Tax Compliance Attorney + CPA
Taxpayers frequently face a dilemma. On one hand, the failure to comply with state or federal tax laws can result in costly penalties, in addition to the hidden costs of missed financial and tax planning opportunities. On the other hand, current tax laws are so intricate and quick to evolve that most taxpayers struggle to keep up – often, resulting in negative financial consequences. Working with an experienced dually licensed Tax Attorney and CPA makes it easier to comply with the law successfully, offering you simplicity, bringing you peace of mind, and most importantly, building you a better framework for your future tax strategies. If you have any questions about California or IRS tax compliance, whether in regard to personal or business matters, the award-winning tax professionals at the Tax Law Office of David W. Klasing are here to provide clarity and guidance.
California and IRS Tax Compliance Help
We provide a wide range of services to make tax compliance easier and more productive. A few examples of the areas in which we can assist you with tax compliance are highlighted below.
Tax Preparation and Filing Compliance
Most taxpayers are required to file an income tax return, including, with some exceptions, U.S. citizens, residents, and non-resident aliens. Nonetheless, the IRS ends up conducting approximately 1 million tax audits per year, most of which stem from issues with income tax compliance, such as failure to file tax returns, failure to report income, improper claiming of credits or deductions, delinquent filings, and failure to pay taxes.
At the Tax Law Office of David W. Klasing, our tax compliance lawyers have over 20 years of experience helping individuals and businesses correct or avoid these types of issues before they arise. We diligently follow the latest tax developments, such as the passage of the Tax Cuts and Jobs Act (TCJA), to provide our clients with on-point, up-to-date tax preparation and filing support.
Employment and Payroll Tax Compliance
For business owners, income taxes are merely one aspect of tax compliance. If you own a small business, you must also work to ensure your compliance with additional employment and payroll tax regulations, such as the requirement for employers to withhold, match, and remit FICA taxes (Medicare, Social Security).
In addition to classifying workers correctly and filing and paying taxes properly, business owners are further obliged to ensure they have met all necessary financial and bookkeeping requirements, such as requirements concerning annual board of director meetings for corporations. Proficient in business tax planning, the federal regulations and bylaws affecting corporations, and a wide array of federal and California employment tax matters, we make tax compliance easier and more cost-effective for LLCs, corporations, partnerships, and sole proprietorships.
Complying with New Sales Tax Rules
The Supreme Court recently issued a controversial ruling whose effect was to increase states’ powers to require small online merchants to collect and remit sales tax. The resulting sales tax requirements, while still evolving, have already produced one concrete result: a surge in the number of sales tax audits for online retailers in California and elsewhere. If you do business, employ certain workers, or store goods in the state of California, you may be subject to sales tax requirements. Our internet sales tax audit lawyers can help you understand and fulfill your responsibilities.
Tax Lawyers and CPAs for FBAR, FATCA Compliance
Taxpayers with offshore income face an additional set of tax compliance considerations beyond those applicable to domestic income. For example, the taxpayer may have FBAR and FATCA obligations to fulfill or may need to make a disclosure.
FBAR Filing Requirements
If you (1) qualify as a “U.S. person” (which generally includes citizens and residents), (2) have an interest in or signature authority over a foreign bank account, and (3) the value of that account met or meets a $10,000 financial threshold, you may be required to file an electronic tax form known alternately as FinCEN Form 114 or, more commonly, the “FBAR” (Foreign Bank Account Report). FBAR compliance is essential, as the IRS has dramatically increased its FBAR enforcement efforts during the past decade. This has resulted in a heightened focus on fining and, in some cases, criminally prosecuting those who fail to disclose foreign accounts.
Form 8938 FATCA Requirements
If you are required to file an FBAR, you may also be required to file Form 8938 (Statement of Specified Foreign Financial Assets). While FBAR is required by the Bank Secrecy Act (BSA), the Form 8938 filing requirement is a condition of the Foreign Account Tax Compliance Act, or “FATCA.” Similar filing criteria apply to Form 8938 and the FBAR, with a key distinction: the reporting threshold is higher under FATCA. Depending on the taxpayer’s circumstances, this threshold is typically $50,000 or higher. Note that filing Form 8938 does not relieve you of the separate obligation to file an FBAR online. Our FBAR tax attorneys can guide you through both procedures smoothly.
Making a Voluntary Disclosure
After operating various iterations of the program for many years, the IRS recently brought to an end the Offshore Voluntary Disclosure Program (OVDP), which previously enabled noncompliant taxpayers to report foreign accounts in exchange for mitigated penalties and reduced risk of criminal prosecution. Though the OVDP is no longer extant, various alternatives remain open to taxpayers.
However, it is crucial to tread carefully and decide wisely, as certain options pose greater dangers than others. Our international tax attorneys can help you compare your disclosure options for reentering compliance, such as the new voluntary disclosure guidelines. We also have extensive experience with expat and domestic streamlined voluntary disclosures and delinquent foreign information return submission procedures with penalty abatement. We can also help you examine similar programs that focus on resolving other types of tax issues, such as the California Voluntary Disclosure Program, which is geared toward out-of-state taxpayers and businesses with records of tax errors or noncompliance in California.
Tax Compliance Attorneys and Accountants Serving California
Whether your tax compliance issue requires the assistance of an attorney, an accountant, or both, the Tax Law Office of David W. Klasing provides dedicated, comprehensive support backed by a decades-long record of award-winning service. We understand how stressful and time-consuming it can be to attempt navigating the tax code on your own, which is why we provide personalized, around-the-clock tax help for businesses and individuals. Contact us online to arrange a reduced-rate consultation with our tax professionals or call the Tax Law Office of David W. Klasing at (800) 681-1295 today.
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: