Taxpayer Advocate on U.S. expats’ tax burden in Annual report to Congress By Gina Gatchell, Founder/Director The Taxpayer Advocate Service (TAS) is an independent organization within the IRS. The TAS’ objectives include to ensure that every (U.S.) taxpayer is treated...
In December last year, NZ US Tax Specialists Limited funded 175 native trees for planting through Trees That Count. We were contacted last month and informed that the Nelson Forest and Bird Society is receiving the trees for planting in the region. Being a native of...
Inland Revenue has made a statement today in relation to North Island flooding, which has primarily devastated pockets of its largest city, Auckland. The department advised tax agents that they are aware that many customers have been affected by the event and may need...
The jurisdictions of New Zealand and the United States of America have very different tax regimes. However, there is a common theme which we, as tax practitioners experience, year in and year out. That common theme is the complex anti-deferral and anti-avoidance...
Trees That Count – paying it forwards by going back to our roots. We are grateful for your support this year. As a gesture of our gratitude, in December 2022 we donated 175 native trees to Trees That Count, a New Zealand registered charity. Every tree we donate...
The PFIC regime has been in existence since 1986. Introduced in the Tax Reform Act, the regime closed a loophole. Prior to the change, assets could be transferred to entities organized outside the U.S., in order to escape U.S. taxation. As with other foreign...
Trusts are a way of life in N.Z. They are quintessentially used for a variety of purposes. Estate planning, asset protection, and wealth management are common examples. Whilst especially so for high-net-worth individuals and their families, trusts have formed part of...
Many countries develop and manage their tax policies to influence socio-economic behaviour. N.Z. is one such example. N.Z. has traditionally been slow to prepare its inhabitants for retirement. Other countries have had compulsory superannuation for decades, such as...
The 2022 filing season finished yesterday, 17 October 2022. Below are some statistics from this year’s filing season. These provide insight into the IRS’ processing of U.S. federal income tax returns through the 2022 season. Data is from the midyear report...
The IRS has completed its four-year foreign trust campaign. The campaign, launched on May 21, 2018, was one of six campaigns initiated by the Large Business and International (LB & I) units of the IRS. The crackdown on late foreign trust reporting to the IRS was...
