Now that we are on the cusp of the fourth quarter of 2015 it is time to start thinking about tax planning before the tax year closes out – taking with it an opportunity to minimize your U.S. income taxes. PFICs and how they work If you have investments,...
There is arguably no more memorable year than 2015 for data breaches. May 2015 saw the Internal Revenue Service’s Get Transcript System hacked, breaching the security of more than 100,000 taxpayers’ confidential information. In the months following was the...
The deadline for reporting United States account holders with foreign financial institutions is almost upon us. Although FATCA was enacted in 2010 as part of the HIRE act, we are only now on the cusp of its ramifications. New Zealand and the United States signed an...
One of the many benefits of using tax professionals for advice and return preparation is to ensure that income is attributed to the correct source on an income tax return. A commonly made error is incorrect sourcing. For example, many taxpayers incorrectly assess...
The new revenue procedure issued by the Internal Revenue Service on requests for competent authority assistance is good news for taxpayers. It should assist taxpayers by providing more detailed information on when it is appropriate to apply for assistance, and how....
US citizens moving to NZ should check whether they can claim moving expenses in their Federal income tax returns. This generous deduction can lead to some nice US tax refunds for taxpayers and is often overlooked. Refunds may come about particularly in the case where...
