Washington - IRS Cracking Down On Israeli Bank Accounts
Washington - A California man found himself in the crosshairs of the Internal Revenue Service after allegedly failing to report the existence of, and the income from, two Israeli bank accounts and has pled guilty in exchange for a plea agreement which will involve significant financial penalties.
The Plea Agreement was filed in U.S. District Court for the Central District of California on February 14, 2013.
The case serves to highlight a concerted effort by the IRS to track down and prosecute American citizens with Israeli bank accounts.
“Just as occurred in Switzerland, it is now clear that the US government is increasing its focus on Americans who are failing to report Israeli assets,” reported Washington DC lawyer Charles Ruchelman who suggested that authorities will be searching for Israeli banks, bankers and others who might assist Americans who are hoping to hide money in Israeli institutions.
Israeli banks are expected to cooperate with the widening probe and Ruchelman suggested that anyone with unreported Israeli accounts bring themselves into compliance with IRS regulations promptly in order to avoid criminal prosecution and serious consequences by filing a voluntary disclosure form with the agency.
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