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Hacohen Wolf Law ofices announces the appointment of its partner Dave Wolf as of-counsel to Anderson & Anderson LLP in Greater China.
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Effective for 2011 tax returns, a U.S. taxpayer who during a taxable year, holds any interest in a specified foreign financial asset (SFFA) must attach the new Form 8938 to his or hers income tax return if the aggregate value of all such assets exceeds $ 50,000.
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Effective for 2011 tax returns, a U.S. taxpayer who during a taxable year, holds any interest in a specified foreign financial asset (SFFA) must attach the new Form 8938 to his or hers income tax return if the aggregate value of all such assets exceeds $ 50,000. This new reporting requirement was added as part of the Foreign Account Tax Compliance Act (FATCA)...
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(Mirit Reif, Adv. & Yoni Van-Leeuwen, Adv) - Starting November 15, 2011, the Israeli Tax Authority (ITA) has initiated a Voluntary Disclosure Procedure for Israeli residents that have income from assets, accounts and entities outside of Israel, to now come forward and voluntarily disclose them. This procedure will only be available until June 30, 2012.
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(Reuters) - The U.S. pursuit of offshore tax evaders is widening to include Israel, where U.S. authorities are scrutinizing three of Israel's largest banks over suspicions their Swiss outposts helped American clients evade taxes, people briefed on the matter said.
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Jerusalem Post ran an article about the new IRS Offshore Voluntary Disclosure Program extension and Hacohen Wolf was interviewed for the article.
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Due to the potential impact of Hurricane Irene, the IRS has extended the due date for offshore voluntary disclosure initiative requests until September 9, 2011. For those taxpayers who have not yet submitted their request and any documents, the following actions are necessary by September 9, 2011:
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IRS Extends Deadlines for FATCA Compliance for Foreign Financial and Non-Financial Institutions. August 8th, 2011, the Internal Revenue Service issued Revised Notice 2011-53 (the "Notice"), which sets forth a timeline for the implementation of certain provisions of the Foreign Account Tax Compliance Act ("FATCA"). While FATCA technically is effective from January 1, 2013, the Notice extends various deadlines for withholding, reporting and other obligations under FATCA as described below.
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The Foreign Account Tax Compliance Act ("FATCA") requires any U.S. person holding foreign financial assets with an aggregate value exceeding $50,000 (determined by combining the fair market value of each asset) to report certain information about those assets on a new form that is currently being developed by the IRS (Form 8938).
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After seeing what seems like an endless amount of houses, you finally find the house of your dreams. From the face of it, you know you want it and you are seriously thinking of purchasing it. But for a number of reasons the formality of signing an actual contract needs to be delayed for a few days. The seller is pressuring you into making some sort of commitment and the real estate agent tells you that there are at least two more couples that are interested in the same house. You are being pressed into a corner between a rock and a hard place and you are worried that the seller will sell "your" house to someone else.
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U.S. citizens are required to file a Report of Foreign Bank and Financial Accounts (FBAR), Treasury Department Form TD F 90-22.1, each year if they have a financial interest in or signature authority over financial accounts, including bank, securities or other types of financial accounts, in a foreign country, if the aggregate value of these financial accounts exceeds $10,000 at any time during the calendar year.
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During the past few months home owners of houses at the Nofei Aviv project have received letters from the developing company, Aviv, notifying them that the procedure of registering their houses in the Israel Land Registry ("TABU") is about to commence. The letter specifies and explains the course of action that one must take. This led to a lot of confusion among the home owners who were uncertain as to what that procedure meant.
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Most of us are educated to believe that we can have it all if we only apply ourselves. We can have the perfect home, the relaxed well behaved kids and the perfect satisfying job. In pursuit of this challenging goal, we find ourselves being plunged into the complex world of "Working Mothers". The goal of this short article is to give you, the working woman, a basic summary of some of the rights Israeli women have at work.
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The newsletter focuses on recent changes regarding real estate taxation in Israel and the new Voluntary Disclosure Program in the United States.
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The 2011 tax filing season is in full swing and this is a good time to recall all of the international information returns that you may have to file or collect:
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On February 8, 2011, the U.S. Tax Authorities (the IRS) announced a second Offshore Voluntary Disclosure Initiative (the "2011 OVDI") intended to bring more taxpayers into compliance with the tax rules and bring offshore money back into the U.S. tax system.
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The Government recently approved several changes to the existing tax regulations as part of a new plan to change Israel property tax rates for the next two years. These changes are part of a government effort to increase supply for residential apartments and toenable affordable apartments for those who wanted to buy but could not afford to.
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The Internal Revenue Service announced today (2/8/11) a special voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. The new voluntary disclosure initiative will be available through Aug. 31, 2011.
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AACI ran an article about the new IRS tax amnesty and Hacohen Wolf was interviewed for the article.
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Haaretz ran an article about the new IRS tax amnesty and Hacohen Wolf was interviewed for the article.
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A user on a popular Israeli online forum recently posted a tax compliance issue that their Israeli bank notified them about. This type of question has become more common since the new changes in US tax and SEC requirements for US citizens living abroad went into effect. Please see the question and Dave Wolf's response below:
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The Jerusalem Post ran an article about the new IRS tax amnesty and Hacohen Wolf was interviewed for the article.
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On December 21st, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "Act") into law.
As anticipated in our last Tax Alert from December 7th, 2010, the Act extends the Bush era tax rates for individuals for the years 2011 and 2012 and contains important business incentives and temporary modifications to the estate, gift and generation-skipping transfer tax rules.
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In his speech for the 23RD Annual Institute on Current Issues in International Taxation in Washington, DC on December 9, 2010, IRS Commissioner Douglas Shulman said that the IRS is “seriously considering” a new partial IRS Amnesty Program for taxpayers who report secret offshore bank accounts.
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During the last week of November Dave Wolf, partner at Hacohen Wolf Law offices, had the honor of guest speaking at the Cleveringa Lecture in Jerusalem.
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President Obama announced last night, December 6, 2010 a tentative agreement with Congressional Republicans for a temporary extension of the 2001 and 2003 Bush-era tax cuts.
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Follow the link for an overview of the Israeli Corporate, Dividend and Individual Tax rates for the years 2010 through 2016.
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Hacohen Wolf gives advice in an article in Globes Magazine to young potential buyers in today's rising real estate market.
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בתקופה האחרונה אנו עדים לעליות מחירים חדות בשוק הדיור, עליות ניתן למצוא בכל אזורי הארץ ללא יוצא מן הכלל. אומדנים של הלשכה לסטטיסטיקה ודו"חות בנק ישראל מדברים על עליות של כ- 20% לשנה באזורים מסוימים ואף יותר מכך!
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Hacohen Wolf was recently highlighted in an article from the Dutch language magazine "Leidraad".
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Hacohen Wolf recently expanded it's offices, with the opening of a second location in Beit Shemesh, Israel. A local newspaper covered the office opening.
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What's the difference between buying an apartment from a building company as opposed to buying it through an Acquisition Group?
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The estate tax and the step-up basis regime for inherited assets were repealed for 2010. Unless Congress takes action before December 31, 2010, both will be reinstated in 2011 and create a similar structure as before the enactment of the 2001 tax cuts.
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Under a new section, 6038D of the Internal Revenue Code, an individual holding an interest in a foreign financial asset in any taxable year is required to attach a disclosure statement...
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Between 2001 and 2003, Congress enacted several tax cuts and unless Congress takes action in the coming two and a half months, these cuts will expire on January 1, 2011. This will have severe tax consequences...
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There are two main tax issues that may occur in a case of a property transaction in Israel. The first is Purchase tax, which may apply on the purchaser. The second tax is known as Capital gains tax, which is imposed on a seller in case of profit gained as a result of the sale.
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Under new IRS Regulations, the rules for oil and gas companies to pay taxes on overseas income were tightened as of 2009.
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The Israeli government has proposed a generous set of new tax incentives designed to tempt new immigrants, and encourage former Israeli residents to return home.
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Senate leaders unveiled $10.8 billion in tax incentives April 2 as part of a broader compromise bill (H.R. 3221) intended to help stabilize the housing sector and minimize further foreclosures.
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National Taxpayer Advocate Nina E. Olson's annual report to Congress identified the consequences of changes to the tax code enacted late in the year as the most serious problem facing taxpayers.
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The Jerusalem Post ran an article about the IRS tax amnesty and Hacohen Wolf was interviewed for the article.
