With Bitcoin hitting the $100k milestone this month, it’s an opportune time to examine the U.S. income tax treatment of virtual currencies. The U.S. tax principles regarding virtual currencies have evolved significantly since the Internal Revenue Service issued...
This week Inland Revenue released official’s issues paper, “Effect of the FIF rules on immigration: proposals for amendments”. Inland Revenue acknowledges the impact of the foreign investment fund (‘FIF’) rules on migrants and prospective...
Following on from Excess Profits and GILTI, we will now look into the Section 250 deduction. Section 250 applies to tax years beginning on or after January 1, 2018. Until 31 December 2025, the deduction is equal to 50% of a corporation’s GILTI. From 1 January...
‘Excess profits taxes’ is not a term that is frequently heard here in NZ. This is unlike the term ‘capital gains tax’, which has been a longstanding political football for the country. This week, however, we heard the term in the news after a long hiatus, as...
By Gina Gatchell, Director “During the previous administration, as audit rates on high-income taxpayers fell, the share of audits on taxpayers with incomes under $200,000 increased,” Yellen said in remarks to be delivered at an IRS service center in...
Many countries develop and manage their tax policies to influence socio-economic behaviour. N.Z. is one such example. N.Z. has traditionally been slow to prepare its inhabitants for retirement. Other countries have had compulsory superannuation for decades, such as...
