The U.S. government shutdown is now into its 16th day, creating confusion and havoc in the U.S. tax community across the globe. The AICPA commented earlier today that fears are growing for the accumulating effects of the shutdown. Last week the AICPA made its second...
Introduction and scope A proposal to add a new way of calculating FIF income was covered in Parts One and Two of this article. To recap, the proposal is that a new method, the RAM, be added to existing methods. The tax implications already characteristic of...
Inland Revenue has issued IS 25/18, addressing situations where receipts from foreign trusts and estates are subject to N.Z. income tax. IS 25/18 replaces IS 19/04, issued in 2019, providing further guidance on transactions with foreign trusts and foreign inheritances...
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...
Highly anticipated tax reform under the Trump administration has been kick-started. On November 16 a bill was passed by the House containing many changes to both individual and corporate taxation. Changes include: Increase in the standard deduction from $6,350 to...
