At RJS LAW we have tax law offices in Los Angeles, Orange County and San Diego. While many of the tax problems and business issues we deal with are common across all areas of Southern California, each location also deals with specialized issues that are particular to that local community.
Los Angeles is the entertainment capital of the world. Besides the big movie and television studios we’re familiar with, there are thousands of small companies and according to the Los Angeles County Economic Development Corporation, more than 500,000 people are working directly or indirectly in the entertainment industry.
A significant proportion of those workers are free-lance professional s and independent contractors who have to deal with tax code issues unique to their profession. For example, independent contractors in other industries may find themselves working in just one or two main locations while entertainment contractors can find themselves in dozens of different job sites and working on contracts with vastly different job requirements from project to project.
On the business side producers, writers, directors and actors deal with complicated business structures on a daily basis. Limited Liability Corporations (LLC’s) each with unique structures for profit and expense sharing are daily occurrences. People in these professions may be drawing income from multiple LLC’s and deal not only with profits and losses but with long-term residuals and overseas income as well.
It all adds up to a unique set of tax issues that require a legal team with expertise across a broad range of areas affecting the entertainment industry, including criminal tax defense, tax audits, appeals, international tax and complex tax planning for high-net worth individuals.
Orange County offers a different set of issues for the people there. In Orange County, there is a very high predominance of technology and finance workers. More than 500,000 people are employed in Orange County in just these two broad job sectors and they make significantly higher salaries, according to the Orange County Business Council. According to a recent report, the average salary in these two industry categories is more than $80,000.
One of the defining characteristics of these two industries involves employee compensation, specifically the use of stock options as part of an overall comp plan. In many tech companies everybody from the front-desk receptionist to the president could be receiving stock options with different vesting schedules, strike prices and restrictions. Meanwhile technology companies that publish software have to determine royalties, deal with revenue recognition issues and worry about the treatment of offshore income. Financial companies and its employees are dealing daily with company structures, differing incorporation requirements as well as employee compensation problems.
Dealing with these issues as well as other tax problems is why we opened up a tax law office in Irvine. Our team of experienced legal experts works with businesses and individuals on a daily basis to help them solve tax issues unique to their industry as well as global tax and business issues such as audits, criminal tax defense, IRS appeals and compliance issues.
And of course we still have our flagship office in San Diego staffed by our team of tax attorneys and legal staff. While smaller than Los Angeles and Orange County, we have a broader mix of businesses relative to the larger population areas.
While the different RJS LAW offices deal with different populations and requirements we do all share one overall guiding principle, treat all of our clients with respect and provide them with the best legal tax service possible.
This blog post is not intended as legal advice and should be considered general information only. If you have tax or business related questions or if you have received any types of notices from either the IRS or the California Franchise Tax board, contact the tax professionals at RJS LAW today.
Our team constantly stays updated on the latest tax issues and we can help you sort through your options. We have convenient offices in Los Angeles, Orange County and San Diego and we can help. For a free consultation call us at (619)-595-1655.