San Jose, CA Corporate Tax Attorney + CPA
Complying with the Internal Revenue Code can be a challenge, even for politically and economically savvy business owners who make efforts to stay ahead of the curve. The recent passage of the Tax Cuts and Jobs Act (TCJA), which altered many provisions of the Internal Revenue Code, has created additional confusion and uncertainty for many corporate tax filers. This effect is likely to persist as business entities and IRS agents adjust to the sweeping changes. Corporations have not been exempted from these effects – nor has the need for robust and effective tax representation diminished in light of the new regulations. The new laws create challenges but may also offer valuable opportunities.
While professional tax support has always been beneficial for corporations, which face some of the IRC’s most complex regulations, the TCJA makes skilled guidance even more crucial today. Allow the corporate and business tax attorneys at the Tax Law Office of David W. Klasing to put more than 20 years of tax experience to work for your business, so that you can prioritize growing your company – not dealing with the IRS. From our conveniently located tax office in San Jose, we are here to serve C corporations, S corporations, and LLCs throughout the area.
Corporate Tax Services in San Jose, CA
Whether your tax question pertains to succession planning, entity selection and formation, mergers and acquisitions, corporate tax planning and preparation, financial disclosures, pension or employee benefit plans, executive compensation, corporate tax compliance, economic nexus, Opportunity Zone development, worker classification, tax audit representation, international tax issues, Chapter 11 bankruptcy, or other matters, we deliver award-winning corporate tax support for California, foreign, and multinational companies. Other issues our tax office can assist your business with include:
- Bookkeeping and accounting
- Business transactions
- California and federal employment taxes
- California sales tax
- California state tax appeals (OTA)
- Cryptocurrency and Bitcoin tax issues
- Foreign account tax audits
- IRS appeals and tax litigation
- IRS tax audits
- Online business tax issues
- State tax audits (EDD, CDTFA, and FTB tax audits)
See our Bitcoin and Cryptocurrency Q and A Library
See our Employment Tax Law Q and A Library
See our Sales Tax Q and A library
See our IRS Appeals Q and A Library
See our Tax Litigation Q and A Library
Which Type of Corporation Should I Form in California?
There are two types of corporations to consider when launching a business in California: S corporations, which are pass-through (also called “flow-through”) entities, and C corporations, which are not. Our business entity selection attorneys can help you make a prudent decision.
Is an LLC Better Than a Corporation?
It is misleading to claim that any one entity is “better” than another. Choice of structure is dependent on the business’ goals, resources, and financial strategy. That being said, the limited liability company (LLC) is a popular selection in California and elsewhere, offering pass-through taxation, protection from liability, and overall tax flexibility.
Are U.S. Corporations Taxed on Worldwide Income?
The short answer to this question is yes. Like individual filers, U.S. corporate entities are required to report offshore assets, income, and accounts to the federal agencies like the Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN). For example, whether they are California-based or “foreign” (headquartered out-of-state), U.S. corporations with offshore assets exceeding $10,000 are required to file an FBAR, or Foreign Bank Account Report (FinCEN Form 114). Even if a foreign account does not generate taxable income, it may still be subject to FBAR reporting rules. Corporations may also need to file Form 8938 (Statement of Specified Foreign Financial Assets), which is required by the Foreign Account Tax Compliance Act (FATCA) when offshore assets exceed $50,000.
See our 2011 OVDI Q and A Library
See our FBAR Compliance and Disclosure Q and A Library
See our Foreign Audit Q and A Library
Corporate Tax Lawyers and CPAs for CA, Foreign, and Multinational Corporations
At the Tax Law Office of David W. Klasing, we are California corporate tax attorneys with decades of experience providing comprehensive, dependable counsel on complex, high-stakes tax issues affecting S corporations, C corporations, and limited liability companies, including California corporations, out-of-state or foreign corporations, and multinational corporations with locations in multiple countries. Our objectives are to help your business comply with the law, avoid penalties, minimize tax losses, and maximize profits through efficient, strategic tax planning.
Contact us online today to arrange a reduced rate consultation or call the Tax Law Office of David W. Klasing at (805) 617-4566. Please note all meetings at our San Jose tax office must be scheduled in advance.
Corporate Tax FAQs
Below, you’ll find some of our most frequently asked corporate tax questions, including:
- Can I Convert a C Corporation to an S Corporation?
- How Are Foreign Corporations Taxed on Their U.S. Source Income?
- Is it Better to Form an LLC or an S Corporation?
- What Are Some California Law Concerns for Mergers and Acquisitions?
- What is the Branch Profits Tax?
- What is the Business Purpose Test?
- What is the Sham Transaction Doctrine?
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:
See our Audit Representation Q and A Library