Category: Us Tax

Americans Who Live in Israel May Deduct Charitable Contributions They Make to Israeli Charities on their American Reports
 

We already know that Americans receive a new tax deduction for charitable contributions that they made in 2020 up to the 300 dollar amount. This is a new law for 2020 that works … Read More..

Powerful new tax deduction for American not-for-profits serving Israel:
A reliable, quick tax deduction for good-intentioned Americans in Israel and abroad:

American not-for-profits serving Israel can act quickly to bring in a plethora of many small donations that can add up to hundreds of thousands of dollars if they run a “Hanukah … Read More..

Social Security Pensions: Which clients can receive them? How much can we receive? At what age?
Many Yisraeli’im ask, “Can I receive an American pension from social security while I live here in Israel?” Here is some very useful assistance :
How does the client know if he is eligible to receive … Read More..

America responded to the plague we all have been seeing with thousands and thousands of tax-free stimulus dollars given to help American citizens here in Israel and abroad. These economic stimulus payments, where every American – either here or abroad – is eligible to receive 1200 dollars or more in … Read More..

Americans and American tax reporters are not all born as American citizens. Some are naturalized American citizens, people who became American citizens during their lifetimes.Naturalized American citizens also have to file American tax returns the same as American born citizens. Then, we have “lawful permanent residents” who … Read More..

Israelis Who Raise Money in America and Own Ltd.’s in Israel: Trump Law in Common TermsIntroduction
Sometimes Israelis set up American companies to raise money to finance their Israeli Ltd.’s here in Eretz Yisrael to operate and perform globally. If those Israeli Ltd.’s are owned by the American … Read More..

Not-for-profit Financial Statements and Financial Audit: “Friends of . . .” OrganizationsNot-for-profit organizations may be registered in America and operate here in Eretz Yisrael. Sometimes these are referred to as “Friends of . . .” organizations. Not-for-profits registered in America traditionally include Shuls, Yeshivas, Jewish outreach organizations, … Read More..

Section 965 Transition TaxThe IRS finalized regulations on Wednesday on the Sec. 965 transition tax, the “Transition Tax”, which was added to the Code by the law known as the Tax Cuts and Jobs Act. Sec. 965 applies to the last tax year of a deferred foreign … Read More..

Despite all that’s been written about U.S. worldwide income taxation and complex informational reporting requirements, many individuals, particularly those living outside the U.S., remain noncompliant. Some individuals do not realize they are U.S.

citizens or tax residents. Some know they are U.S. citizens or residents but do not understand that … Read More..

Prior to the 2017 Tax Cuts and Jobs Act (Act), individual taxpayers were able to reduce their taxable income by deducting various investment-related expenses as miscellaneous itemized deductions. The Act suspended miscellaneous itemized deductions beginning in 2018 through January 1, 2026. As a result, investment advisory fees and other expenses … Read More..