LunarLabs Tax Policy
Effective Date: January 11th, 2024 | Last Updated: January 11th, 2024
1. Purpose
The purpose of this tax policy is to outline the principles and procedures governing tax compliance, reporting, and planning for LunarLabs in Los Angeles, California. This policy aims to ensure adherence to local, state, and federal tax laws while promoting transparency and efficiency in our financial operations.
2. Compliance with Tax Laws
LunarLabs is committed to complying with all applicable local, state, and federal tax laws and regulations. This includes, but is not limited to, income taxes, sales and use taxes, property taxes, and any other taxes relevant to our business operations in Los Angeles.
3. Record Keeping and Documentation
Accurate and complete record-keeping is crucial for tax compliance. The Finance Department is responsible for maintaining organized records of all financial transactions, receipts, and supporting documentation. Records will be retained for the period required by California and federal tax laws.
4. Responsibility and Accountability
Our Chief Financial Officer (CFO) is responsible for overseeing and managing all aspects of tax compliance. All employees involved in financial transactions and reporting are expected to act with integrity and in accordance with this tax policy. The Finance Department will conduct regular training to ensure awareness of tax compliance requirements.
5. Tax Planning and Credits
LunarLabs recognizes the importance of strategic tax planning to optimize financial resources. Tax planning activities will be conducted within the framework of California and federal tax laws to take advantage of legal tax incentives, credits, and deductions.
6. Tax Reporting
The Finance Department will ensure the timely and accurate filing of all required tax returns, including state and federal income tax returns. LunarLabs will adhere to all filing deadlines stipulated by the California Franchise Tax Board (FTB) and the Internal Revenue Service (IRS). Any discrepancies or issues identified during the filing process will be promptly addressed.
7. Cooperation with Tax Authorities
LunarLabs is committed to maintaining open and transparent communication with tax authorities. In the event of an audit or inquiry, the company will cooperate fully and provide all requested information to the California FTB, the IRS, or any other relevant tax authorities.
8. Confidentiality
All tax-related information, including financial records and tax returns, will be treated with the utmost confidentiality. Access to such information will be restricted to authorized personnel on a need-to-know basis.
9. Review and Revision
This tax policy will be periodically reviewed to ensure its relevance and effectiveness. Any necessary revisions will be made to address changes in tax laws, regulations, or the company's operations in Los Angeles, California.
10. Communication
This tax policy will be communicated to all employees involved in financial transactions, and relevant stakeholders will be made aware of its existence. The policy will be made available on our company's intranet or another accessible platform.
11. Enforcement
Non-compliance with this tax policy may result in disciplinary action, up to and including termination of employment. Any intentional violation of tax laws may also result in legal consequences.