New Zealand and United States Tax Consultants
Chartered Accountants
Responsive. Engaging. Resolving.
Don’t gamble when it comes to your taxes – call us today.
Whatever your tax issue, we will resolve it.
We have relocated back to the Citigroup Centre at 23 Customs St East, Auckland.
Our offices are open: Mon – Fri 0800 – 1800
Sat 0800 – 1500 by appointment
Work with us and enjoy the NZ US tax difference: experience, expertise, excellence.
There is no better time to work with us. Contact us today: +64 9 5255931.
ARTICLES
The Foreign Account Tax Compliance Act – FATCA explained
In 2010 I received a call from a very upset US citizen about the enactment of the Foreign Account Tax Compliance Act.
She sent me the article she had just read, which set out the future of information reporting by institutions outside the United States to the US government.
read moreV-Day jitters shake the Shakey Isles
With enough rumblings to cause a volcanic eruption, the capital gains tax debate is currently raging in New Zealand. The
bonfire was ignited after the Tax Working Group’s Final Report was released last week, in it recommending capital gains tax be introduced from
1 April 2021 (Valuation Day, or ‘V-Day’).
Trusts classification: what you don’t know can hurt you!
Are you getting the classification of your trust correct for US tax purposes? In 2018 the Internal Revenue Service started a campaign targeting foreign trusts’ failure to comply with the filing requirements of US owners[1] of foreign trusts, including ownership, and transactions with a foreign trust. For US expats it is a minefield requiring an experienced US tax practitioner to guide them through.
read moreIf your tax situation is complex and involves multi-jurisdiction tax law, foreign tax and currency regulations, and potential gray areas, then you need a specialised tax service. One that offers you access to strategic tax advice. Our experts can make judgment calls based on extensive experience.
Auckland-based NZ US Tax Specialists Ltd is a boutique Tax Advisory and Accountancy firm, providing international tax services to
- United States citizens living in New Zealand who have personal or corporate tax obligations in the US,
- New Zealand citizens based in the United States who have personal or corporate tax obligations in New Zealand,
- Organizations that have multi-jurisdiction tax requirements and obligations, and
- High net worth individuals (HNWI) who require tax expertise.
Q & A with our Experts
Q
We purchased our home in New Zealand and have just sold it and repaid our mortgage. With respect to the repayment of the mortgage are there any US tax implications we need to be concerned about?
A
No. Whilst certain foreign currency-denominated debt instruments are subject to Internal Revenue Code provisions requiring foreign currency gain and/or losses to be recognized as ordinary income, the disposition of a foreign financial instrument by an individual, provided the instrument was acquired for personal use, will not give rise to recognizable foreign currency gain or loss on disposition.
LATEST NEWS
Fresh IRS warning to taxpayers with seriously delinquent tax debt
Following on from the January 2018 measures introduced under the FAST Act, the IRS released Notice IR-2019-23 on 27 February 2019.
The latest notice is a fresh warning to taxpayers with overdue debt. They are at risk of being unable to obtain, or renew, their US passport.
read moreFuture of Tax in NZ – Comprehensive Report Released
‘Tax avoidance reduces the integrity of the tax system and erodes social capital. It is also fundamentally unfair, because it means that compliant taxpayers must pay more to make up for the lost revenue’.
The Tax Working Group released its Future of Tax Final Report on 21 February 2019,
read moreInternal Revenue Service reopened
The Internal Revenue Service reopened on Monday, January 28, 2019, after a 35-day shutdown.
read moreWhat our Clients Say
Kiwis with US-sourced income and Yankees resident or working in New Zealand have a lot in common: dual taxation. The two countries’ taxation systems are quite dissimilar and that which is taxable in one jurisdiction may or not be in the other – to say nothing of foreign bank reporting requirements. Anyone who has faced these issues knows that working with and through them successfully is not for the faint-hearted. Happily, this is the space in which NZ-US Tax Specialists thrives. Their personal service is unmatched in my New Zealand experience, and their knowledge, far-sightedness, and thoroughly professional approach to clients’ needs give me cause to recommend them unreservedly.
Dr WE Dunn, Takapuna. 1 May 2019
Our premium service is tailored to individuals, families, trusts and organizations that expect and appreciate highly personalised, discreet and professional tax services. These services are delivered by specialists who are technically competent in New Zealand and US tax law and financial regulations.
We offer three major categories of tax accounting and advisory services. All delivered by fully qualified, experienced in-house professionals:
- New Zealand tax return preparation and filing
- US tax return preparation and filing
- International taxation advice
Clients who use both our NZ and US tax services benefit from our holistic approach to tax law compliance. However, we can tailor our service offering to meet your needs, attending to all your requirements personally since we never outsource.
Our strategies will reduce or limit the impact of taxes on your income, assets and investments while remaining fully compliant with tax law and financial regulations.
