IRS, US TREASURY DEPARTMENT, AND ISRAELI TAX AUTHORITY ENFORCEMENT RAMPS UP FOR DUAL CITIZENS AND JOINT RESIDENTS
The IRS and US Treasury Department have opened a satellite office in Israel, and there is coordination between the US and Israeli tax authorities. FATCA is a fact of life. Through the Office of Voluntary Disclosure (OVD), it is possible to arrange reasonable solutions to tax issues. Similar arrangements can be reached with the Israeli tax authorities. Rather than wait until caught, it is prudent planning to voluntarily disclose, and increasingly dual residents and citizens are coming out of the cold to do so.