Insights
The knowledge and insight from NZ US Tax Specialists, demonstrating our understanding of complex tax issues and challenges facing our clients.
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.
US Tax Treatment of Employee Stock Options
Whilst New Zealand is underway with revamping its tax rules around employee share schemes, the United States has a well-defined framework for the tax treatment of such schemes, including stock options.
Tax Policy Work Underway in New Zealand
It is interesting to observe the Inland Revenue Department’s policy programme, which is currently focussing on three key areas:
Business transformation; BEPS and international tax reform; and further improvements and enhancements to tax and social policy within the broad-base, low rate (BBLR) policy framework.
New Zealand Tax Traps – what you need to know
If you are contemplating a move to New Zealand you need to understand the tax traps in advance. Many expatriates find themselves in a bind only after they have arrived down under, often inadvertently learning the hard way that the New Zealand tax system has teeth… or even fangs, through its taxing mechanisms.
OECD’s Annual Revenue Statistics – Global Tax
New Zealand is listed as one of the heaviest taxing countries in the OECD’s annual revenue statistics report, which covers the OECD countries.