According to the latest news, Americans with Israeli bank accounts could face troubling tax season, the Swiss “Program” is now being forced upon Israel. Citizens of Israel living in Israel are now being pressured or forced into OVDP so that their retirement savings can be cleaned up by attorneys and US money grabs.
Here are some interesting clippings from the article which ring a bell:
- The banks are revealing the data because they are participating in a special program with the U.S. Department of Justice in order to avoid criminal prosecution themselves
- Americans with Israeli bank accounts may be in for a financial nightmare in just several months if they haven’t filed their taxes properly.
- Americans are able to take advantage of the Overseas Voluntary Disclosure Program (OVDP) for people who have violated the law.
- Americans with Israeli bank accounts really need to talk to an attorney
- OVDP is to give individuals who really did not know about the law a chance to make good, and to get people back into compliance and back into the system
National Taxpayer Advocate, Nina Olson, is being ignored.