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The latest knowledge and insight from NZ US Tax Specialists, demonstrating our understanding of complex tax issues and challenges facing our clients.

Assist Taxpayers to Comply – AICPA plea to the IRS

The American Institute of Certified Public Accountants (AICPA) penned a letter to the IRS just prior to Friday’s announcement of the end of the shutdown, citing the AICPA’s concerns around the ensuing effects of the IRS shutdown on taxpayers and practitioners.

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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…

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