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The U.S. Tax Code is well known for its level of detail and complexity. Despite the recent wave of tax reforms brought about by the 2017 passage of the Tax Cuts and Jobs Act (TCJA), U.S. tax laws remain challenging to successfully dissect and comply with – particularly for certain taxpayers, such as business entities and international taxpayers, who must follow unique sets of rules. In addition to meeting basic requirements to report domestic and foreign information and pay taxes on U.S. income, business owners and international taxpayers must also be careful to obey regulations on foreign bank accounts, tax deductions, stock options, and other matters. Furthermore, in addition to being mindful of compliance, taxpayers should also look for strategies that can limit their tax liabilities, which can result in a substantially lower tax bill from the IRS (Internal Revenue Service).
Whether you are a local business owner here in San Jose, represent a multinational company that is looking to open a U.S. branch, or need tax advice about foreign income reporting requirements, turn to the experienced team of San Jose tax attorneys at the Tax Law Office of David W. Klasing for assistance you can trust. We have more than 20 years of experience assisting business entities and individuals with a vast array of civil and criminal tax matters, ranging from tax audits and tax preparation to business accounting and bookkeeping services. To discuss your California, federal, or international tax needs in a confidential, reduced-rate initial consultation, contact our tax offices today.
San Jose Business Tax Lawyers for Corporations, LLCs, Partnerships, and Sole Proprietors
Our business tax attorneys represent and assist C corporations and pass-through entities, including S corporations, limited liability companies (LLCs), sole proprietorships, general partnerships, limited partnerships (LPs), and limited liability partnerships (LLPs). We also work with a broad array of other entities, ranging from small family-owned businesses and tech startups to globally established middle market companies.
Whether we are representing a small business with just two or three employees, or a large corporation with thousands of workers and independent contractors on its team, we approach each matter with a sophisticated understanding of the tax challenges facing today’s businesses – particularly as provisions of the TCJA begin taking effect. Common accounting, bookkeeping, and tax issues our knowledgeable team can assist your business with include, but are not limited to, the following:
- Business entity selection
- Business succession planning
- Business transactions
- California employment tax audits
- California sales tax audits
- Employment tax
- Tax havens
- Worker classification audits
Business owners seek our counsel on a wide assortment of business, payroll, and employment or self-employment tax matters. However, three of our most commonly-sought tax services in San Jose are business entity selection services, business succession planning services, and business transaction services.
Business Entity Selection Attorneys
Choosing a structure for your business entity is one of the first and most fundamental stages of starting a business in San Jose – or, for that matter, anywhere else in California or the United States. The structure you choose – for instance, whether you opt to structure the entity as a C corporation or pass-through entity, such as an LLC or partnership – will have long-reaching financial impacts that touch on issues from debt liability and double-taxation to your self-employment and FICA tax obligations. While it is generally possible to change the structure of a business entity after formation, working with an experienced attorney can save you this hassle by starting the company off on the right financial foot.
Business Succession Planning Attorneys
Every business, no matter how profitable, must eventually either close its doors or transition to new ownership. Planning for this process, known as “exit planning” or succession planning, is essential for enabling a successful and cost-efficient transition. By developing a comprehensive exit planning strategy, the company’s current ownership can chart a clear course for the company’s future, planning in detail whether the company should be sold, gifted, or permanently closed. Our attorneys can walk you through this process and all the associated questions, such as how much liquidity is needed once interest is transferred.
Business Transaction Attorneys
Business transactions can be profitable – or perilous. The difference lies largely in one’s ability to analyze the terms, and project the potential outcomes, of the underlying contracts. Before you agree to a major sale or purchase, or consent to proceed with a merger or acquisition, be sure to review the provisions of the underlying contract with an experienced business tax lawyer. Whether you are in a position to buy or sell, our attorneys can handle critical tasks, such as performing due diligence, to better protect your company’s assets.
International Tax Lawyers for U.S. Expats, Citizens, and Foreign Companies
Whether a taxpayer is an individual or a business entity, the IRS aggressively enforces strict rules concerning offshore income. These laws can impact all types of taxpayers, from California companies that do business overseas, to frequent business travelers who maintain foreign accounts for convenience, to recent U.S. immigrants who still have bank accounts in their countries of origin.
Our international tax attorneys have decades of experience working with U.S. citizens, U.S. residents, U.S. expats, servicemembers who are stationed overseas, U.S. companies that bank abroad, and foreign or multinational companies that do business in the United States. We have dedicated much of our practice to this highly technical area of tax law, and excel at providing businesses and individuals with reliable, on-point guidance. Our goal is to reduce your tax liabilities to the greatest extent possible, while helping to ensure that you are compliant with the law.
Tax Planning Attorneys for Foreign Entities
An intricate global system of treaties controls how companies around the world are regulated for tax purposes. Foreign entities can limit their tax losses and increase profitability by consulting with a skilled and experienced CPA, tax attorney, or attorney-CPA who is familiar with these treaties and understands strategies for mitigating double-taxation, transfer pricing penalties, and other tax-related penalties or expenses. The Tax Law Office of David W. Klasing provides tax planning services for foreign companies across the globe, including Hong Kong, Luxembourg, Singapore, Switzerland, and beyond.
FBAR and FATCA Compliance: Reporting Foreign Income
FATCA refers to the Foreign Account Tax Compliance Act, which both (1) requires certain U.S. taxpayers to report offshore income, and (2) requires foreign banks, or “foreign financial institutions” (FFIs), to report information about U.S. account holders. You may be subject to FATCA, and therefore be required to file Form 8938 (Statement of Specified Foreign Financial Assets), if you owned or controlled foreign bank accounts whose contents exceeded $50,000, even temporarily, at any point during the given tax year.
FBAR refers to the Foreign Bank Account Report, also known as FinCEN Form 114 (previously Form TD F 90-22.1). Under the Bank Secrecy Act (BSA), you may be required to file an FBAR online if your foreign income surpassed $10,000 at any time during the given tax year.
San Jose Tax Attorneys for Domestic and International Businesses
At the Tax Law Office of David W. Klasing, we have earned our reputation for providing aggressive legal representation, sophisticated tax guidance, and a high level of client satisfaction. Whether we are helping a first-time business owner plan out a formation and entity selection strategy, advising foreign corporations on the nuances of the U.S. tax system, or working with San Jose residents to evaluate their FBAR and FATCA compliance, our taxpayer advocates are committed to delivering efficient, high-quality domestic and international tax services. To learn more about how we can help you resolve your tax matter in a reduced-rate consultation, contact us online, call the Tax Law Office of David W. Klasing at (408) 643-0573 or (800) 681-1295.
