web analytics
October 1, 2014 / 7 Tishri, 5775
At a Glance
News & Views
Sponsored Post
Meir Panim with Soldiers 5774 Roundup: Year of Relief and Service for Israel’s Needy

Meir Panim implements programs that serve Israel’s neediest populations with respect and dignity. Meir Panim also coordinated care packages for families in the South during the Gaza War.



Israel, U.S. Reach Agreement on IRS Regs for Dual Citizens

If you have not reported Israeli income to the IRS, best to do so before your bank gets there first.
Pointing the way to Israel's Tax Authority in Jerusalem.

Pointing the way to Israel's Tax Authority in Jerusalem.
Photo Credit: Flash 90

Americans living in Israel, watch out for this year’s June 30 tax deadline.

The Israel Tax Authority has formally reached an agreement with the U.S. regarding the Model 1 FATCA agreement with the IRS, according to attorney Dave Wolf, of the firm Hacohen and Wolf.

The full details of the FATCA Agreement are yet to be published upon the signing of the FATCA Agreement, but according to the Israel Tax Authority’s spokesman, the agreement contains certain restrictions on the use of information passed to the IRS and relief of reporting for certain institutions.

According to U.S. law, all U.S. citizens — regardless where they live — have an obligation to pay taxes on their worldwide income. In addition, in cases where the aggregate value of all foreign accounts exceeds $10,000 at any time during the calendar year, they also have to report this information on a special form commonly known as the FBAR.

Since July 1, 2013, the FBAR needs to be e-filed before June 30 of the following tax year.

Under FATCA, foreign financial institutions (banks, hedge funds, pension funds, insurance companies etc.) are required to report information to the U.S. tax authorities (the IRS) information about foreign accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

This means the Israeli financial institutions will have to report to the U.S. government all their clients who are U.S. citizens and/or green card holders, disclosing all these accounts.

This has huge implications for any American living in Israel or abroad who has never reported his foreign accounts or paid taxes on its income to the IRS, and also to some states if applicable (such as NY and NJ).

Individuals have four options with which to comply, according to Wolf, who can be reached at this link for more information.

About the Author:


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

3 Responses to “Israel, U.S. Reach Agreement on IRS Regs for Dual Citizens”

  1. Gene Strong says:

    Do not trust the IRS
    Do not trust any government agency run by Obama appointees.

  2. Uh huh didn’t they have a whole Seinfeld show dedicated to double dipping? Not spozed to happen my friends except fo tax collection I guess…

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Jews Against Genocide mimicked and blasphemed the ALS Ice Bucket  Challenge with their anti-Israel "Blood Bucket Challenge."
‘Jews Against Genocide’ Take ‘Blood Bucket Challenge’ at Yad Vashem [video]
Latest News Stories
Jews Against Genocide mimicked and blasphemed the ALS Ice Bucket  Challenge with their anti-Israel "Blood Bucket Challenge."

‘Jews Against Genocide’ pervert the Ice Bucket Challenge into a “blood bucket” attack on the IDF.

An Israeli was lightly injured in a Arab drive-by attack near Ofra.

To defeat ISIS and leave Iran as a threshold nuclear power is to win the battle and lose the war.

Convicted murderer of Philadelphia police officer Daniel Faulkner, Mumia Ab-Jamal.

Mumia Abu-Jamal, convicted murderer of a Philly cop, was chosen as college commencement speaker.

Israeli transportation and tourism employees will carry out a work slowdown on Wednesday in solidarity with striking postal workers.

Wartime makes the strangest bedfellows. Iran and the United States are both equipping the Lebanese army to protect the country against ISIS.

Afek Oil and Gas has been blocked from drilling for oil on the Golan Heights, at least for now.

A 30-year-old man is listed in serious condition after setting himself afire at the Savion Junction in central Israel on Tuesday.

A Muslim football player was penalized in Kansas City for offering a quick prayerful gesture of thanks after scoring a touchdown for his team.

The Zim Shanghai moored a short while ago at the Port of Los Angeles.

The blatantly hostile state department press corps belittled and mischaracterized Netanyahu’s UN speech.

Children help clean up Ashkelon in an event organized by the Jewish National Fund, as part of Clean up the World Day, on Sept. 29, 2014.

Jews are becoming as safe in France as they are in Iraq, Yemen and Syria.

Children were rushed to bomb shelters in the Jerusalem neighborhood when Arabs began throwing explosives at the neighborhood and at Jewish toddlers playing near their nursery schools.

Volkswagen tries to cleanse its Nazi-linked past.

More Articles from Jewish Press Staff Reporter
Drone Intercept Along Syrian Border 1

The IDF shot down a Syrian fighter jet that infiltrated Israeli air space, using a Patriot missile.

Temple Mount Contraband

Whether on or off the Temple Mount, the police just seem to love to arrest Rabbi Yehuda Glick.

The Israel Tax Authority has reached agreement with the U.S. to coordinate info between the IRS and Israeli banks.

Avraham Ben-Tzvi believes the Eitam hill, Efrat’s only remaining land reserve, must be developed urgently, or the town will lose it for good.

“They have two choices, to live in dignity or die with honor.”

Late last night The Jewish Press attended a phone briefing with IDF Spokesperson Lt. Col. Avital Leibovich. This is a transcript of the conference, with some of the figures updated.

A clip from NBC showing Olympic gymnast Aly Raisman’s parents’ reaction to her uneven bar routine has garnered close to 100,000 hits on You Tube.

The State Dept. press director Patrick Ventrell said, “We’ve seen the reports … but we do not accept the legitimacy of continued Israeli settlement activity.”

Printed from: http://www.jewishpress.com/news/breaking-news/israel-u-s-reach-agreement-on-irs-regs-for-dual-citizens/2014/05/15/

Scan this QR code to visit this page online: