Business TaxesAs you build and grow a business, ensure that your future is secure. Whether you are classified as a Partnership, LLC, or Corporation, we will advocate for your best interests and find an effective path for your tax planning needs.
The codes and laws governing business taxation are always changing, and a misstep in complying with tax laws can trigger an audit.
Our experience with business succession, mergers, and acquisitions makes us uniquely capable of seeing your corporate tax situation from all angles. We can determine the right business classification for you and will work with businesses of all sizes for their partnership or corporate taxation needs.
As one of our clients, we will help your business:
- Handle any problems that arise with taxing authorities, including inquiries and audit notices. We will help you respond quickly and effectively to taxing authorities, both state and federal.
- We can advise you when you are wondering how to structure an acquisition or transaction to minimize taxes.
- Finally, we can litigate issues in California courts and Federal courts, if that becomes necessary.
Feel free to contact us if you have any issues are questions.
There are a myriad number of ways that corporations are taxed, and as a result, a number of taxing entities that come into play.
- Income Tax – Corporations have the double-taxation issue – where corporate income is taxed and after that, if the corporation pays dividends, those are also taxed.
- Cross Border Taxes – International or interstate commerce can lead to complex tax situations. We can help you plan for that, or deal with problems arise from a completed transaction or merger.
- Contractual Issues – We can also help with developing business agreements that involve potential tax issues. Check our Business Agreements and Litigation practice.
For California state taxes relating to employment, real estate, sales taxes, please see our California State Tax law practice page.
Partnerships have many of the same tax issues that Corporations have, but they deal with unique situations having to do with their underlying partnership structure.
The ownership shares, and income sharing arrangements can change, sometimes suddenly. Mendes Weed, LLP can help structure partnership agreements and succession plans that can help when situations change.
The ownership of a partnership can become complex, perhaps involving a situation where of one of the partners is not a person but a corporation or a Sub-S Corporation. The IRS could choose to audit the partnership (centralized partnership audit regime) rather than the partners themselves, potentially leading to unfair situations.
Federal Employment Taxes
On the federal level, Employment Tax issues can be different than the state level, certainly in the process and in the entities involved. At the Federal level taxes are higher and the stakes go up.
It’s likely that you’ve outsourced the process involving payroll taxes, which means that you are liable for the work of that outside entity.
There have been controversies in several areas of Employment Taxes:
- Is your contractor really an employee? If you have misclassified an independent contractor, you may be subject to measures that could pierce the corporate veil and put your personal assets at risk.
- If your company has failed to pay or withhold federal employment taxes, the IRS may take measures more severe than if you failed to pay your own personal taxes. The amounts collected on behalf of employees are considered “trust fund taxes” or held in trust for the benefit of entities like Medicare or Social Security.
If you have questions or are currently involved in a situation having to do with taxes for your business, call a Tax Professional at Mendes Weed, LLP.
Business Tax Resources
The IRS is giving retroactive relief to partnerships who are subject to the BBA pursuant to Rev Proc 2020-23.
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California Tax Law Specialist
Partner Christina Weed has years of experience helping businesses and individuals with their complex California tax litigation issues. She is a licensed attorney with an LL.M. in Taxation from the University of San Diego and a Bachelor’s Degree in Accountancy. She serves as Chair of the Tax Section of the Contra Costa County Bar Association and is also a member of the Estate Planning Council Diablo Valley and the Tri-Valley Estate Planning Council.
In 2018, Christina became one of the first lawyers to argue a case in front of California’s Office of Tax Appeals.
Christina has been designated a Certified Specialist in Taxation by the State Bar of California.
Walnut Creek Main Office
1990 N. California BLVd.
Walnut Creek, CA 94596