insights
Capital gains tax in New Zealand
New Zealand, unlike Australia, the United States and the United Kingdom, does not have a full-blown capital gains tax (CGT) regime.
Taxpayer Advocate Service
The IRS runs a Taxpayer Advocate Service which is available for problem resolution when the normal channels don’t effectively resolve the problem.
Expatriation from the United States
By Gina Wallace, Director Facebook co-founder and billionaire Eduardo Saverin was reported to relinquish his United States citizenship recently, prior to the initial public offering of Facebook....
Excess profits taxes and U.S. GILTI
By Gina Gatchell, Director ‘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...
IRS announces significant revenue milestone – 1.3 billion in tax revenue collected through its High Income, Non-Filer campaign
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...
Let’s take a deep dive into KiwiSaver
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....
Let’s take a deep dive into foreign trusts
Trusts are a way of life in N.Z. They are quintessentially used for a variety of purposes. Estate planning, asset protection, and wealth management are common examples. Whilst especially so for...
Transactions with Foreign Trusts and Receipt of Foreign Gifts
By Gina Gatchell, Director The U.S. Treasury Department and the Internal Revenue Service have issued proposed regulations concerning Sections 643(i), 679, 6039F, 6048 and 6677 of the Internal...
Let’s take a deep dive into Passive Foreign Investment Companies (PFICs)
The PFIC regime has been in existence since 1986. Introduced in the Tax Reform Act, the regime closed a loophole. Prior to the change, assets could be transferred to entities organized outside the...
Paying it Forwards with Trees That Count: From One Nelson Native to Another
In December last year, NZ US Tax Specialists Limited funded 175 native trees for planting through Trees That Count. We were contacted last month and informed that the Nelson Forest and Bird Society...
Inland Revenue’s response to North Island flooding
Inland Revenue has made a statement today in relation to North Island flooding, which has primarily devastated pockets of its largest city, Auckland. The department advised tax agents that they are...
Season’s Greetings from NZ US Tax Specialists
Trees That Count - paying it forwards by going back to our roots. We are grateful for your support this year. As a gesture of our gratitude, in December 2022 we donated 175 native trees to Trees...
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