FATCA

October 20, 2016: Israeli-Americans Who Did Not Do Their Tax Homework at Greater Risk of Penalties (Jerusalem Post)

By Greenberg Traurig on October 27, 2016

Dual American-Israeli citizens finally need to pay up.

After years of the US Internal Revenue Service gradually baring down on American citizens living in Israel who evaded reporting income or paying taxes and numerous rounds of amnesty for those belatedly coming forward, September 30 has passed and a new Israel-US agreement has gone into effect…

Just Before the New Jewish Year: U.S. FATCA Information Exchange Goes into Effect in Israel at the End of September

By Barbara T. Kaplan & Pallav Raghuvanshi on September 26, 2016

Posted in Israel, Tax

Come the end of September 2016, the Israeli Tax Authority will start forwarding data collected on U.S. citizens and green card holders with financial accounts in Israel to the U.S. Internal Revenue Service (IRS).

This transferring of information is part of FATCA (the U.S. Foreign Account Tax Compliance Act of 2010), based on an agreement…