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Penalty relief available for some, but limited time to act

Taxpayers may be entitled to refunds or abatements of penalties and interest that the IRS assessed during the nearly 3.5-year COVID-19 federal disaster period. However, this relief will not happen automatically. To protect their rights, most taxpayers must file a claim for refund – generally on or before July 10, 2026. Read more.
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Proposed foreign investment fund changes – Fact sheet

I hate to be disparaging, but what a pile of **** Inland Revenue have today released their Fact sheet on legislation that has yet to be written regarding new FIF rules. https://www.taxpolicy.ird.govt.nz/-/media/project/ir/tp/publications/202... Once the legislation has been written, we will circle back with our thoughts.
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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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