Blog
The knowledge and insight from NZ US Tax Specialists, demonstrating our understanding of complex tax issues and challenges facing our clients.
Extension of time for IRD tax agents filing returns due 31 March 2022
By Gina Gatchell, Director. New Zealand's Inland Revenue advised tax agents on Tuesday that New Zealand income tax returns due for filing before 31 March 2022 may be filed by 31 May 2022. The income year that this filing date affects is individual income tax returns...
Inland Revenue Issues IS21/09 on how to claim foreign tax credits
By Gina Gatchell, Director Inland Revenue recently expanded its guidance on claiming foreign tax credits for overseas tax paid. Interpretation Statement IS 21/09 Foreign tax credits – how to claim a foreign credit was issued on 22 December 2021 and sets out how to...
IRS to commence issuing 1099-B for crypto
By Gina Gatchell, Director. It has been widely publicized that the price of Bitcoin and other cryptos have taken a dive in what has been coined (excuse the pun) a crypto winter. This comes on the coattails of an all-time peak in late 2021. The value of Bitcoin soared...
Here’s a snapshot of what we have been up to whilst Auckland has been in lockdown.
By Gina Gatchell, Director. Auckland spent a total of 107 days in the latest, and reportedly last lockdown during the Delta outbreak the city has been embroiled in. The country’s Alert level system -which has now been sunsetted - saw the city at a virtual standstill...
We are in this together. Donation to Middlemore Foundation’s COVID-19 Appeal made today.
By Gina Gatchell, Director. Auckland's delta outbreak has worsened over recent days. The city has now been in lockdown for more than two months, with community cases of delta on the rise. Many COVID-19 cases have emerged in areas of Auckland that are already under...
Increased charitable contribution deduction for taxpayers filing jointly claiming the standard deduction
By Gina Gatchell, Director. The IRS announced over the weekend that taxpayers filing jointly will be allowed to claim up to US $600 in donations to qualified US charitable organizations on their 2021 US return. This is up from the current level of US $300 available to...
Corporate donation to Middlemore Foundation’s COVID-19 Appeal given today
By Gina Gatchell, Director. The Middlemore Foundation assists vulnerable families in New Zealand who are immensely impacted by the COVID-19 pandemic. The current Level 4 Alert status in Auckland has only worsened the living conditions for these families. Many families...
Support given to COVID-19 Appeal – Middlemore Foundation
By Gina Gatchell, Director. New Zealand's current outbreak of the COVID-19 delta strain could not have come at a worse time for kiwis already in need. As we come through the last months of our winter, children especially are without essential things like food,...
IRD eyes on real estate agents in newly announced campaign
By Gina Gatchell, Director It has come as no surprise that Inland Revenue has started a new campaign to review the taxable income being declared by real estate agents. The campaign was announced on 11 May 2021. It was triggered by information falling into the hands of...
