Israel stands up to FATCA

Israel stands up to FATCA

Need help with a tax issue, or offshore reporting requirements? Contact us at info@irsmedic.com or 888-727-8796. http://ift.tt/1RfwK1f We've talked extensively about FATCA's affect on US taxpayers, especially those living and working overseas. It's an intrusive law requiring US taxpayers to report certain foreign financial accounts and offshore assets to the IRS. But FATCA is more than just that; there is now officially a requirement that affects international financial institutions as well. Effective September 30, 2016, all non-U.S. financial institutions globally have to report financial information of American clients and U.S Green Card holders who have accounts holding more than $50,000 directly to the IRS. All along, we've been hoping that some country, any country, would stand up to the U.S. We thought for sure that the invasive nature of the program plus the extremely high costs of implementation would cause some kickback. At first it seemed that all of the countries were simply too afraid to fight the Superpower bully. Until Israel. Just days prior to the program going into operation, Justice Hanan Meltzer ordered officials to stop work leading up to implementation. Meltzer, a judge in the Supreme Court of Israel. made his decision because of Rinat Schreiber. Schreiber, a dual citizen of the US and Israel, filed a tort claiming that FATCA violated the nation’s Basic Law on Human Dignity and Liberty. His argument is that the reporting requirement contradicts right to privacy, property, and equal treatment. We agree with him. Some additional information from Nigel Green here: http://ift.tt/2clLijn IRSMedic, the law offices of Parent & Parent LLP Helping US taxpayers around the globe for over 10 years 888-727-8796 info@irsmedic.com http://youtu.be/St_GWDi3p-M IRS Medic