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Proposals for amending the FIF rules.

Inland Revenue issued a discussion document today (6 December 2024) which could have a significant impact on the application of the Foreign Investment Fund rules for migrants. Whilst it is only a discussion document and not new legislation, it signals a clear intention by the government to make some changes to the rules. The period for feedback is short with feedback sought by 25 January 2025. If...
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Interim update on application of US tax reporting rules in respect of Kiwisaver

On 21 August 2024, the Internal Revenue Service held a public hearing on the exciting topic of “ Transactions With Foreign Trusts and Information Reporting on Transactions With Foreign Trusts and Large Foreign Gifts (REG-124850-08) ” The purpose of the hearing was for the IRS to listen to public feedback on draft new regulation which (among other items) includes details on the requirement for non...
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Beneficial Ownership Information Reporting (BOIR)

We want to bring to your attention a new informational reporting, BOIR, required by FinCEN, a bureau of the US Department of Treasury. This new requirement became effective as part of the Corporate Transparency Act (CTA) on 1 January 2024 and applies to certain entities and their beneficial owners. Whilst we are unable to assist with BOIR reporting, we wanted to bring this to your attention so...
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IRS grants penalty relief for late 2019 and 2020 returns as long as they are filed by 30 September 2022

Today, the IRS issued Notice 2022-36 to provide penalty relief to most people and businesses who file certain 2019 or 2020 returns late. Additional assistance will be provided to those who have already paid these penalties as well. Find out more here https://www.irs.gov/pub/irs-drop/n-22-36.pdf
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IRS processing update

A powerhouse of tax focused organizations sent a letter to the Commissioner of the Internal Revenue Service, Charles P. Rettig, on January 14 raising a number of concerns, including unanswered phone calls, and requesting specific relief. In their letter, organizations call upon Commissioner Rettig to temporarily discontinue automated compliance actions, align requests for account holds with time...
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