Newport Beach residents face tax challenges that match their financial success. With median household incomes among the highest in California and significant concentrations of business owners, investors, and professionals, the stakes in any tax dispute or planning matter are substantial. Whether you’re navigating a complex IRS audit, dealing with California Franchise Tax Board inquiries, or seeking sophisticated tax planning for your business or investments, you need a tax attorney who understands both the technical complexities and the high-value context of your situation.
The Law Office of Pietro Canestrelli provides comprehensive tax representation to Newport Beach and Orange County’s most discerning clients. As a former IRS agent and California Board Certified Tax Specialist, Pietro Canestrelli brings credentials that matter when substantial assets and significant tax liabilities are on the line. This page explains our services and approach to serving Newport Beach’s high-net-worth community.
Why Newport Beach Clients Need Specialized Tax Representation
The financial profiles common in Newport Beach create unique tax considerations:
Investment Portfolio Complexity
Newport Beach investors often hold sophisticated portfolios including:
- Real estate investments (residential, commercial, and development)
- Private equity and venture capital interests
- Hedge fund investments with complex K-1 reporting
- Stock options and equity compensation
- International investments and foreign accounts
- Cryptocurrency holdings
Each asset class carries its own tax rules, reporting requirements, and audit triggers. Our guides on stock market tax strategies and cryptocurrency taxation address specific concerns.
Business Owner Considerations
Newport Beach is home to numerous successful business owners facing:
- Entity selection and restructuring decisions
- Employment tax compliance challenges
- Multi-state tax obligations
- Business succession and sale planning
- R&D tax credit opportunities and audits
Our business formation guide covers foundational planning considerations.
High-Income Audit Risk
The IRS has dramatically increased audit rates for high-income taxpayers. Individuals earning over $500,000 face audit rates exceeding 15%—and California residents face additional FTB scrutiny. Newport Beach’s affluent population falls squarely in the IRS’s enhanced enforcement targets.
Estate and Gift Tax Planning
Significant wealth requires careful estate planning to minimize transfer taxes and ensure smooth succession. While the federal estate tax exemption increased to $15 million under the OBBBA, proper planning remains essential for estates above this threshold. See our resources on asset protection with trusts and estate tax tips for Californians.
Tax Services for Newport Beach Clients
IRS Audit Defense
High-income and high-net-worth audits differ fundamentally from routine examinations:
- More sophisticated IRS personnel assigned
- Broader scope of inquiry
- Higher potential adjustments
- Increased scrutiny of complex transactions
Our audit defense approach leverages Pietro Canestrelli’s former IRS experience to anticipate agent tactics and develop effective defense strategies. Learn about our audit defense methodology.
California FTB Representation
California’s Franchise Tax Board actively audits high-income taxpayers and those with complex situations. Common issues include:
- Residency audits for those claiming to have left California
- Stock option sourcing disputes
- Pass-through entity income questions
- Business expense substantiation
As a California Board Certified Tax Specialist, Pietro Canestrelli has deep expertise in FTB procedures and California tax law. Read about California tax compliance requirements.
Tax Debt Resolution
Even high-net-worth individuals sometimes face tax debt—whether from business downturns, disputes over tax positions, or unexpected assessments. We help clients resolve significant tax liabilities through:
- Strategic installment agreements
- Offer in compromise negotiations
- Penalty abatement requests
- Asset protection strategies
Our article on handling significant tax debt explains resolution options.
International Tax Compliance
Newport Beach’s international business community and global investors face complex reporting requirements:
- FBAR (FinCEN 114) for foreign bank accounts
- Form 8938 (FATCA) reporting
- Foreign trust reporting (Forms 3520/3520-A)
- Passive foreign investment company (PFIC) compliance
- Streamlined disclosure for late filers
Penalties for non-compliance can be severe—up to $100,000 or 50% of account balance per violation. Our guide on U.S. tax compliance for international situations provides essential information.
Tax Controversy and Appeals
When disputes with the IRS or FTB can’t be resolved at the examination level, we represent clients through:
- IRS Appeals conferences
- FTB protest procedures
- Office of Tax Appeals hearings
- Tax Court litigation
- Collection Due Process hearings
See our comprehensive guide to IRS appeals.
Serving Orange County’s Coastal Communities
While our office location serves Newport Beach clients conveniently, we represent taxpayers throughout Orange County’s coastal communities:
- Corona del Mar
- Laguna Beach
- Laguna Niguel
- Dana Point
- San Clemente
- Huntington Beach
- Seal Beach
We also serve clients throughout Southern California, including Los Angeles, San Diego, and the Inland Empire. View all locations we serve.
The Importance of Credentials in High-Stakes Tax Matters
When significant assets and substantial tax liabilities are at stake, credentials matter:
Former IRS Agent
Pietro Canestrelli’s experience inside the IRS provides invaluable advantages:
- Understanding of IRS examination procedures and priorities
- Knowledge of how agents evaluate cases and make decisions
- Insight into negotiation tactics that produce results
- Professional relationships within the tax community
California Board Certified Tax Specialist
This State Bar designation recognizes attorneys with exceptional competence in tax law:
- Rigorous examination requirements
- Substantial experience in tax matters
- Peer and judicial evaluations
- Ongoing education requirements
Fewer than 350 California attorneys hold this certification.
Why This Matters for Newport Beach Clients
High-net-worth tax matters require sophisticated expertise:
- Complex transactions demand technical precision
- High-stakes negotiations require credibility with IRS and FTB personnel
- Effective representation depends on understanding agency procedures
- Audit defense benefits from insider knowledge of examination tactics
Our Approach to Client Service
High-net-worth clients expect—and deserve—a different level of service:
Confidentiality
We understand discretion matters. All client matters are handled with strict confidentiality, and attorney-client privilege protects communications.
Responsiveness
Tax problems don’t wait, and neither should you. We provide timely responses and proactive communication throughout every engagement.
Strategic Approach
Every case benefits from a thoughtful strategy. We analyze your complete situation before recommending a course of action, ensuring we pursue the approach most likely to achieve your objectives.
Coordination with Your Advisors
Most high-net-worth individuals have existing relationships with CPAs, financial advisors, and estate planning attorneys. We work collaboratively with your advisory team, coordinating strategies across disciplines.
When to Contact a Tax Attorney
Consider reaching out when you:
- Receive an IRS or FTB audit notice
- Face significant tax liability (over $25,000)
- Have complex investments or business interests
- Are considering a major transaction with tax implications
- Have international reporting requirements
- Need to resolve unfiled returns or past compliance issues
- Are planning business succession or sale
- Have received collection notices or face enforcement action
Our article on when to hire a tax attorney provides additional guidance.
Schedule a Consultation
Whether you’re facing an immediate tax crisis or seeking proactive planning advice, the Law Office of Pietro Canestrelli provides the sophisticated representation Newport Beach’s high-net-worth community requires. Our combination of former IRS experience and California Board Certified Tax Specialist credentials ensures you receive technically excellent, strategically sound guidance.
Ready to discuss your situation? Contact our office today to schedule a private consultation. We’ll review your circumstances, explain your options, and develop a strategy tailored to your specific needs and objectives.
