http://www.huffingtonpost.com/2011/09/16/israel-tax-evasion-banks_n_965900.html
Datan Dorot, a tax lawyer in Miami who represents U.S. clients of Israeli banks, said that bankers from an Israeli branch of Bank Leumi called his clients about six weeks ago to tell them they needed to close their accounts at the bank's Swiss branches because of scrutiny by the Justice Department. Many of his clients, Dorot said, hold dual U.S.-Israeli citizenship and had opened their Israeli accounts with Israeli passports and not disclosed their U.S. citizenship -- a factor that makes them U.S. taxpayers. Dorot said Bank Leumi's advice that clients close the accounts -- and presumably open new accounts elsewhere -- could cause problems for the clients because the U.S. Internal Revenue Service does not consider merely closing the account to be enough; the U.S. taxpayer must also report the account to the IRS and pay taxes on it. "The Israeli banks are suggesting a very bad idea," Dorot said. -- Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more.
