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Yosefa R. Huber, CPA is a division of KYC Israel Research Services, Ltd

©2019 by Yosefa Huber

January 20, 2020

Free gift:

Yosefa's handy-dandy do-it-yourself FBAR Table. 

This post has been updated and republished from 2017.

A video with example is available on my Facebook page.

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 wi...

January 14, 2020

This post was origininally published on March 2, 2017 and has been updated to reflect current filing thresholds.

Whether you owe taxes, or need to file a tax return at all, will depend on both your income and “filing status”. I’d like to present a brief overview of income and filing status, and how to figure out if you meet the filing threshold for a given year.

Not sure if you need to file a tax return? First, determine your "Gross Income" – add...

August 9, 2019

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...

July 16, 2019

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...

June 4, 2018

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...

April 30, 2018

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.

January 31, 2018

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.

May 18, 2017

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...

April 2, 2017

There may be a new administration in Washington, D.C., but the "Obamacare Tax" is still weighing on high-earning Americans world-wide. The Net Investment Income Tax (NIIT), also referred to as the “Unearned Income Medicare Contribution surtax”, was initiated in 2013 to fund the Affordable Care Act (aka “Obamacare”) by taxing the highest earning Americans an additional 3.8% on “unearned” or “passive” income.

Who pays?

If you are filing a form 1040 t...

February 21, 2017

The U.S. requires that you file a Report of Foreign Bank and Financial Accounts (FBAR) if you meet a threshold of $10,000 at any time during the calendar year. How do you figure out if you meet this threshold? Look at all your accounts: bank accounts, deposits, investments, pensions, savings funds, joint accounts, accounts where you have any sort of signature authority, power of attorney, or custodianship. Basically, anything where you could acc...

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