web analytics
July 25, 2014 / 27 Tammuz, 5774
Israel at War: Operation Protective Edge
 
 
At a Glance
News & Views
Sponsored Post
IDC Advocacy Room IDC Fights War on Another Front

Student Union opens ‘hasbara’ room in effort to fill public diplomacy vacuum.



‘The IRS Wants YOU’ and Israel Is Going to Help Them

A plan to stop tax evasion also threatens to break all limits of confidentiality of Americans in Israel.
Switzerland is no longer a safe place for foreigners to hide their money from the tax man, and so Israel has become a favorite home for money launderers and tax evaders.

Switzerland is no longer a safe place for foreigners to hide their money from the tax man, and so Israel has become a favorite home for money launderers and tax evaders.
Photo Credit: Daily Finance

A mini “economic social” cabinet, headed by Prime Minister Binyamin Netanyahu, soon will approve an agreement to share information on accounts of U.S. citizens with the Internal Revenue Service, sources told the Globes business newspaper.

The newspaper said the proposal will allow the IRS full access on Americans’ accounts in Israeli banks and other financial institutions.

The U.S. government is preparing to sign agreements with other countries as well, but Israel is high on its “hit list,” partly because Swiss banks have accounts in three Israeli banks. Switzerland is no longer a safe place for foreigners to hide their money from the tax man, and so Israel has become a favorite home for money launderers and tax evaders.

The Israel Tax Authority is expecting increased revenues if the measure is approved. “The agreement will include an option under which, subject to certain conditions, information will be sent from the U.S. tax authorities to the Israeli tax authorities about the income of Israeli residents in the U.S.,” the document states.

However, while all information on American accounts in Israel will be sent to the IRS, Israel will receive data only in special cases.

The proposed agreement contained clauses aimed at protecting individuals from the IRS misusing personal information, but it is not clear if the IRS has learned its lessons from recent scandals, such as hunting down those nasty pro-Israel groups, as reported here.

Big Brother in Israel also is waiting on deck.

Attorney Yael Grossman, an expert in money laundering, told Globes, “The decision paves the way for further harm to the separation between the management of money by a bank and disclosure to Income Tax. Although at the moment, the measure helps the banks and saves them the need to work directly with the IRS, but experience shows that it will later expose all of the public’s banking activities to the Israel Tax Authority.

“This will be the final burial of banking confidentiality on one hand and a signal for the strengthening and prosperity of alternative institutions, which will rush to offer alternative instruments to the public.”

Americans living in Israel have an alternative to leaving their tax records and financial activities accessible by your closest friendly IRS clerk. They can simply void their American citizenship, a growing trend that was reported here in December.

Approximately 3,000 did so in 2013, three times the number in 2012. That means the IRS cannot snoop on them, but it also means they lose their right to vote in American elections, assuming it would be worth voting.

About the Author: Tzvi Ben Gedalyahu is a graduate in journalism and economics from The George Washington University. He has worked as a cub reporter in rural Virginia and as senior copy editor for major Canadian metropolitan dailies. Tzvi wrote for Arutz Sheva for several years before joining the Jewish Press.


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.

Please use the Facebook Tab below to leave your comment:

10 Responses to “‘The IRS Wants YOU’ and Israel Is Going to Help Them”

  1. Benjamin Fox says:

    I think we call that BS at it's best.

  2. "assuming it would be worth voting.." Exactly. And it gets less worth voting every election cycle, but as I am an American, I keep trying for the lesser of two evils. Sometimes you win, sometimes you lose, sometimes you get rained out. May the Creator continue to watch over us all as we slog through the muddy fields of life.

  3. The problem with voiding your American citizenship is bigger than the voting issue. First, they charge you $400 or so to do it. Second, they may not allow you back into the States, even on a visa…or so I heard

  4. The problem with voiding your American citizenship is bigger than the voting issue. First, they charge you $400 or so to do it. Second, they may not allow you back into the States, even on a visa…or so I heard

  5. Rachel Furman Stern says:

    This is so wrong on so many levels. It is a clear violation of privacy. And it makes me VERY unhappy.

  6. and don't forget continuing to have to pay US taxes and file for another 10 years…..

  7. Maybe when they see it they will send me a donation.

  8. Atara Nurenberger Beck says:

    I also heard that they might do an audit if you renounce citizenship and that you'd have to pay for it. I'm an accidental American – born in the US, moved to Canada as a baby and suddenly am hit with all this.

  9. David Nachenberg says:

    If you honestly report your income, then there's nothing wrong with it, as there is no double taxation…this is meant for those who under-report their earnings so as to not pay anyplace…

  10. Peter Stein says:

    Peter Stein
    Perhaps if people only paid their taxes and stopped trying to avoid hiding their income, none of this would have happened.

Comments are closed.

SocialTwist Tell-a-Friend

Loading Facebook Comments ...
Loading Disqus Comments ...
Current Top Story
Hamas terrorists often misfire their rockets that explode in Gaza civilians areas.
‘Hamas Fired from UN School Area and Prevented Evacuation’ Says IDF
Latest News Stories
Eastern Jerusalem  Arabs clash with Israeli police.

Friday, the end of Ramadan, will show whether the Palestinian Authority wants to renew the intifada.

IDC APC covered with letters of support from children of Israel.

If you get the pun, let me know.

Hamas terrorists often misfire their rockets that explode in Gaza civilians areas.

Hamas committed two war crimes at once – firing from the area of the school and preventing civilians to evacuate.

Egyptian soldiers shot and killed a suicide bomber and blew up a vehicle loaded with Grad missiles, its military reported Wednesday. The suicide bomber was wearing a vest loaded with explosives while approaching the Kerem Shalom crossing. The truck with missiles and launchers was on the Egyptian side of border near Gaza. Since the fall […]

The number of rockets and missiles fired on Israel is decreasing, but the war is far from over.

Israel threatened to go disproportional on Gaza, if the FAA ban on US flights to Israel wasn’t rescinded.

Two people were injured in a mortar strike in the Eshkol region. One was hurt seriously, and the other was lightly injured. They were taken to Soroka hospital for treatment.

Hamas rockets exploded in the area, and there was heavy combat going on. UNRWA admits rockets hidden in their other schools have “gone missing.”

Chairman Avner Shalev: Countries must combat “expressions of anti-Semitism”

Israeli leaders say London has special responsibility to stand by Israel at this hour of need; Hammond: Israel right to defend self.

Finance, Economy ministries team up to support Israeli businesses struggling under weight of non-stop rocket fire.

New president to take office this evening; was elected June 10 following bitter campaign

Mrs. Beck took personal interest and was hands-on, sharing with her children, grandchildren, and others the wonderful values that she stood for.

Overnight clash leads dozens of Islamic heroes to surrender; many brought to Shin Bet for debriefing

Jewish communities from around the world have stepped up to support children from southern Israel who have lived their entire lives under the threat of missile attacks from Hamas freedom fighters in Gaza. (To quote the late comedian George Carlin: If firefighters fight fire, and crime fighters fight crime… what do freedom fighters fight? But […]

As Peres retires, Israel fights sour legacy: Insistence on setting policy in line with hopes, rather than with reality.

More Articles from Tzvi Ben-Gedalyahu
Eastern Jerusalem  Arabs clash with Israeli police.

Friday, the end of Ramadan, will show whether the Palestinian Authority wants to renew the intifada.

Hamas terrorists often misfire their rockets that explode in Gaza civilians areas.

Hamas committed two war crimes at once – firing from the area of the school and preventing civilians to evacuate.

Egyptian soldiers shot and killed a suicide bomber and blew up a vehicle loaded with Grad missiles, its military reported Wednesday. The suicide bomber was wearing a vest loaded with explosives while approaching the Kerem Shalom crossing. The truck with missiles and launchers was on the Egyptian side of border near Gaza. Since the fall […]

The number of rockets and missiles fired on Israel is decreasing, but the war is far from over.

Hamas rockets exploded in the area, and there was heavy combat going on. UNRWA admits rockets hidden in their other schools have “gone missing.”

Abbas adopts Hamas as peace partner, big brave Kerry scurries out of Israel despite FAA ban and Mashaal goes off his rocker.

There is much I can write you about what is going here, but I am wondering what I should not write. I will start by imagining that I am you, sitting at home in the Los Angeles area and flipping back and forth between the weather, traffic reports, the Ukraine, Mexican illegals and Gaza. No […]

The Al-Wafa hospital located near Shajuayia in Gaza City was a Hamas military compound.

    Latest Poll

    Do you think the FAA ban on US flights to Israel is political?






    View Results

    Loading ... Loading ...

Printed from: http://www.jewishpress.com/news/the-irs-wants-you-and-israel-is-going-to-help-them/2014/03/10/

Scan this QR code to visit this page online: