San Francisco, California – May 28, 2021. Safe Harbor LLP, California’s top-rated San Francisco tax CPA firm, is proud to announce a new post on the complexity of tax return preparation for the 2020 and 2021 tax years, including international tax returns.
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“This year and last have been crazy complicated when it comes to taxes, and even more so for businesses and individuals that have international tax issues,” explained Chun Wong, Managing Partner at Safe Harbor LLP. “Our new post touches on the theme of complexity and urges both businesses and high income individuals with tax issues to reach out to us for a consultation as soon as possible.”
Interested persons can read the new post at https://www.safeharborcpa.com/tax-returns-are-never-easy-and-are-going-to-be-harder-for-2021/. The post explains how complicated taxes can be for many San Francisco residents. Everyone, for example, faces both federal and state taxes and California is one of the highest tax states in the Union.
But, beyond that, property owners face complexities such as SALT (State and Local Tax) deductions and limitations; business owners face new COVID-19 rebates and incentives; and high income individuals face a myriad of both temporary and permanent tax changes due to the Pandemic. Looking to the future, many high income Californians are watching with concern proposed tax changes on capital gains and inheritance. Finally, many Bay Area residents have business or property interests that cross international lines. Many Canadians, for example, use the CPA firm for expat tax return preparation. Persons who want a general overview of the California CPA firm’s international tax services.
SAN FRANCISCO TAX ADVISORS WITH A GLOBAL PERSPECTIVE
Here is the background on this release. The more affluent an individual or corporation is, generally speaking, the more complex their tax return becomes. A lower income individual might just have W2 income, but a higher income individual might have a mix of W2 income, income from a business, stock options, or even more complex tax issues such as expatriate or international tax issues. The same continuum goes for persons with corporate or business tax returns. A small, simple business might file the taxes as part of an individual return. A more complex business might be an “S” corporation, and even more complex return might be the “C” corporation or “LLC.” Larger entities might also have overseas ties, thus creating international tax liabilities and exposure.
ABOUT SAFE HARBOR LLP – A PROFESSIONAL CPA FIRM IN SAN FRANCISCO
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.
Photo credit: kenteegardin via Foter.com / CC BY-SA
