Foreign tax credits in the US tax return

We are often asked whether unutilized foreign tax credits in the U.S. tax return are going to be able to be used in the future. Under the Internal Revenue Code (IRC) excess foreign tax credits can be carried forward for up to ten years and back for one year. Whether...

Foreign Tax Credit Availability for US citizens

We are actively working with various stakeholders who are affected by the issue around foreign tax credit availability for US citizens residing in New Zealand. A further update will be available in April.

Foreign Tax Credit Availability for US citizens

In the wake of the changes to the way that foreign pensions (including 401-k’s and IRAs) are taxed in New Zealand the Inland Revenue Department (IRD) has recently refined its position with respect to foreign tax credit availability. The way that pension income...

Double taxation on pension income

Late in 2014, we commented on the IRD’s position on the availability of foreign tax credits for New Zealand tax residents, with respect to United States-sourced pensions. The current situation gives rise to double taxation with respect to pension income arising...

IRD exposure draft – Tax Credits for US income tax

IRD has released an exposure draft seeking comments on whether state income tax paid in the United States qualifies as a foreign tax credit in the New Zealand tax return. The deadline for comment is 10 October 2012. The issue affects New Zealand tax residents...
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