HMLLP Attorney Claudia Ignacio Honored with SDCBA 2022 Service by a New Lawyer Award

Hone Maxwell LLP Associate Attorney Claudia Ignacio was recognized by the San Diego County Bar Association with the 2022 Service by a New Lawyer Award. The award recognizes Claudia’s service to the legal profession, the community and to the SDCBA. In awarding the honor, SDCBA said Claudia shows a significant commitment to the legal profession […]

Big Changes at HMLLP: Tijuana Office Opens and a New Look for the Firm

When Hone Maxwell LLP launched 10 years ago, Aubrey Hone and I wanted to create an international tax and business law practice that prioritizes relationships. Forging strong partnerships with accounting firms in Mexico, frequent trips by firm principles to both Mexico and Asia and building a bilingual team that is knowledgeable in both the legal […]

Hone Maxwell LLP Saves Client Nearly $400K on Foreign Filings

Envelope of Money

Several years ago, I was at a restaurant in Mexico explaining the amnesty programs to a potential client over lunch. After a while, a woman at the table next to us got up and introduced herself. She politely apologized for interrupting but said that, after hearing me discuss the Offshore Voluntary Disclosure Program, she was […]

IRS Focus on Cryptocurrency

In recent years, the IRS has been expanding their efforts to address noncompliance related to virtual currency transactions. These efforts have ranged from education to audits and criminal investigations. It is now more important than ever for taxpayers to understand their tax obligations regarding virtual currency. The IRS defines virtual currency as a digital representation […]

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 […]