Tax Law Offices of David W. Klasing

Did you know that under US domestic law, a corporation is considered to be controlled by foreigners if 25% of its stock or voting power is owned by foreigners or a foreign corporation? ???? This means that certain requirements must be met, such as having a US person available to handle any issues with the IRS, audits, or collection actions. It's also necessary for the corporation to have someone authorized to accept service of process in case of a lawsuit. ??? Failure to comply with these requirements can lead to penalties. Stay informed about the regulations that govern corporations! #USDomesticLaw #ForeignOwnership #CorporateCompliance

Facing a sales tax audit? ?? Worried about fraud or tax evasion charges? ?? Don't panic! Call me for expert advice and representation. ???? The CDTFA, IRS, and Franchise Tax Board are all connected, and if fraud is suspected, things can get serious. ?? But don't worry, I've got your back! As an experienced Tax Attorney & CPA, I'll fight for your rights and help you navigate through this challenging process. ????? Schedule your reduced rate initial consultation today! ???? #TaxAuditHelp #ExpertRepresentation #TaxAttorneyCPA

?? Attention California business owners! ?? Did you know that the Board of Equalization has up to three years to come after you for sales tax liability after you sell your business? ?? This means that you're almost guaranteed to get a sales tax audit in the year of the sale. ?? In fact, if the state finds out that there's a large amount of money sitting in escrow for the sale, they see it as low hanging fruit and will open up an audit right away. ?? They know the funds are readily available for them to claim. So even if you've never had a sales tax audit before, you're at high risk when selling your business. ?? That's where professionals like me come in. I can help you navigate through the audit process and get it closed quickly, so you can finally receive the money from the sale. ?? But let's be honest, this whole situation feels like extortion. It's unfair and frustrating. ?? If you're a business owner in California, be prepared and stay informed about your rights and obligations. ?? Don't let the system take advantage of you. Reach out to experts who can guide you through this challenging process. ?? #CaliforniaBusinessOwners #SalesTaxAudit #KnowYourRights

?? Important Crypto Investor Alert ?? Don't let the hype fool you! ???? Be cautious where you invest your hard-earned money in the crypto world. ???? Understanding the unique tax implications is crucial! ???? Wash sale rules, which apply to securities, don't currently apply to crypto. ???? Stay informed and stay safe! ???? #CryptoInvestorTips #TaxImplications #StayInformed

???? The Appeals Process: Not for Amateurs! ???? Don't go it alone when dealing with the IRS. Find someone who knows the ins and outs of appeals and has a proven track record of success. ?????? #IRS #AppealsProcess #TaxAttorney

????? Unlocking the Power of NFTs: Certifying Ownership & Tax Implications! ???? #NFTs #OwnershipCertification #TaxImplications

???? Don't fall into the trap of thinking cryptocurrency transactions are untraceable! ???? If you've been hiding significant gains for years, you could be facing criminal tax exposure. ?? But don't panic! ???? There's a solution called voluntary disclosure that can save you from prosecution. ?????? Let me help you navigate the process and get back on track with the government. ??????? Don't wait for them to come knocking on your door, take control now! ?????? #Cryptocurrency #TaxCompliance #VoluntaryDisclosure

???? Beware of Bad Tax Advice! ???? In this eye-opening installment of "Clarifying Tax Situations," attorney and CPA David W. Klasing sheds light on a crucial question: Can a tax preparer face criminal liability for advising clients not to report their cryptocurrency? ?? Recently, I received a call from a potential client who revealed that their previous tax advisor had no clue about reporting cryptocurrency. Shockingly, they were advised to simply ignore it and recognize gains when selling. ??♂? Let me tell you, this advice is absolutely terrible! ?? Believe it or not, relying on a professional's guidance can actually lead to penalty abatement. However, imagine the consequences if you mention that your tax advisor instructed you to skip reporting taxable transactions. The government might turn against your advisor, who could deny any knowledge of cryptocurrency dealings. ?? This could potentially expose you to criminal prosecution for tax evasion! ?? Remember, there's a conflict of interest when your preparer advises you to break the law, especially if it reduces your tax liability. They can be held accountable for aiding and abetting income tax evasion, making false statements on your return, and facing various criminal penalties. ???? Don't let yourself fall victim to such risky advice! Consult a knowledgeable tax professional who understands the ins and outs of cryptocurrency reporting. Stay on the right side of the law and protect yourself from unnecessary trouble. ???? #TaxAdvice #CryptocurrencyReporting #StayCompliant

?? Clarifying tax situations with attorney and CPA David W. Clousing! In this installment, we dive into the typical tax crimes discovered in divorce scenarios. ???? Unreported income, false deductions, and false statements to taxing authorities are common accusations. Recently, unreported foreign bank accounts and associated foreign income have also come to light, often linked to undisclosed offshore businesses. ???? In divorce cases, the most frequently charged tax crimes include income tax evasion, submitting false documents, and conspiracies between spouses or with preparers. Willful failure to collect and pay tax, filing false tax returns, and even money laundering can also be involved. ???? Stay informed and protect yourself during tax-related divorces! ?????? #TaxCrimes #DivorceScenarios #LegalInsights

?? Protect yourself from potential tax crimes! ???? Did you know that cryptocurrency transactions can increase your chances of being audited or even prosecuted for tax crimes? As an expert in tax law, I always advise my clients to stay informed and compliant. Recently, the IRS conducted a comprehensive study on cryptocurrency reporting in the United States. The results were eye-opening! In 2013, only 807 individuals reported cryptocurrency transactions on form 8949, using keywords like bitcoin, Ethereum, and more. In 2014, this number increased to 893, and in 2015, it dropped slightly to 802. To avoid any legal complications, it's crucial to accurately report your cryptocurrency activities. Stay ahead of the game by consulting with a knowledgeable tax professional who can guide you through the complexities of this evolving landscape. #TaxCompliance #CryptocurrencyReporting #StayInformed