Five Stone Tax Advisers' Take on an Important Tax-Related Article:
The Israeli Finance Ministry announced on Monday, October 27, 2014 that Israel will be joining the international mechanism for the sharing of information on financial accounts. While the automatic exchange of information for tax purposes will not be fully in effect until the end of 2018, it is a very strong signal from Israel that the country is taking proactive steps to fight tax evasion. Between the implementation of FATCA and the OECD automatic exchange of information (see BEPS 15 point plan), those US taxpayers with undisclosed foreign financial assets in Israel should keep a close eye on the timeline implementations between 2015-2019.
About Five Stone Tax Advisers
Five Stone Tax Advisers has years of experience negotiating directly with the IRS to get the best possible outcome for you. Our International Tax Advisory and Compliance unit has a team of tax attorneys, certified public accountants and enrolled agents that form a single sourced point of contact that will provide services for all the legal, compliance and financial reconstruction aspects of offshore account cases.