The 2022 filing season finished yesterday, 17 October 2022. Below are some statistics from this year’s filing season. These provide insight into the IRS’ processing of U.S. federal income tax returns through the 2022 season. Data is from the midyear report...
The IRS has completed its four-year foreign trust campaign. The campaign, launched on May 21, 2018, was one of six campaigns initiated by the Large Business and International (LB & I) units of the IRS. The crackdown on late foreign trust reporting to the IRS was...
The U.S. government’s long-standing efforts to address illegal, domestic financial activity are being addressed with a new beneficial ownership reporting requirement. As of January 1, 2024, any person or entity with state-side entities, (such as and including...
The Treasury Department and the IRS recently granted relief from various failure to file penalties imposed under the Internal Revenue Code for the 2019 and 2020 tax years. Notice 2022-36 (Notice) grants automatic penalty relief on late filed 2019- and 2020-income tax...
New Zealand’s Inland Revenue advised tax agents on Tuesday that New Zealand income tax returns due for filing before 31 March 2022 may be filed by 31 May 2022. The income year that this filing date affects is individual income tax returns for the year ended 31...
Inland Revenue recently expanded its guidance on claiming foreign tax credits for overseas tax paid. Interpretation Statement IS 21/09 Foreign tax credits – how to claim a foreign credit was issued on 22 December 2021 and sets out how to claim a foreign tax credit on...
