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Even if your income levels fall below the filing thresholds for U.S. individual income tax returns, it is recommended that a U.S. return still be filed.  Filing a tax return starts the statute of limitations running, whilst any year during whic… Read More

Globally, there has been a noticeable increase in countries preparing for country-by-country (CBC) reporting pursuant to the OECD's BEPs Action Plan ('Plan').   Action 13 of the Plan: Country-by-Country Reporting covers these recommendati… Read More

Like New Zealand, the United States' penalty framework aims to encourage voluntary compliance by taxpayers with all aspects of tax administration including: filing accurate and truthful returns on time, and; paying tax on time. The Internal… Read More

In New Zealand, if you understate your income tax in your tax return, you may be subject to a shortfall penalty.  The shortfall penalties are as follows: Not taking reasonable care:         20%  … Read More

Whilst New Zealand is underway with revamping its tax rules around employee share schemes, the United States has a well-defined framework for the tax treatment of such schemes, including stock options. Employee stock options in the United States fal… Read More