(Reuters) – Israel has become the latest country to reach a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokesperson said on Thursday. Set to take effect on July 1, the Foreign Account Tax Compliance Act of… – Continue reading
Potato king Paul Rennie has told a court he is unable to explain why he sent millions of dollars to tax havens in transactions revealed by a Project Wickenby investigation. The Federal Court heard Mr Rennie had been raided by federal police, who seized documents related to his Griffith-area potato… – Continue reading
Drowning in a sea of new financial regulations, and with IRS audits on the rise, some American citizens in Israel say they are weighing expatriation. That won’t work Tax attorney JoAnne Adlerstein has received some unusual phone calls of late. They’re from American clients living in Israel who are thinking… – Continue reading
FATCA was enacted in the US in 2010 in an effort to combat tax evasion by US persons holding investments in offshore accounts. Isreli currency. Photo: Reuters This article is relevant to US citizens and green card holders living in Israel. The Foreign Accounts Tax Compliance Act is due to be… – Continue reading
A report by the Government Accounting Office details who took part in the first voluntary disclosure program for offshore accounts. If you made an honest mistake and failed to keep up on international account reporting requirements, it is important to spe March 25, 2014 /24-7PressRelease/ — Congress has been on… – Continue reading
Look before you leap out of Israeli residence. Israel now has tax rates below the OECD average and no estate or inheritance tax. Israeli residents relocate abroad for a variety of reasons, sometimes business, sometimes personal. If the relocation is for a short period, they will typically claim various expense… – Continue reading
Bankers at Credit Suisse helped their affluent American clients hide billions in assets from the IRS, according to a Senate investigative report released Tuesday. The Swiss banking giant is currently under investigation by the U.S. Justice Department for allegedly aiding tax evasion by its rich clients, is even accused of… – Continue reading
Bankers at Credit Suisse helped their affluent American clients hide billions in assets from the IRS, according to a Senate investigative report released Tuesday. The Swiss banking giant is currently under investigation by the U.S. Justice Department for allegedly aiding tax evasion by its rich clients, is even accused of… – Continue reading
World is getting smaller; Hidden cash far away will soon be more transparent and seemingly nearer. On February 13 the OECD unveiled a Common Reporting and Due Diligence Standards for the automatic exchange of tax information between tax authorities worldwide, which was endorsed by the G20 in its communique… – Continue reading
Kevin E. Packman is a Partner in our Miami office While Israel welcomes immigrants, and even provides them with tax incentives, it is serious about ending any perceived notion that it is somehow complicit with taxes evaded by its foreign residents in their home country. As such, it plans to… – Continue reading
WASHINGTON: The U.S. has expanded its action against tax cheaters to countries such as India, Israel and Liechtenstein, a top U.S. official told lawmakers. So far, the U.S. action was primarily focused against tax cheaters on Switzerland. Since 2009, the Department has publicly charged 73 account holders and 35 professionals… – Continue reading
Authorities aren’t waiting for new reporting laws to go into effect to track down Americans who they say owe money The US needs money — and it’s willing to go to the ends of the earth, including Israel, to track down deadbeats who are evading their taxes. Israel was named… – Continue reading
Kevin Thorn of the Thorn Law Group comments on the recent guilty plea by a United States Taxpayer with undisclosed overseas bank accounts as one in a long line of ongoing IRS and DOJ investigations into U.S. citizens with hidden overseas bank accounts. Thorn observes the U.S. government’s expanded… – Continue reading
The company has found a home in the British Virgin Islands, the finance ministry admits, though it might change that policy. Israel Bonds, a Zionist stalwart that fosters the country’s economic development, is registered in the British Virgin Islands, without the organization ever making the fact known in its English-… – Continue reading
Congress is on a roll, trying to track down hidden offshore accounts, and the latest news is a report that shows which states have the most taxpayers disclosing such accounts (California is No. 1), and where they are located (Switzerland is tops). All told, taxpayers in at least 45 states… – Continue reading
A government bill has been submitted to the Knesset to amend the Income Tax Ordinance, adding a chapter on the exchange of information under international conventions. This will allow the Israel Tax Authority to share information with tax authorities of other countries, including countries with which has no tax treaty,… – Continue reading
In Israel, several large companies were persuaded to pay several billions of shekels of tax late in 2013, at reduced rates, on “trapped profits” after claiming tax breaks on undistributed profits. As a result, personal income-tax rates did not go up 1 percent to 2% at the beginning of 2014…. – Continue reading
