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Charles Schwab accounts

We understand that Charles Schwab are reaching out to their clients in a select few countries (inclluding New Zealand) and advising them that they may need to 'adjust' their banking realtionship, and in some cases, they may need to close their brokerage accounts (including IRA accounts). There are potential US and NZ tax consequences of any such action. We further understand that in some...
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Update on voluntary disclosure programmes

The Internal Revenue Service today reminded taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full compliance with their federal tax obligations. For more detail see the 16 October notification https://www.irs.gov/uac/News-Releases-for-Current-Month Taxpayers who are deliberating about making use of the various disclosure...
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IRD Audit activity on pension transfers

Inland Revenue have begun their long-anticipated audits of individuals who transferred a pension to New Zealand between 2000 and 2014 (and who did not pay tax). In a statement released in May 2014 Inland Revenue advised individuals who have transferred a pension since 2000 (and before the ‘new rules’ that came in on 1 April 2014) that they are interested in them. http://www.ird.govt.nz/resources/...
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Changes to tax on New Zealand property

The New Zealand government has signalled its intent to get serious about ensuring that propoerty speculators pay their 'fair share' of income tax. Once legislation is introduced we will have more detailed comment. http://taxpolicy.ird.govt.nz/news/2015-05-17-budget-2015-property-compliance-proposals-announced#factsheet
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What does FATCA really mean to US citizens

What does FATCA really mean to US citizens For those who have not yet heard, FATCA (or the Foreign Account Tax Compliance Act) is the mother of all “tax” laws. Before you read this article sit-down, or at least, take a few deep breaths. FATCA is not new, and indeed has been around since 2010. It has however taken a few years to get a head of steam going, and is now in full swing with some...
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