Does anyone know if the 15% min tax applies to private companies too or just publicly traded ones? My family has ownership in a large private manufacturing business and I'm trying to figure out if this would impact us.

Thanks for all these insights! As someone who works in corporate finance, I wanted to add that companies are also looking at their international structures more carefully now. Since the minimum tax is based on consolidated financial statement income, multinational corporations can't just shift profits to low-tax jurisdictions to avoid it like they could with regular corporate tax. However, there are some nuances around foreign tax credits that create planning opportunities. Companies with significant foreign operations might restructure how they organize their international subsidiaries to optimize the interaction between the minimum tax and foreign tax credit limitations. Also worth noting - the IRS is still working on final regulations for implementation, so some of the finer details are still being hammered out. Companies are having to make strategic decisions based on proposed guidance that could still change.

Has anyone formed an LLC in New Mexico? I've heard good things about their privacy laws and low fees, which seem important for expats.

As someone who went through this exact process two years ago while living in Portugal, I'd strongly recommend Wyoming for your situation. The combination of strong privacy protections, low annual fees ($60), and no state income tax makes it ideal for expats running online businesses. A few practical tips from my experience: 1. Don't worry about matching your driver's license state - choose based on business benefits, not past connections 2. Use Northwest Registered Agent or similar for your registered agent service - they're reliable and expat-friendly 3. For banking, I had success with Relay Financial and Mercury - both are online-first and work well with foreign addresses 4. Keep detailed records of your foreign residency (lease agreements, utility bills, etc.) as this will be important for tax purposes One thing to consider: since you're serving US clients, make sure you understand the tax implications. Even with a Wyoming LLC, you'll still need to file US federal taxes as a citizen, and depending on your income level, you might benefit from the Foreign Earned Income Exclusion. The key is getting everything set up properly from the start - it's much easier than trying to fix issues later when you're dealing with international time zones and communication barriers.

I had a similar nightmare with a different tax prep company a couple years ago. They messed up my state return so badly that I ended up owing penalties. What really helped me was filing complaints with multiple agencies at once - I hit the Better Business Bureau, my state's Department of Revenue, and the IRS Preparer Complaint form (it's on their website). The key thing that worked for me was being very specific about the financial impact of their errors in each complaint. Don't just say "they made mistakes" - quantify it. Like "their error cost me $X in penalties" or "I'm losing $Y in interest because my refund is delayed 8 weeks due to their bank account error." Also, if they're PTIN registered (which they should be), you can file a complaint directly with the IRS Office of Professional Responsibility. That one actually carries some weight because it can affect their ability to prepare taxes professionally. Document everything going forward and don't let them gaslight you into thinking this is normal. A competent tax preparer should catch education credits automatically and definitely shouldn't be making data entry errors on bank account numbers. You deserve better service, especially when you're paying for it!

I'm really sorry to hear about your awful experience with US Tax Files LLC. Unfortunately, this kind of negligence seems to be becoming more common with some of these tax prep services. One thing I'd add to the excellent advice already given - make sure you get copies of EVERYTHING they filed on your behalf. You'll need the complete return (not just the summary) to properly file that amended return for the education credit. If they're being difficult about providing copies, remind them that legally they have to give you copies of all documents they prepared for you. Also, when you're dealing with the IRS about the direct deposit error, ask them to put a note on your account about the preparer error. This can help if there are any delays or additional issues down the line - it creates an official record that the mistake wasn't on your end. For what it's worth, I switched to doing my own taxes using software after a similar experience a few years back. It takes a bit more time upfront to learn the software, but I sleep better knowing I'm not trusting someone else with something so important. Plus most of the good software programs will catch common credits and deductions automatically. Hope you get this sorted out quickly!

I'm thinking you might be running into the "testing period" requirement that goes along with the last month rule. Even though you were HSA-eligible all year, if you use the last month rule (basing contributions on your December status), you have to remain HSA-eligible through the end of the FOLLOWING year (12/31/2023 in your case). If you failed the testing period in 2023, you'd have to include the "excess" contributions in your income AND pay a 10% additional tax. Maybe your tax software is detecting that you didn't remain eligible through all of 2023?

Just a practical tip that helped me with a similar issue - you might want to call your HSA providers directly. My husband and I ran into this exact problem, and our HSA bank had a dedicated tax specialist who explained that we needed to "recharacterize" some of the contributions between our accounts to avoid the penalty. They were able to do this even after the tax year had ended as long as it was before the tax filing deadline. They literally moved some money from my HSA to my husband's HSA and updated the contribution forms. Super easy fix that the tax software couldn't figure out!

One thing no one mentions about these energy tax credits - make sure you keep EVERY piece of documentation! I got audited last year specifically about an energy credit I claimed. Had to provide the manufacturer's certification statement, detailed receipt showing itemized costs (not just the total), and proof the installation met local building code requirements. The credit is great, but be prepared for the possibility that the IRS might want proof that your heat pump installation legitimately qualified. Take pictures during installation too if you can.

Another thing to watch out for is the annual limits on these credits. For the home energy improvements (like heat pumps), you're looking at a $2,000 annual limit for the heat pump itself. If you're doing other energy improvements in the same year (like insulation, windows, etc), those have separate limits. You might want to consider splitting installations across tax years if you're doing multiple improvements to maximize your credits. I did my heat pump last year and I'm doing my windows this year to get the most out of it.