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23041 Mill Creek Drive

Laguna Hills, CA 92653

Phone: (949) 855-9250

Fax: (949) 380-1128

email: gbeck@beck-christian.com

Making a difference, one client at a time.

Contact Laguna Hills Attorneys Beck & Christian

Beck & Christian, APC


The information contained herein is provided for informational purposes only, and is not intended to serve as legal advice. You should not act or fail to act based on the information on this website. This website contains general information only, and may not reflect recent changes to the law. All cases differ – please contact an attorney in your area to get legal advice as it pertains to your case. Attorneys Gregory Beck and Stephen Christian are licensed to practice law in the State of California.

Keeping up with rapidly changing business tax laws may be one of the top challenges facing small business owners and corporations in California. These laws are continually evolving, and business owners often miss the opportunity to claim every available tax credit and deduction. Still, businesses often underpay or overpay their tax obligations. At Beck & Christian, our business taxation attorneys have extensive experience helping business owners achieve maximum tax benefits while avoiding tax controversies which could be potentially devastating for the bottom line of a business.

Certified by the California State Bar’s Board of Legal Specialization, Attorney Greg Beck is an expert in taxation law and is also a Certified Public Accountant. Attorney Stephen Christian holds a Masters of Law in Taxation. With these qualifications, our Laguna Hills Business Tax Attorneys are focused on delivering high quality business and corporate tax services to clients throughout Orange County, California.

Achieving Financial Goals with Business Tax Planning

Taxes play a critical role in nearly every aspect of business. Business owners make numerous decisions each day, and many of these decisions have serious tax implications. For example, in the formation process, the type of business entity chosen can affect the tax rate. The number of employees and the types of compensation offered affects the amount of taxes paid by the company. Asset purchases and vendor contracts also affect taxation rates. Establishing a business tax plan and preparing accordingly is essential for helping a company achieve its financial goals.

Business tax planning may offer many benefits, including minimizing business tax liability, lowering the tax rate, estimating accurate tax payments, and maximizing tax credits while avoiding incurring tax penalties. With knowledge gained through the business tax planning process, a business owner can make educated decisions and focus on financial targets. Without a business tax strategy, a business may either underpay or overpay taxes, resulting in several issues with the potential for penalties or a large end-of-year tax bill. This type of cash flow crunch may adversely affect a company. Taking steps to ensure all tax requirements are effectively fulfilled can help a company protect its wealth, make wise investments, and obtain business and financial objectives.

Avoiding IRS Penalties and Resolving Payroll Tax Issues

Businesses with traditional employees must comply with complex employment tax regulations. Several different taxes must be properly calculated and withheld from an employee’s paycheck on a regular basis, including federal income taxes, state income taxes, Medicare taxes, and Social Security taxes. The employer is required to then make those payments to the appropriate entities. If the employer does not follow through with these actions, the employer may be facing an unexpectedly large tax bill, including penalties and accrued interest. This failure may lead to an audit which might result in significant legal and financial issues.

Annually, the IRS levies billions of dollars in fines and penalties for employment tax violations. The IRS aggressively pursues collection of unpaid payroll taxes; sometimes this leads to closing the business and criminally prosecuting individuals responsible for willfully failing to file the payroll tax returns. Whether the failure to file and report the payroll taxes was intentional or not, the consequences can be devastating for a business. Because business owners are often working tirelessly to support the day-to-day and long-term operations of the company, it is wise for a business to call upon the skills of a business taxation attorney for assistance with payroll tax reporting and requirements. These actions can help a business avoid and resolve payroll tax liability issues.

Maximizing Tax Benefits for New Businesses

Making money is often at the heart of entrepreneurial endeavors. However, it is also important to consider tax implications for new businesses because maximizing financial opportunities also includes minimizing tax obligations. Decisions regarding business organization made by new owners can affect their company far into the future. When structuring a business and choosing the appropriate entity, the new business owner must consider how each entity might impact the amount of personal and business taxes that would be paid.

Generally, each type of business entity may offer an advantage depending on the type of business and ownership arrangement. For example, in a sole proprietorship, the business owner is entirely responsible for tax obligations for the business. In a partnership, tax liabilities are shared with the partners. A limited liability company offers some protection for owners from personal liability concerning a business’s debts and tax issues. S corporations and C corporations involve shareholders and offer complex tax structures that may shield business owners from personal liability, but may lead to additional taxation. A new business owner must carefully consider the choices when structuring the company to maximize tax benefits.

Planning for Family Business Succession

Owners of family businesses often have worked extremely hard to build and grow successful business operations. It is understandable that these individuals want the business to continue under the management of family members long after the original owners have retired, become incapacitated, or passed away. To ensure this is a smooth transition of management, it is necessary for family business owners to establish a business succession plan.

Creating a plan for passing a business to the next generation can often relieve the burden of stress and confusion that family members can feel if they are not prepared to handle operations after the incapacitation or death of the business owner. Establishing business succession strategies may also reduce familial animosity and potential uncertainty of clients of the business who may not be confident in the new management. Working with experienced business tax attorneys to plan for business succession can help the owners and interested parties maximize the transfer of wealth while minimizing tax liabilities.

Contact an Experienced Business Tax Lawyer

With decades of experience assisting corporate and business clients in a wide range of taxation matters, attorneys at Beck & Christian help clients achieve maximum tax benefits and minimize exposure to tax audits and other tax controversies. Contact our Laguna Hills law firm at (949) 855-9250 and arrange a confidential consultation.

Business Taxation Information Sheet

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