Corporate Transparency Act: Required Disclosure of Beneficial Owners of Privately Held Companies
For a long time privately owned companies in the U.S. have enjoyed a high degree of privacy particularly as it concerns the identity of their beneficial owners. However, this will change starting January 1, 2024, when the Corporate Transparency Act, enacted by Congress in 2020, comes into the effect. The CTA affects all non-exempt corporations, […]
Moving Manufacturing Operations from Asia to Mexico: A Presentation to the Chinese Manufacturers’ Association
Businesses are increasingly moving manufacturing operations from Asia to Mexico to minimize supply chain risks and access a larger global market. There are also a wealth of economic and tax benefits to manufacturing in Mexico, many of which were described by Hone Maxwell LLP attorneys Josh Maxwell, Carolina Juarez, Aaron Li and Claudia Ignacio during […]
HMLLP Team Discusses Foreign Expansion in Mexico
Foreign companies expanding into the U.S. face a variety of international tax audits and tax compliance issues, a team of Hone Maxwell LLP tax and business attorneys said during a recent presentation in Mexico. Attorneys Josh Maxwell, Carolina Juarez and Claudia Ignacio participated in the Mexico-based National Association of Business Lawyers Bar Association’s (ANADE) Cross-Border […]
IRS OIC Program
Last month the IRS finalized their annual “Dirty Dozen” list of tax scams to help inform and warn taxpayers of the common scams and schemes that are on the rise. On the list was “Offer in Compromise mills”, which are tax resolution companies that aggressively promote the offer in compromise (OIC) program to individuals and […]
Case Study: Successful Form 3520 Appeal
A married couple in the United States each on an F-1 visa to attend school received more than $100,000 in one year from their respective parents overseas. Their CPA misadvised them and filed a late Form 3520 for each to report the gifts received in that year, which was not required. As a result, the […]
California: NRA Spouse Working Overseas, Income May Still be Subject to CA Taxes
If you live in California but your spouse is an NRA working in a foreign country, you may have to report 50% of your spouse’s income on your California return. California has the authority to tax its residents on all community property income, which is so broadly defined that even income earned by an NRA […]
IRS Cannot Enforce International Tax Forms? For Now, Maybe.
The U.S. Tax Court, in Farhy v. Commissioner, recently came down with a huge win for taxpayers facing penalties for not filing some international tax forms. In their decision, the Court determined that certain penalties assessed for failure to file informational returns were beyond the statutory authority of the IRS. As such, many taxpayers filing […]
Establishing California Residency and Tax Burdens: Managing Partner Josh Maxwell Discusses with Mexico-based Media
Establishing California Residency and Tax Burdens: Managing Partner Josh Maxwell Discusses with Mexico-based Media There are differences in what California residents and non-residents who earn income in the state pay in taxes. With these differences and other variables, it is important to know how to become a California resident, Hone Maxwell LLP Managing Partner Josh […]
International Tax Attorney Josh Maxwell Provides Tax Season Recommendations in Mexico News Reports
Foreign U.S. taxpayers are at greater risk for IRS audits and must be prepared, Hone Maxwell LLP Managing Partner Josh Maxwell said recently in multiple Mexico news reports focused on tax season recommendations. We know that a recent increase in IRS funding will result in more audits, the international tax lawyer said. This means that […]
Tax Treaty Benefits for U.S. Investments
As expected, a foreigner investing in a U.S. business may be subject to U.S. taxes. Sometimes, when receiving the profits, the investor may be surprised to discover that the source usually withholds a fraction of it to fulfill tax obligations. The amount withheld, often exceeding what is eventually owed, can also come as a surprise. […]