Our checklist below will assist you to plan for the coming year.

Disclaimer: The following information is general information current at the time of publication. It is not intended to be taxation advice. Advice specific to your situation should be gained prior to reliance on the above information. 
If you are a US citizen or U.S. Lawful Permanent Resident and:  Then: 
* Are in employment in the U.S.  * Review your U.S. federal withholding liability on Form W-4. 
* You may use the IRS annual income tax calculator for assistance. 
* Are working remotely in N.Z. for a U.S. employer.  * Review your payroll taxes.
* Opened a KiwiSaver account during 2023. * Consider structuring your KiwiSaver so that it does not meet the requirements to file foreign trust forms 3520 & 3520a.
* Are a U.S. citizen or lawful permanent resident and Started a business in NZ during 2023. Consider whether to incorporate a NZ Limited Liability Company. 
* Have a foreign financial account. * Review & collate the highest balances of your 2023 foreign accounts.
Have income and/or gains from sources outside the U.S. and: * Review the basis on which you claim foreign tax credits on your U.S. tax return. 
You have filed Form 1116 Foreign Tax Credits  This planning technique will assist you to manage the timing of payments to Inland Revenue. 
You haven’t filed Form 1116 Foreign Tax Credits  * The first time you file Form 1116 Foreign Tax Credits ensure that you select the accruals basis for claiming credits. 
* Withdrew funds from a Portfolio Investment Entity (incuding KiwiSaver). * Review the U.S. tax liability associated with withdrawals from PIEs. 
* Sold any assets  * Review the U.S. capital gains tax exposure using U.S. capital gains tax rules. 
* Gifted any assets. * Review your gift tax liability reporting obligations to the U.S. 
Not gifted any assets.  Consider whether this could benefit you. 
Have a portfolio of investments with foreign assets.  * Have a U.S. tax advisor who is experienced in the areas of NZ & US tax review and advise on the tax implications for both coutnries. 
* Relocated to NZ permanently.  * Learn about the temporary tax exemption, and how to leverage it to maximize benefits. 
Departed NZ permanently . Complete Form IR 886 N.Z. Tax Residence Questionnaire 
This advises Inland Revenue that you have departed. You may also request a high level review of your NZ tax residency. 
* Formed a NZ limited liability company. * Consider whether to file Form 8832 Entity Election and have the company disregarded for U.S. tax purposes. 
* You plan to renounce your citizenship.  * Check that you have met your U.S. tax obligations for the five years before the year of renunciation. 
* Check the lead time for an appointment with the U.S. consulate. 
NZ US Tax Specialists have the skiils and depth of experience it takes to advise U.S. citizens effectively on how to manage their NZ & US tax obligations. For assistance, please contact us. 
Page last updated: 22 December 2023