Tax Credits

Tax credits are very beneficial on your tax return, because they are a dollar-for-dollar savings and not just a deduction. Each tax credit has specific eligibility requirements; one of the main requirements is knowing your adjusted gross income (AGI). Usually, your AGI must fall between exact amounts to receive partial or the total amount of […]

Thailand: A Top Choice for International Escrow Services

As international business continues to grow, there are many cross-border deals, transactions, and mergers and acquisitions.  The parties involved in the transactions need to feel secure that their interests and funds are protected and properly transferred.  These deals often entail large amounts of money changing hands through escrow agreements; therefore, international escrow / transfer agents […]

It’s time for Schedules K-2 and K-3

Beginning with the 2021 tax filings, Schedules K-2 and K-3 are now required for partnerships with relevant international tax items. The new schedules are designed to provide greater clarity for partners on how to compute their U.S. income tax liability with respect to items of international tax. Much of the information required by the new […]

Accessing the Benefits of Qualified Small Business Stock

Qualified small business stock (QSBS) is shares of a qualified small business. The benefit of QSBS is a tax exclusion from 50% up to 100% of the gain on the sale of QSBS. This is an extremely valuable exclusion making it important to know if you qualify. In order to qualify for the QSBS designation, […]

Form 5471 – Who Needs to File?

U.S. citizens or residents who are officers, directors, or shareholders in certain foreign corporations may be required to file Form 5471.  While this seems like a straightforward form, Form 5471 is very important and presents a lot of information to the IRS that can indicate other penalties or tax. Those who are required to file […]

The IRS Makes it Easier for Foreign Manufacturers to Sell in the U.S.

Statue of Liberty

Historically, foreign manufacturers selling goods in the U.S., through either a domestic distributor or by transfer of title at a U.S. port, were to treat the transfer of goods as U.S. sourced income, which is more likely to be taxable by the IRS. This meant, to not have any income sourced in the U.S., foreign […]

FTB Letters Regarding Schedule C

The California Franchise Tax Board (“FTB”) administers personal and business income taxes.  The FTB is known for their aggressive collection, compliance, and enforcement efforts. On January 10, 2022, the FTB sent self-correct letters to taxpayers who reported large Schedule C expenses on their 2019 tax returns and will continue to send more letters throughout the […]

IRS Expands Benefits for Charitable Contributions

Donations can help you lower your tax due and at the same time help give back to the community. To be deducible on your tax return, contributions must be to 501(c)(3) non-profits; they cannot be political organizations, social clubs, and usually cannot be made to a foreign country organization.  Additionally, the IRS has recently expanded […]

Two Challenges for Market Expansion in Thailand

Bangkok

Thailand is quickly becoming an attractive location for United States businesses that want to expand into other markets. However, there are two major challenges these businesses must tackle when seeking such an expansion: Creating a successful new market strategy and complying with U.S. international tax reporting laws. Hone Maxwell Partner Josh Maxwell recently co-authored an […]

HMLLP Holiday Party 2021

HMLLP Holiday Party! Celebrating our amazing team with a private chef, fun games, a few drinks, and a lot of laughs!