You've missed the points! - Comment - Israel News | Haaretz Daily Newspaper
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    • Legal Taxpayer
    • 01.05.12 | 16:15 (IDT)

    People who have paid ALL of their taxes and filed ALL of their reports in a timely manner are being audited - and it is costing them FORTUNES. For little people, it means getting reports from the Israeli authorities (banks, employers, etc) going back years, which is a giant pain, then gettiing CERTIFIED TRANSLATIONS which cost more money, on top of legal and accounting fees. This can add up to thousands of Shekels. Bigger people, who have also paid and reported completely, can have to pay $50,000 - 100,000 in legal/accounting fees. And if ANYTHING THERE IS AMISS, then the IRS penalites can be mind-boggling. Google this topic and you will find many horror stories. IRS heavy-handedness DOES threaten citizens, even law-abiding people. Wait until it's your turn... Renouncing citizenship is also not a solution - you first have to pay 6 years of taxes and then have to pay for ten more years, after you're no longer a citizen. And they can tax your ASSETS, even though you've already paid tax on all of it. There are a million or so Americans in Canda, and many are now abandoning the US. They were good US citizens, but enough is enough.

    from the article: IRS ramps up audits of taxpayers in Israel
    First published 11:02 27.04.12 | Last updated 11:02 27.04.12
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