New Horizon of Tax Compliance in Light of FATCA, OECD and BEPS - What Does it Mean for Israelis?

Stuart Schabes presented at an event sponsored by the Institute of Certified Public Accountants in Israel on November 26th, 2015 in Tel Aviv, Israel.

His presentation covered:

  • Impact on Israel Banks, Dual Citizens and Green Card Holders
    • Impact on Multi-jurisdictional transactions
  • Update on IRS OVDP and Foreign Streamline Program – Successful Non-Willful Statements
  • Impact of New Israel Tax on Trusts

Israel, U.S. Dual Citizens Urged to Comply With Dual Reporting Requirements

Ober|Kaler Tax attorney Stuart Schabes speaks with Jenny David, of International Tax Monitor Bulletin about the offshore voluntary disclosure program.

Read the full article [PDF]


4th Annual Tax Seminar

Comprehensive and In Depth Presentation on Important and Timely IRS and International Tax Issues Faced by US citizens, Green Card holders, Business Owners and Entrepreneurs Living Abroad and/or Doing Business in the US

Once again, we are pleased to host a half-day seminar on extremely timely IRS and International tax issues impacting an array of individuals, business owners and entrepreneurs located in Israel and abroad. The Presentation will include FATCA, OVDP and PFIC related matters as well as several other IRS Tax compliance and planning related issues. The seminar will be held on Tuesday, May 20, 2014 at the Ramada Jerusalem on Herzl Blvd. Registration will begin at 9:00 am with the presentation starting promptly at 9:30 am and continuing until 12:30 p.m.

This will be an in-depth and comprehensive presentation. A light breakfast and refreshments will be provided throughout the morning. There also will be a question/answer period. Please make your reservation by responding below. There will be a PowerPoint presentation and copies of the slides will be available at the seminar. You will receive more information in the next week.

This seminar qualifies for 3.0 hours of CPE credit in “Business Law.”

The THREE HOUR program will include:

  • IMPACT OF NEW FATCA AGREEMENT/IGA Model #1 Between US and Israel and IRS Notice 2014-33- and why should we care about it? Will this lead to disclosure of the names of Americans ( living in Israel and abroad who have (or had) accounts in Israeli banks?
  • NEW IRS INTERNATIONAL TAX Compliance initiatives including expanding IRS International Division, sub-area specialties and personnel
  • PFIC’s- How to Respond to the dramatic increase in IRS Focus of PFIC’s
  • Latest on Current Voluntary Disclosure/FBAR program – Is it working? What are advantages and possible pitfalls? What are the alternatives—“noisy vs silent” disclosure, use of Streamline or other possibilities?
  • Updates on pre- OVDI 2012 tax cases that are still pending
  • Opt Out- what does it mean? Is it worth the risk – how to try and establish taxpayer ‘reasonable basis’ or acting in a non-willful manner.
  • Expatriation and How to address Form 8854 related issues
  • General FBAR compliance and related matters
  • Possible Ways to Address IRS imposed Penalties and possible abatement strategies
  • The IRS Streamlined Filing Compliance Procedures for non-resident/non-filer US taxpayers- is this a viable alternative?
  • NEW ISRAELI Trust tax laws- is there hope for US ( or other taxable entities) under new rules

The program will be comprehensive and focus on several very timely outlined above as well as continued scrutinization of Israeli based tax returns by the IRS. There also will be a discussion on how to better protect the client's rights in long distance audits as well as handling an array of IRS procedural matters.

The seminar is suitable for accountants and will eb focused on more advanced and in depth discussions. Helpful for accountants to have background in US tax return, compliance and planning related matters.

RSVP for this event