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August 29, 2016 / 25 Av, 5776

Posts Tagged ‘Finances’

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

Thursday, May 15th, 2014

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.

Jewish Press Staff Reporter

Why the Ancient Art of War and Other Strategies Matter

Wednesday, May 29th, 2013

Why is it important to study the strategies of history and the ancient art of war today? Has military strategy essentially changed over the years? In part two of this week’s podcast, Andrew R. Wilson, Professor of Strategy and Policy at the United States Naval War College, and prolific author on the subject of Chinese military history, explains why the lessons of history are so important today.

Doug Goldstein, CFP®

Here’s the Deal: Solving the U.S. Deficit

Monday, May 27th, 2013

Can America’s economic problems be solved? Is there an end to the deficit, and is the U.S. economy really that bad? In the first part of this week’s Goldstein on Gelt podcast, Doug meets David Leonhardt, Washington bureau chief of The New York Times and author of Here’s the Deal: How Washington Can Solve the Deficit and Spur Growth. Find out about Washington’s deficit problem and some possible solutions to America’s economic difficulties by listening to the part of this week’s podcast.

Doug Goldstein, CFP®

Three Reasons to Use a Money Manager

Thursday, May 23rd, 2013

Are you looking for a diversified portfolio and to have the final say on your investments, but you don’t have time to research the many stocks, bonds, and funds that are out there? If so, it might be time to call your financial advisor and ask him to find you a money manager.

If you already have a financial advisor, why do you need a money manager?

Whereas a financial advisor helps you plan your retirement, a money manager, which is often a professional investment firm, handles the day-to-day transactions in your portfolio. The focus is somewhat different and more specific, and very often both professionals work together.

Here are three reasons why a money manager is useful:

1. Take the headache out of investing

While you may be happy to have more of a say in your investments, you don’t necessarily want the headache that goes along with managing them on a day-to-day basis. In your everyday life, you don’t have the time to sit down and pore over market reports, charts, and other relevant information. And even if you did, unless you are a part of the financial world yourself, you would probably find it hard to interpret them correctly enough to benefit your situation. For this reason, it’s worthwhile to use a money manager, whose extensive knowledge and resources are now at your disposal.

2. A money manager can give you more of a say

A money manager can put your money into an SMA, or separately managed account. Once upon a time SMAs were strictly for the very rich, but they can now be opened with a starting sum beginning at $50,000.

Unlike a mutual fund, where you own a part of the fund controlling your investments, an SMA gives you the opportunity to become an actual owner of the stocks that are in your portfolio. This is more direct, and it gives you more of a say. Directly owning the individual shares (as opposed to owning shares in a mutual fund) can be beneficial when selling for tax purposes.

Learn more about SMAs and if they might be appropriate for you, by watching a short movie.

3. Widen your horizons

The great thing about using money managers is they provide you with greater financial resources than if you were on your own. Many money managers follow a policy of “open architecture,” which means that there can be a wider variety of investment accounts than in the average mutual fund. And with all of the information and expertise at their fingertips, a money manager can help you to build a portfolio that is more tailored to your specific needs, with the right balance for you of large cap or small cap stocks, bonds, or foreign stocks, and more.

To find out whether you need a money manager or an SMA, call your financial advisor today.

Doug Goldstein, CFP®

Are Commodities Really Hot Stuff?

Monday, May 13th, 2013

In the first half of this week’s podcast, Doug meets Jim Rogers, the author of Street Smarts – Adventures on the Road and in the Markets. Jim is also an author, investment expert, and financial commentator who has appeared in various publications, including Time, The Washington Post, The New York Times, Forbes, Fortune, and more. Jim tells Doug about investing in commodities and why it is advantageous to invest in what you know. Find out more by listening to this interesting podcast.

Doug Goldstein, CFP®

Aliyah and Money: Don’t Go it Alone

Thursday, May 9th, 2013

Are you, or someone close to you, thinking of making aliyah? If so, you’ll probably use the services of Nefesh B’Nefesh, because it’s much easier to settle in a new country with their help. The same principle applies to your finances. It’s much easier to manage your money with the help of a financial advisor.

Here’s why

As most olim will tell you, there’s a lot to do when first settling in. You need to get used to a new language and climate and at the same time, you must find work and a home. The various aliyah organizations, from Nefesh b’Nefesh to the AACI, ESRA, and many more, are all on hand to provide advice, information, and moral support, making your transition into Israeli society much smoother. Through them, you will find out the best job opportunities – or how to retrain in your profession if that’s what is necessary. You will also get a clearer picture of your rights and what kinds of assistance exist for new immigrants. And some of these organizations also provide cultural and social activities, helping you to build up new friendships in your new country.

In the same way, when you want to begin investing, going it alone is not such a good idea. Do you have the time to do all of the necessary research into investments and markets? Are you familiar with the investment and tax problems that U.S. expatriates have? And do you have the financial background to understand the all the available information? Remember that time is also money, and you can lose a lot of money through inefficient investing.

So if you want to manage your finances more effectively, don’t go it alone. Get some help and make a plan. Call your financial planner today.

Doug Goldstein, CFP®

What Everyone Should Know About Banking and Finance

Monday, May 6th, 2013

This week, meet Michael K. Salemi, professor emeritus at the University of North Carolina-Chapel Hill. His many writings include Money, Banking, and Financial Markets: What Everyone Should Know.” What do you need to know about your finances and the world of banking? Find out by listening to this week’s show.

Doug Goldstein, CFP®

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/what-everyone-should-know-about-banking-and-finance/2013/05/06/

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