The US and Israel do not have a treaty for self-employment income. That means that your net self-employment income is subject to 15% self-employment tax. This payment is transferred to the Social Security Administration for [...]
It is important for you to discuss this issue with your Israel accountant. Their determination on how your U.S. income is taxed in Israel will determine how your U.S. tax return is prepared. Based [...]
PFICS - Israeli Mutual Funds & Teudot Sal It is not always clear what qualifies as a PFIC which may result in income from PFICs being declared incorrectly. Israeli Mutual Funds, Teudot Sal, [...]
In order to report a child on a US tax return, the child must have US citizenship in the year of reporting and a Social security card by the due date of the tax return [...]
FBAR Reporting Requirements The IRS selects returns at random for ID verification. This does not indicate that your filed tax return is incorrect. The verification can still be done even if 45 days or more [...]
FBAR Reporting Requirements StatusAmountReportingUS citizen gives a gift Up to $16,000Above $16,000No reporting requirementThe giver must reportUS citizen receives a gift from a NON-US citizenUp to $100,000Above $100,000No reporting requirementThe receiver must reportUS citizen gives [...]
Options Generally, there are 2 types of options: Incentive Stock Options (ISO) - granted only to employeesDate of Grant – no tax to the option holder.Date of Exercise – no ordinary tax, however, the option [...]
RSU's A restricted stock unit (RSU) is a form of compensation issued by an employer to an employee in the form of company shares. RSU’s are issued to an employee through a vesting plan and [...]
ITIN Renewal Before renewing your ITIN please check with our office to confirm if it is still necessary to report your ITIN. Please click on the following link to find a Certified Acceptance Agent in [...]
ITIN Validity An ITIN is valid for a period of 5 years. The ITIN holder will usually receive a letter of notification from the IRS of the impending expiration. However, there are cases where a [...]