Increased IRS Tax Compliance Involving U.S. Citizens/Green Card Holders in Israel


Tax lawyer Stuart Schabes joined Philip L. Stein and Associates to speak before the Israeli CPA Association on tax issues affecting U.S. citizens and green card holders in Israel. Stuart discussed the impact of FATCA; increased focus on Israeli based taxpayers and preparers; the significant increase in IRS audits, tax liens and related procedural issues; and the 2012 voluntary disclosure initiative, amended most recently on June 26, 2012.

In This Presentation:

- FATCA – How does it impact U.S. citizens and Green Card holders residing in Israel?

- Increased focus on Israeli based taxpayers and preparers

- Significant increase in IRS audits, tax liens and related procedural issues

- Voluntary Disclosure – 2012 Initiative (Round 3) – Amended January 2012, and most recently on June 26, 2012

- Follow-up on pending 2011 OVDI Program

- Reduced 5% Penalty for Foreign Residents - file eight (8) years tax returns and FBAR’s

- Low Risk Tax Compliance Program – no penalty and file three (3) years tax returns and six (6) years FBAR’s

- Tax planning opportunities in 2012

- Expatriation

- Question and Answers

Please see full presentation below for more information. Presentation also available in MP-4: (

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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