Blog Articles
Blog Articles
The latest knowledge and insight from NZ US Tax Specialists, demonstrating our understanding of complex tax issues and challenges facing our clients.
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 moreNZ tax treatment of foreign retirement accounts
Do you think that the United States has complex tax rules? New Zealand has some to match, and the country’s system of taxing United States retirement accounts such as IRAs warrants the advice of an expert in this area – preferably prior to migrating to New Zealand.
read moreWhy you should file a U.S. tax return
Filing a tax return starts the statute of limitations running, whilst any year during which a return is not filed is left open for the Internal Revenue Service to examine.
read moreTroubles with the IRS’s Implementation of FATCA
The National Taxpayer Advocate’s Objectives Report to Congress for Fiscal Year 2016 included a focus on The IRS’s Implementation of FATCA.
read moreCountry-by-country reporting is here to stay
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’).
read moreUS remission of penalties for reasonable cause
Like New Zealand, the United States’ penalty framework aims to encourage voluntary compliance by taxpayers with all aspects of tax administration.
read moreReport from AICPA Tax Conference 2016
Internal Revenue Service (IRS) Commissioner John Koskinen addressed attendees at the AICPA tax conference earlier this month in Washington DC.
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