There’s an old adage in the United States credited to Ben Franklin that states, “[…]in this world nothing can be said to be certain, except death and taxes.” Unfortunately, for those foreign nationals planning on doing business or working within the boundaries of the U.S.A., this sentiment is just as applicable to them as any natural-born citizen.
In fact, the taxation process for foreign nationals may be more complex and esoteric than it is for citizens. Corporate entities that are partially owned by foreign nationals are required to file additional paperwork, including Form 5472. This paperwork comes with far more invasive reporting requirements and has a significant penalty – up to $25,000 per year without an effective tax lawyer on your side.
On the state level, California does not conform to U.S. federal tax treaties, meaning foreign-owned companies need to carefully examine California tax laws in order to remain compliant and do business within the state. These tax laws are some of the most complicated in the country, requiring many companies to hire firms that specialize in ensuring compliance and doing what they can to reduce the tax burden on companies hoping to create a foothold here.
For those companies that are at least 25% owned by a foreign national or foreign entity, getting top-tier legal counsel is essential for avoiding legal penalties, fines, and reducing their tax bill as much as possible. For southern California, there is no better law firm for these parties looking to remain compliant than Hone Maxwell.
Hone Maxwell has been providing foreign and domestic business entities with tax compliance and other services for over a decade. They’ve helped their clients save millions on tax fees and penalties over the years, as attested to by the glowing testimonials found online. Give them a read:
Hone Maxwell was an excellent choice for us! Our attorney Marisol is absolutely the best. She is very experienced, organized, patient and responsive!! She is always there for us whenever we have questions or want to have a discussion about our case. Marisol is on top of everything. She has great communication skills and kept us updated every step of the way! We felt comfortable throughout and were very happy with our service and result. I would 100% recommend her and Hone Maxwell!
Yan Ding, Google Review
Josh, Claudia and Marisol at Hone Maxwell have not only saved me >$200k USD in penalties and back taxes with the IRS, they also got the Treasury Department to release the hold on my passport with the Department of State. I honestly don’t know what I would have done without them. The kindness, professionalism, assurance and personal touch I received throughout the whole experience was both unexpected and unforgettable.
Martin Daffner, Google Review
Absolutely excellent experience with this firm. As anyone who receives a notice of any kind from the IRS knows, its a somewhat terrifying ordeal. Yet, everyone at Hone Maxwell made us feel 100% confident that there would be the right outcome through their most impressive level of competency, constant communication, amazing thoroughness and extreme attention to every detail. They ran with the ball, followed up like crazy, chased after the IRS versus the other way around and dotted every “i” resulting in the IRS finally coming to the correct conclusion. I hope I never have to use them again!
FG Valin, Google Review
Taxes are an inevitable part of life, whether you’re a simple employee or the part-owner of a multi-national company. That doesn’t mean you need to suffer too dearly for it. Contact Hone Maxwell today to see how they can help you remain compliant and shave off a portion of your yearly tax bill.
Hone Maxwell
+16199804476
3465 Camino del Rio S #400, San Diego, CA 92108
