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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.

Pre-migration planning for US citizens

By Gina Gatchell, Director Some of the less well-known tax issues Individuals with US citizenship (US individuals) encounter when they move to New Zealand can be mitigated with effective tax planning, ideally prior to migration.   The complexities from being dual...

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The Foreign Account Tax Compliance Act – FATCA explained

In 2010 I received a call from a very upset US citizen about the enactment of the Foreign Account Tax Compliance Act.

She sent me the article she had just read, which set out the future of information reporting by institutions outside the United States to the US government.

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V-Day jitters shake the Shakey Isles

With enough rumblings to cause a volcanic eruption, the capital gains tax debate is currently raging in New Zealand. The
bonfire was ignited after the Tax Working Group’s Final Report was released last week, in it recommending capital gains tax be introduced from
1 April 2021 (Valuation Day, or ‘V-Day’).

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Trusts classification: what you don’t know can hurt you!

Are you getting the classification of your trust correct for US tax purposes? In 2018 the Internal Revenue Service started a campaign targeting foreign trusts’ failure to comply with the filing requirements of US owners[1] of foreign trusts, including ownership, and transactions with a foreign trust. For US expats it is a minefield requiring an experienced US tax practitioner to guide them through.

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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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