New Zealand and United States Tax Consultants
We don’t just deliver taxation services
We bring peace of mind
When you work with us, we become your tax partner. You can rest assured you won’t pay more tax than you need to. We work with NZ-based wealth advisers to minimize the tax element of your portfolio.
Choosing a tax specialist is not something you do every day so we’ve made it easy.
ARTICLES
Treatment of certain foreign currency transactions
Section 988 of the Internal Revenue Code Treatment of Certain Foreign Currency Transactions taxes certain transactions. The general rule is that the disposition of any non-functional currency will be treated as a section 988 transaction. However, there are exceptions, particularly with respect to individuals holding foreign-currency-denominated financial assets and liabilities. Gina Gatchell explains…
read moreNZ tax case attracts international attention
A recent NZ court case involved a tax agent (Chatfield & Co), the Commissioner of Inland Revenue (CIR), the Korean National Tax Service and the NZ Competent Authority (Mr Nash).
read morePermanent Place of Abode Test
A recent New Zealand court case is the second one in recent years involving the determination of the permanent place of abode concept (‘PPOA’).
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 that offers you access to strategic tax advice and experts who 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
First prosecution under FATCA – Landmark Case
Eight years after the Foreign Account Tax Compliance Act (FATCA) was enacted as part of the 2010 Hire Act, the Eastern District of New York has prosecuted an executive of Loyal Bank for wilfully circumventing the reporting requirements of FATCA.
read moreForeign Trusts Reporting – IRS To Target
United States citizens and other residents of the United States with foreign trusts requiring the annual filing of such forms as Form 3520 and Form 3520-a have been selected by the IRS Large Business and International division (LB&I) for six compliance campaigns.
read moreIRS Ends Offshore Voluntary Disclosure Program
The Internal Revenue Service has announced the end of the Offshore Voluntary Disclosure Program (OVDP). The deadline for full and final submissions has been announced as 28 September 2018.
read moreWhat our Clients Say
Thanks for all your help with this year’s tax preparation and all my questions. You’ve been great to work with.
EF, 16th October 2018
Our premium service is tailored to individuals, families, trusts and organizations that expect and appreciate highly personalised, discreet and professional tax services 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 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, but we can tailor our service offering to meet individual client’s needs, attending to all their 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.
