IRS Seeks To Issue More Transfer Pricing Penalties: How to Ensure Compliance

IRS officials recently announced an expected increase in the total number of penalties assessed against multi-entity corporations involved in transfer pricing. Historically, these penalties have been nominal and rarely enforced. However, with $80 billion in funding over the next decade, the IRS is looking to crack down on attempts to shift profits to low-tax jurisdictions. […]

Inflation Reduction Act and International Tax Compliance

With the IRS receiving additional funding for enforcement activities from the recently signed Inflation Reduction Act, international tax compliance will be more challenging for U.S.-based individual and corporate taxpayers. In an article published Oct. 17, 2022 in Tax Notes and Tax Notes International, Hone Maxwell LLP Managing Partner Josh Maxwell and Law Clerk Jared Garfield […]

Hone Maxwell LLP Named a Top Boutique Law Firm

The Daily Journal, California’s leading legal industry newspaper, named Hone Maxwell LLP to its 2022 Top Boutique Law Firms list. In a profile about the firm published on Oct. 17, 2022, the Daily Journal lauded HMLLP for its recent growth, especially in international tax law. Managing Partner Josh Maxwell was described in the profile as […]

Two New Attorneys Join Hone Maxwell and Josh Maxwell Named Managing Partner

Hone Maxwell LLP is pleased to announce that Carolina Juarez has joined the firm as a partner and Cameron Davidson as an associate attorney. Both bring deep understanding of international tax and business laws to serve clients in California and abroad. In addition, HMLLP co-founder Josh Maxwell was named the firm’s managing partner earlier this […]

For Tax Purposes, Who is Not a U.S. Tax Person and How Are They Taxed?

Non-U.S. citizens who conduct business, invest, or live in the U.S. often wonder to what extent they will be impacted by U.S. taxation. The effect of U.S. tax law on any person can vary greatly depending on the nature of the activities they are conducting, whether their income is from U.S. sources, and whether they […]

Hone Maxwell LLP Celebrates 10 Years!

10 boxes of Reserva de la Familia means 10 years for the firm.  After the first year, we got a bottle to celebrate, and it has become an amazing tradition. All of us at Hone Maxwell LLP are proud to have reached this important milestone: A decade of delivering tax and legal representation to individuals […]

Upcoming SCOTUS Case May Have Big Impact On FBAR Filers

Is the FBAR penalty per account or per form?  We may know soon. This fall, the Supreme Court is set to hear a case that could impact U.S. persons with financial accounts abroad. In the upcoming case of United States v. Bittner, arising out of the Fifth Circuit, the Supreme Court will hear and decide […]

Employee or Independent Contractor?

Are you a business owner struggling to classifying workers as employees or independent contractors? The determination can be difficult sometimes and the consequences can be quite severe if the wrong determination is made. As a quick summary, employees receive a W2 as the end of the year to report their income while independent contractors file […]

Penalty Relief on Multiple International Forms

The IRS announced in Notice 2022-36 that it will waive late-filing penalties for certain taxpayers who late-file returns for the 2019 and 2020 tax years. Eligible tax returns include individual, corporate, estates and trusts, and more. The waiver applies to the late filing penalty of 5% of your unpaid balance per month, capped at 25%. […]