Trading Tax Question

[inverted]

Ok about 10 years ago a friend started investing in the stock market. He used some cash which had not been taxed. He has made quite a bit from this initial deposit, but now due to back tax and penalty fees if he brings it back to New Zealand he will lose almost 90% of his winnings. So my question is are there any international loop holes or such that would allow him to have access to this money in New Zealand? There will be a sizeable reward to anyone that comes up with a reasonable solution.

[thing85]

You're asking for an international tax evasion strategy? I'm not sure anyone here will be willing to help your "friend."

[inverted]

I wasn't really asking how to evade tax totally, quite happy to pay a normal tax rate just not the penaltys.

[spex x]

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Ok about 10 years ago a friend started investing in the stock market. He used some cash which had not been taxed. He has made quite a bit from this initial deposit, but now due to back tax and penalty fees if he brings it back to New Zealand he will lose almost 90% of his winnings. So my question is are there any international loop holes or such that would allow him to have access to this money in New Zealand? There will be a sizeable reward to anyone that comes up with a reasonable solution.

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Has your friend consulted a tax lawyer agbou this? Thats the first thing that I'd try. I know nothing about New Zealand, but in the U.S., the IRS will try to get away with all kinds of stuff and interpret the IRC in all kinds of crazy ways. In fact, sometimes they'll even make up new taxes. Maybe he could start there, and maybe get several legal opinons, too, as in my experience, lawyers often exaggerate their expertise. Make sure its a tax lawyer that specializes/has experience with the specific issue, and make sure that the lawyer has experience fighting the New Zealand IRS-equivalent.

[Jimbo]

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In fact, sometimes they'll even make up new taxes.

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In fact? Sure would like to see a couple of examples of these "new taxes" the IRS has created from thin air.

They may interpret the current tax code a bit differently than either the taxpayer or perhaps eventually a tax court but I've never heard of any new taxes created by the imagination of some enterprising overzealous auditor.

In the USA the IRS will negotiate penalties and interest quite easily but hold fairly firm on the original tax debt.

Jimbo

[stevepa]

Did you steal my avatar and make the background yellow?!?!?

[inverted]

lol no I found this on an avatar site, had never seen yours. On a previous forum I was a part of I had a similar one of willy which looked way better but I cant find it again :'(

[bmw335i]

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Ok about 10 years ago a friend started investing in the stock market. He used some cash which had not been taxed. He has made quite a bit from this initial deposit, but now due to back tax and penalty fees if he brings it back to New Zealand he will lose almost 90% of his winnings. So my question is are there any international loop holes or such that would allow him to have access to this money in New Zealand? There will be a sizeable reward to anyone that comes up with a reasonable solution.

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Has your friend consulted a tax lawyer agbou this? Thats the first thing that I'd try. I know nothing about New Zealand, but in the U.S., the IRS will try to get away with all kinds of stuff and interpret the IRC in all kinds of crazy ways. In fact, sometimes they'll even make up new taxes. Maybe he could start there, and maybe get several legal opinons, too, as in my experience, lawyers often exaggerate their expertise. Make sure its a tax lawyer that specializes/has experience with the specific issue, and make sure that the lawyer has experience fighting the New Zealand IRS-equivalent.

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You are [censored] stupid.