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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.
Permanent 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’).
NZ 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.
Why 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.
Troubles 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.
Country-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’).
US 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.
Report 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.
Shortfall Penalty for understating your income tax
In New Zealand, if you understate your income tax in your tax return, you may be subject to a shortfall penalty.
Transactions with foreign trusts
If you’re a U.S. citizen with a foreign trust, take heed of the U.S. tax implications of having your trust. It is nigh on impossible for the trust to be treated as a separate entity for U.S. tax purposes – or that portion of the trust’s assets that you are deemed to own.
