May 7, 2009
Your Taxes: US and Israeli tax amnesties
The Jerusalem Post
Failure to report worldwide income or in some cases, not filing a Report of Foreign Bank Financial Accounts, can result in significant penalties. The U.S. Internal Revenue Service (IRS) announced a new voluntary disclosure program for undeclared foreign accounts on March 23, 2009, called the IRS Offshore Income Reporting Initiative (the "Initiative"). The program gives a six-month window, or until September 23, 2009, to report such accounts to the IRS. Self-exposing taxpayers who qualify under certain conditions will not be subject to criminal penalties or the civil-fraud penalty.
The article continues to detail the regulations of the Initiative, in particular it addresses U.S. taxpayers who are either temporarily residing in Israel or have dual U.S./Israeli citizenship. To read the full article, please click the link below.
The article continues to detail the regulations of the Initiative, in particular it addresses U.S. taxpayers who are either temporarily residing in Israel or have dual U.S./Israeli citizenship. To read the full article, please click the link below.