More Extensions and Information on the Transition Tax

The IRS has just announced new information regarding the transition tax, mainly revolving around deadlines and extensions for the 8-year installment plan.  Through three new FAQs on the IRS’s information website, the updates are as follows: For taxpayers who failed to pay the first installment by April 18, 2018 but made a valid election to […]

Tax Season Ends but Scams Continue

Every year the IRS, and our office, warns taxpayers about potential scams.  From our experience, this year the most common scam was a phone call.  The taxpayer would get a phone call and is asked for personal information.  Any push back and they are immediately threatened.  We had one client last month that was told […]

Some Americans Abroad Get Transition Tax Extension

Per IRS Notice 2018-26, taxpayers that qualify for the automatic two-month extension to June 15 under Treasury Regulation 1.6081-5, will have this same two month extension applied to the first payment due under the transition tax.  In general, this extension applies to Americans living in a foreign country. The Notice provides further guidance, as can […]

Welcome Tara Shah to Hone Maxwell LLP!

Hone Maxwell LLP is pleased to announce the addition of Tara Shah to our team.  Recently, the firm has emphasized providing international counsel, assisting in managing all legal needs for business ventures and investments for our international clients.  With Tara’s experience in Hong Kong and the U.S., and vast connections to legal professionals throughout the […]

End of the OVDP, Streamlined Continues….for now

The IRS has finally announced that the current amnesty option under the Offshore Voluntary Disclosure Program will close on September 28, 2018.  As the IRS has collected information through FATCA reporting, many suspected this day was coming.  The current OVDP has been open since 2012 and was modified in 2014. For now, the amnesty programs […]

Transition Tax Update and Fact Sheet

The Tax Cuts and Jobs Act instituted a transition tax on foreign earnings of certain corporations held by U.S. shareholders.  While we are still waiting for regulations to finalize the details, the IRS has provided some guidance, most recently with a website titled “Questions and Answers about Reporting Related to Section 965 on 2017 Tax […]

You Control Your Paycheck

With the recent tax changes many people have seen an increase in their after-tax pay.  This is due to the new tax rates and corresponding withholding schedules for employers.  However, you are always in control of your paycheck. If you have had your job for a while you may not remember, but when you first […]

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