity or corporation – is based in San Francisco, a state outside California, or on the other side of the world – we possess the knowledge and resources to help. Tax matters with which we can provide assistance include:
Business Succession Planning Services in San Francisco
Business succession planning involves making provisions for the eventual change of company ownership, whether that entails selling the business to another entity, passing the company down to a younger generation of the family, or taking a different approach. Our business succession planning lawyers can walk you through each type of exit strategy to craft a plan that makes sense for your business – while maximizing liquidity and minimizing tax liabilities.
Business Entity Selection Help in San Francisco
When you start a business in San Francisco, one of your first and most important objectives will be selecting a structure for the business entity. For example, should your business be a C corporation, or take advantage of a flow-through structure to avoid double-taxation? Our business entity selection lawyers can educate you on the tax consequences of each option, or help you convert an existing entity to a different type of business structure.
Business Transaction Attorneys in San Francisco
Selling or buying a business can result in financial disaster without meticulous analysis of the tax ramifications involved. Whether you need assistance drafting a contract, collecting a payment, or performing due diligence, our business tax lawyers can make the process easier and more efficient, giving you peace of mind that you’ve made a sound decision.
International Tax Attorneys in San Francisco, CA
Businesses and individual taxpayers alike are subject to citizenship-based taxation, meaning all U.S. persons and business entities must report worldwide income to the Internal Revenue Service (IRS). In addition to complying with the law by reporting offshore income and assets – including checking accounts, savings accounts, business accounts, and even cryptocurrency – taxpayers must also be alert to tax breaks like the Foreign Earned Income Exclusion (FEIE), which can equate to considerable savings. Finally, businesses must adhere to various intergovernmental treaties, which can be complex and time-consuming for business owners to study. Whether you are an expat with foreign bank accounts, or you represent a multinational business that wishes to open a U.S. branch, our international tax attorneys can help you navigate these issues with greater ease and efficiency.
Tax Planning Services for Foreign Companies
Every nation follows a unique system of tax laws, creating an intricate web of international regulations. Obtaining the assistance of a tax planning attorney for foreign companies that will integrate his advice with your offshore counsel improves compliance with these U.S. and International regulations, mitigating the risk of incurring costly fines and penalties. From forming U.S. entities and determining entity selection, to filing timely tax forms, to lessening the financial impacts of transfer pricing regulations, to understanding the potential tax treatment of effectively connected income, the tax professionals at the Tax Law Office of David W. Klasing are focused on limiting your ongoing tax burden, so that your business is in a stronger position to flourish and thrive – no matter where the company originated.
FBAR Compliance for U.S. Expats, Citizens Abroad, and Businesses
Under the Bank Secrecy Act (BSA), all “U.S. persons” – a term which includes not only individual taxpayers like citizens and residents, but also certain businesses, trusts, and estates – are required to file an electronic tax form called FinCEN Form 114, or the “FBAR” (Foreign Bank Account Report), if the following statements apply:
- The taxpayer had financial interest in, or signature authority over, a bank account or financial account (such as a checking account) located overseas.
- The balance of the account, or combined accounts where applicable, exceeded $10,000 during any time in the tax year.
Failing to file an FBAR can have serious civil and even criminal consequences, potentially leading to foreign account audits, federal investigations, and ultimately, prosecution. Even civil cases can terminate with debilitating fines, making swift and effective resolution essential. If you have a foreign bank account anywhere outside the United States, talk to our FBAR tax attorneys about compliance – before it is already too late. Remember, the IRS recently eliminated the Offshore Voluntary Disclosure Program (OVDP), which for many years offered a source of protection for taxpayers who failed to comply with FBAR rules. Now that the OVDP is no longer around to provide a safety net, full and timely foreign account disclosure is especially critical.
San Francisco Tax Attorneys for U.S. and International Tax Help
At the Tax Law Office of David W. Klasing, we have established a reputation as a nationally recognized, award-winning tax firm whose skilled team members are committed to delivering an unparalleled level of service. Whether you are starting a business with your spouse or a family member, have questions about reporting worldwide income to the IRS, are concerned about an upcoming tax audit, or need input on the tax considerations that can arise when expanding business operations into the United States for the first time – our trusted tax attorneys are here to offer the guidance you need. To schedule an appointment for a reduced-rate consultation, contact the Tax Law Office of David W. Klasing online, call our offices at (415) 287-6568 or at (800) 861-1295.