We find that the start of the new school year is popular timing for having employees with families relocate to the U.S. Any Israeli corporation considering relocating an employee should be aware that there are certain consequences, tax and otherwise, to the employee, the U.S. corporation that will be the employer, and the Israeli corporation itself, if it chooses instead to continue employing the employee directly.
Last night, my Client received a call last night from a (614) 956-4745 (Columbus, OH area code) claiming to be the IRS. The call was to his US "Magic Jack" phone number. A prerecorded message mentioned a case number and gave him a number to call back. The emphasis was on the 614 number to call back. Most likely, had he called back he would reach a call center in India full of scammers trained in the art of deception. They may have tried...
Where do you start?
Every week I speak to US citizens living abroad who didn’t realize they were supposed to be filing US income tax returns every year. Many call me because they heard they could get $1,000 from the US government for each child.
Here’s what you should know.
If you have children with social security numbers, you CAN get up to $1,000 per child. (More on refundable credits in a future post.)
What many people don’t realize is th...
IMPORTANT UPDATE: Any FBAR form downloaded prior to December 8, 2017 will no longer be accepted for submission. DO NOT Cut and Paste your account information from the old form, this will corrupt the file. If you download the new form and paste information from the old for, you will initially be able to submit the form, then it will be rejected within a few days.
The following information is critical for Americans who move to Israel and have individual retirement accounts (IRAs) or 401(k) plans. Anyone who inherits such an account should also read this article. While I am not a tax advisor, as an investment advisor, I often work with tax planners to help people choose investments which can minimize taxes and maximize growth.
This post is not meant to be a comprehensive explanation of requesting extensions to file a tax return, and is definitely not legal advice. In the interest of time, I am posting this without my usually editing process, because you need this info NOW. Please message me with questions or edits.
If you don't have time to file your tax return by the deadline, (April 15 or June 15 for individuals outside the US in April) you can file IRS Form 4868...
I'm in Tel Aviv this week at a continuing education tax seminar from Werner-Rocca Seminars, Ltd. This afternoon I spoke to U.S.-based CPA's about some of the more unique aspects of preparing U.S. tax returns for Americans worldwide. The visual materials from my presentation are available via DOWNLOADABLE PDF HERE for a limited time.
After reading the book cover-to-cover, I finally understand types of overdraft, lines of credit, savings accounts, and why my clients using one bank are charged three to four times more for the same document than clients using a different bank.
In 2017 the Israel National Insurance Institute ("Bituach Leumi") will be opening long-term savings plans for every Israeli child who was under the age of 18 on December 31, 2016. Bituach Leumi will deposit ₪50 each month, plus ₪500 when the child turns 18. Young Israelis who don't touch the savings until they turn 21 receive an additional ₪500. Parents may choose to make a matching contribution of ₪50 per month, deducted from their child allowan...