Blog Posts

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The Top U.S. Tax Mistakes to Avoid For Dual Citizens in Israel

The most common issues that make dual-status citizens living in Israel owe U.S. tax   Our clients are always in a rush to file their U.S. taxes and get a…

Out With The Old, In With The New

As we approach the close of 2019, I am reminded of the classic scene of a very old man that represents the current year being followed by a baby that…

The New U.S. Government Spending Bill: 10 Tax Changes for 2020

On December 20, 2019, President Trump signed the Consolidated Appropriations Act, 2020 into law. While this is essentially a government-spending bill for the year 2020, among the 700+ pages of…

Tax Harvesting Tips

Philip’s Tax Harvesting Tips

It’s hard to believe that 2020 is right around the corner. Watch the video below to learn about Philip’s important end-of-year tax tips.

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The Trump Tax Reform–A Year In Review

It’s been less than 2 years since the Trump Tax Reform was approved by Congress and overhauled the U.S. tax system. As we come to the end of the first…

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The Marwans In My Life

Until recently if someone asked me, “Have you ever known someone named Marwan?” I would have answered in the affirmative. But as of last month, I would have to answer…

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Are You Fasting?

In Judaism, there are several important fast days throughout the year. Normally, a question like the above might come up around Yom Kippur, the holiest day of the year, and…

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Four Hours and Fifty-Seven Minutes

That was the length of the men’s final tennis match at Wimbledon between Roger Federer and Novak Djokovic this year. There are certain sporting events that I look forward to…

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Waiting In Line

The other night I attended a lovely wedding on the beach in Netanya. After the Huppah the guests were led along a candle lit path to a sumptuous buffet and…

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Investing in the U.S.

Many non-U.S. citizens enjoy investing in the U.S capital and real estate markets. They see the U.S. economy as a target for opportunity and significant gain. However, careful planning is…

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Keeping your finger on the GILTI Pulse

Updates from the new final and proposed regulations and what they mean for individual taxpayers: On June 14th the IRS released much anticipated final regulations on the general rules of…

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3 Times GILTI May Still Apply To You

The danger of the new Global Intangible Low Taxed Income (GILTI) rules has been greatly reduced with the new proposed regulations recently released. These regulations allow individuals filing under Sec….

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The Circle of Life (In Reverse)

In the famous Disney classic, The Lion King, a powerful message is delivered about tradition being passed from generation to generation. The father, Mufasa, transmits to his son Simba, the…

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Will The IRS Take A Bite Of The New Apple Card?

Following Apple’s recent March announcements conference, the biggest buzz was about their Apple Card.  You will have to decide independently if you want to give Apple even more power over…

Times Square, The Avalon Theater and Patagonia

THE NEW YORK TIMES:   It was reported recently that George Mendonsa, the sailor who was in the iconic photo kissing a nurse, Greta Zimmer Friedman, in Times Square on…

Exciting Update Regarding GILTI Tax

The IRS has just published proposed regulations on internal revenue code Sec. 250 and how it relates to Global Intangible Low Taxed Income (GILTI).  For those unaware, the new GILTI…

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Where have you gone, Joe DiMaggio…?

…. Jolting Joe has left and gone away. The words above come from one of the most well-known songs of modern times.  These lyrics came to mind during a 2…

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Advantages of the U.S. Life Insurance Market for International Clients

 Contributed by our trusted colleagues at: Introduction Affluent individuals with citizenship and assets in multiple countries often have complex planning needs and must frequently consider the jurisdiction where their assets…

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Israeli Law Restricting Cash Use Goes Into Effect

Israeli law limiting cash use for purchases or payment of wages has gone into effect in January 2019 and violators could face up to 3 years in jail. Under the…

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Key Issues For Relocation-Part 3

  In my previous blog I discussed potential income tax issues such as Federal tax, state tax and PFIC tax that arise upon becoming a U.S. resident. In this blog I…

Out With The Old…

As we approach the end of 2018, I am reminded of the often quoted phrase “Out with the old and in with the new”. This seems to suggest that whatever…

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Key Issues For Relocation-Part 2

In my previous blog post I discussed the issue of residency that must be addressed upon relocation from Israel to the U.S. Depending on the number of days someone spends…

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Important Year-End Reminders

As the year-end approaches, we’d like to take this opportunity to remind you about a number of important tax issues that may be relevant to you: PFIC alert– Please carefully…

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Key Issues For Relocation-Part 1

As Israel continues to grow as a country, its knowledge in both the Hi-Tech and Medical fields have made its workers some of the most sought after in the world….

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Sales Tax May Be The Biggest Tax Issue You’ll Face In 2019

Earlier this year the U.S. Supreme Court handed down its anticipated decision in South Dakota v. Wayfair. The case challenged South Dakota’s application of its sales tax to internet retailers who…

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Proposed Regulations On GILTI Are Released

As the new GILTI laws become part of our business lives, the IRS issued some guidance in September. In light of this new guidance and with the end of the…

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Once a Resident, Always a Resident…

Determining one’s tax residency is probably the most important issue for people moving to and from Israel. This recent Israeli Supreme Court case, as interpreted below by our colleague attorney…

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Channeling

Up until recently when I heard the term “channeling” I was most certain that the term referred to building the Suez or Panama Canal or tunneling out of a prisoner…

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New Opportunities for Investment Structures in US Real Estate (Part 2)

In my previous blog post, I explored the three classic ways for non-US taxpayers to structure their investments in U.S. real estate, and the main advantages and disadvantages of each….

Prices of real estate in the city

New Opportunities for Investment Structures in US Real Estate (Part 1)

Investing in U.S. real estate has become a very attractive investment alternative for Israelis seeking higher returns than those obtained by traditional bank deposits. There are no exact figures on…

U.S. Passport

Your U.S. Passport Might Be In Danger If You Fail To Settle Your Tax Debts

American citizens might be denied new passports if they fail to settle their debts to the U.S. Internal Revenue Service (IRS). An IRS official has told the Wall Street Journal…

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South Dakota vs. Wayfair: Supreme Court Overrules Quill

The U.S. Supreme Court has issued the long-awaited ruling in South Dakota vs. Wayfair , which eliminates the physical presence requirement for sales tax. Up until now, based on the Supreme…

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The Day the Music Died

Last month, famed American musician Don McLean performed in Israel. While I didn’t attend his concert, I read that he concluded his show with one of the most famous songs…

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GILTI Until Proven Innocent

‘By failing to prepare, you are preparing to fail.’ ― Benjamin Franklin The Trump Reform (Tax Cuts & Jobs Act) made a number of changes for U.S. citizens living overseas and how…

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Reflections

When I was young my friends and I used to watch a television program called The Time Tunnel. Recently my wife has become a fan of a new show called…

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How to Reduce Taxes on Bitcoin and Other Cryptocurrencies

Great interest in cryptocurrencies has alerted the US Internal Revenue Service (IRS) which has decided to crack down on Bitcoin and other virtual currencies. Bitcoin broker Coinbase has already started…

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The State and Local Tax Deduction, Explained

The newly approved US tax reform includes many changes that impact each American taxpayer regardless of where he or she lives. One such change is that those who itemize deductions…

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Teudot Sal – The End of an Era is Delayed

Since 1986, U.S. citizens living in Israel have been penalized in the form of higher U.S. taxes if they choose to invest some of their savings in Israeli or non-U.S….

Directions

The Repatriation Tax, Some Guidance at Last…..

The IRS recently published a news release in Q&A format on the Section 965 Repatriation Tax which was introduced as part of the new federal tax reform. In short, this…

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The Offshore Voluntary Disclosure Program: March 2009 – September 2018-RIP

On March 13th the IRS announced the end of the Offshore Voluntary Disclosure Program (OVDP), which enabled U.S. residents living abroad to avoid criminal penalties and securely fixed terms when…

10 Plagues

Surviving the 10 Plagues of the Trump Tax Reform

I have been thinking a lot about survival lately, ever since I attended the conclusion of my youngest daughter’s “Survival Week” in the Ramon Crater as part of her pre-army…

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Paying Tax On Bitcoin and Other Cryptocurrencies In The US and Israel

Bitcoin and other cryptocurrencies have been talked about over the past couple of years, however, with a recent explosion in value, people are becoming more curious. We have some clients…

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How Will The New Repatriation Tax Affect You?

One of the changes included in the Trump tax reform, that will affect many U.S. taxpayers living abroad, including in Israel, is the amendment of Section 965, otherwise known as…

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Disregarded No Longer – The Resurgence Of The LLC

Whether you are an entrepreneur looking to open an American company, investor in US real estate, or the owner of a virtual store on Amazon, forming a Limited Liability Company…

Online payment and shopping

What has changed in sales tax collection

At the end of 2017, online retailers accounted for more than nine percent of all retail sales in the US. Black Friday and Cyber Monday alone generated above $12 billion…

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The Medical Device Excise Tax: Suspended Animation

Israel’s medical device scene is flourishing these days. A report published last year by the IATI organization indicates that in 2016 alone, local medical device companies raised a total of…

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The Pros And Cons Of Giving Up Your American citizenship

Over the past three years, the number of US citizens living abroad who have expatriated has increased substantially. Statistics provided by the Treasury Department indicate that in 2016 alone a…

Child Tax Refund

American families stand to benefit from increased child tax refunds in wake of US tax reform

An average family with five kids may be entitled to receive an additional $2,000 a year, or even more. The new US tax-reform legislation includes some changes which promise to…

Your Bank Account Information is Shared by the IRS with Israel’s Income Tax Authority

It has recently been reported that the United States has disclosed to the Israel Income Tax Authority the names of 40,000 Israelis who hold bank accounts in the US. This…

Israeli Start-Ups Are Not Going Anywhere Yet, Despite US Tax Reform

Judging by the headlines of Hebrew newspapers the day following the US Senate’s approval of the Trump administration’s tax reform, one could assume that Israeli entrepreneurs would now leave the…

Tax-Reform

2017 End Of Year Tax Planning

The end of the year is a perfect time to assess our financial activities and start planning our next moves. It is also the right time to examine tax strategies…

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Walking (or Sitting) in the Footsteps of My Forefathers

Very often when I meet tourists or new immigrants to Israel, one of their first comments goes something like this: “Today, I walked in the exact footsteps of Avraham Avinu…

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Quality Over Quantity?

It seems to me that two expressions came into popular western culture during the 80’s, “No pain, No gain” probably thanks to Jane Fonda and her exercise video tapes and…

Financial workshop – The 10 year tax exemption on foreign income

In partnership with Nefesh B’Nefesh, we present the following workshop : As the saying goes, “all good things come to an end”, and so for the first group of people…

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Moving From The Back Seat To The Front Seat

Most of my generation spent our childhoods in the back seat of an automobile, being driven around by parents, grandparents and older siblings. At some point, as you become a preteen, you get the right to sit up front and begin to see up close the mechanics of driving.

Confessions of a White Sox Fan

Despite all the hype this spring, I, a die-hard South Sider and Chicago White Sox fan, had no interest in the Cubs back on opening day. In fact, I could…

BREXIT-Independence Day-And 50 Ways To Leave Your Lover

Whether or not you were aware of Brexit before the UK referendum, it seems to have become one of the most popular topics of conversation these past few days. Today…

Social Media

Michael Jordan and Muhammad Ali

In these days of social media and paparazzi, celebrity sightings are few and far between, even though the public has an insatiable thirst to catch a glimpse of a famous…

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A Bet and a Debt

One thing in common between a bet and a debt is that someone has to pay up and the other side gets paid. Generally, bets are paid after the results…

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It’s All About Service!

Shopping is not my favorite activity, but when I do shop, it is generally during one of my business trips to the U.S. I have established my own spectrum of…

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My Life

One of my favorite Beatles songs is called “ In my Life” https://youtu.be/UKQpRgxyyqo. It speaks of people and places we knew and loved, who are no longer with us or…

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A Jerusalem Cab Ride & Chanukah

I have taken cab rides all over Israel and in as exotic places as Cairo, Egypt, LiJiang​,​ China and Tijuana, Mexico. I had not thought of my Mexican cab ride in…

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The Gift of Quality Time

I just got off the phone with my 89 year old father-in-law as​ he was rushing off to work (yes, he’s still working daily ​as a psychologist)​.​ He​ wanted to let me know about an article…

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What Is The Connection Between Houston and Kathmandu?

What is the connection between Houston and Kathmandu , you may ask ? I spent a few days this week visiting my sister, a long time resident of Houston, and…

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Passover 5775

One year ago today, my late father fell and broke his hip. That fall ultimately led to his demise 3 months later at the age of 90 1/2. My father was…

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Go East Young Man

When I was a young boy growing up in Chicago, going to the East Side meant you ended up in Lake Michigan. In fact, until I was in my teens, I had never…

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The Climb-Rosh Hashana 5775

When I was a kid,​ my late grandmother used to watch a soap opera ​called “The ​Days​ of Our Lives”. The show would open with some dramatic music and a narrator…

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The Fiscal Cliff

Two main events marked the end of December:  1) Congress and The Obama Administration were battling over the future of the “Bush Tax Cuts” and 2) I was following the…

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“Promises, Promises”

Many of you may have missed the passing of Hal David a few weeks ago, at the age of 91. Mr. David wrote some of the most famous songs that…

Celebrating the December 15th deadline and 2015 coming to an end by providing you with our first studio recording podcast episode! We put together a summary of all we learned so far since...

I just got off the phone with my 89 year old father-in-law as​ he was rushing off to work (yes, he’s still working daily ​as a psychologist)​.​ He​ wanted to let me know about an article...

One year ago today, my late father fell and broke his hip. That fall ultimately led to his demise 3 months later at the age of 90 1/2. My father was...

When I was a young boy growing up in Chicago, going to the East Side meant you ended up in Lake Michigan. In fact, until I was in my teens, I had never...

Tune into this weeks podcast interviewing Daniel Fink, senior analyst at Sweetwood Capital. 2015 has started with much volatility, a soaring dollar, weakening euro, oil prices 50% below last summer’s prices...

NowForce offers personal safety apps, cloud-based computer aided dispatch, and mobile response tools for campus security, private security, and public safety organizations, enabling reduced response times. Tune in to this week’s podcast to learn about the SOS...

This week Philip interviews 4 out of the 5 hottest startups in Jerusalem: What their products are about, how they got motivated and why Jerusalem is THE city for Start...

Tune in to this weeks podcast and get to know Bob Rosenschein- one of Israel’s leading entrepreneurs. We enjoyed hearing his positive take on working hard, having fun and what...

Statistics reveal that a quarter of Israelis are living in poverty; among them are 850,000 hungry children. Yet, at the same time, literally hundreds of thousands of tons of perfectly...

What are the questions every investor needs to ask their potential portfolio manager and what went wrong with the pridictions beginning of 2013 regarding the Euro going down the tubes? Get a better understanding of...

We took the time to summarize relevant tax issues for 2013, as well as sharing some insight on 2014. Wishing you all a very good secular new year!...

We are very glad to interview Ben Wiener- entrepreneur-friendly venture enthusiast and founder of  Jumpspeed, a micro-fund and venture accelerator based in Jerusalem. Ben co-founded his first start up in 1999 and...

Philip interviews Yigal Zemah-Head of the Israeli Office of Berggruen Holdings. Find out more about the ground breaking Meier on Rothschild project receiving nomination from Forbes top 10 leading towers in the...

Tune in to “From the Midwest to the Middle East” and learn about the latest trends in the internet and mobile industry. Expert & tech blogger Hillel Fuld who contributes to sites such as The...

Philip’s Exclusive interview with WAZE Co Founder, Amir Shinar. Tune in to learn about the Israeli navigation app startup which was just acquired by Google for $1.03 billion....

Get a better understanding of the VC world by learning about the industry from the very first Israeli fund throughout the early 90’s, the growing years of the early 2000's and now by tuning in to...

A window into the investing world- What lies ahead-Israel, Europe, US and China. Tune in to “From the Midwest to the Middle East” and hear Philip discuss the future and current investing...

Tune in to our podcast on doing business in China interviewing Richard Cant- Regional Director of the Yangtze River Delta Region for Dezan Shira & Associates to learn about the challenges...

Two main events marked the end of December:  1) Congress and The Obama Administration were battling over the future of the “Bush Tax Cuts” and 2) I was following the...

US citizens living in Israel- tune in and learn why despite the global orientation your investment and asset management services are not up to speed. See what 2013’s forecast has to offer and get insight from...

This time on “From the Midwest to the Middle East” a glimpse into the Israeli tax system.  We enjoyed interviewing Iddan Dinai, a dear colleague and well known Israeli tax attorney....

Taking advantage of Israel’s prominence as an innovative market leader in the Cleantech industry. Tune it to our podcast interviewing one of the premier players in the Cleantech industry, a dear...

Investors in U.S. real estate- this one’s for you. Listen to our podcast interviewing Jay Zwiebel, Managing Director and Executive Vice President of Harbor Group Israel, to learn about what’s going on in...

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