The following article comments on current IRD audit activity and some recommendations that may help mitigate the damage.
Owens Tax Advisors regularly present and provide public comment on topical tax matters.
Our principal, Jeff Owens is also an accomplished and popular public speaker on tax matters. If you would like to arrange for Jeff to comment on or prepare and present a lively discussion on topical tax matters, please contact us.
Two years after we alerted IRD to problems with its IR886 form and processes for determining tax residence, IRD is still using the form and telling taxpayers they ‘MUST’ complete it. We strongly recommend obtaining independent professional advice instead.
IRD is seeking to impose NZ tax on overseas sourced pensions, leaving the taxpayer to recover from the overseas tax authority and incur compliance costs and risk of double tax, penalties and interest.
The article and spreadsheet below identifies an IRD practice of double taxing small business owners who have been caught under-declaring income. We agree penalties should apply, but not double tax.
IRD has recently implemented a reasonably consistent policy across some of its service delivery divisions. In this article we provide details and comment on areas still needing improvement.
This article explains the risks associated with filing IR10 accounts information forms and recommends filing financial statements as well or instead. It also highlights the way IRD misleads the public in denying any disadvantage of using IR10 forms.