The IRS recently announced it will begin using private debt collectors to collect certain types of tax debts. The IRS has contracted with four private collection agencies that will focus their efforts on the following types of tax debts: Older tax debts on which more...
A major player in the marijuana business challenges federal tax rates
Half of all states and the District of Columbia have legalized the use or sale of marijuana, either for medicinal purposes or in some cases recreational and medicinal purposes. Despite these changes to state laws, marijuana is still classified as a Schedule I drug...
Israel’s Highest Court Approves Transfer of Financial Information to United States
As we wrote recently, the Supreme Court of Israel was considering a challenge to the legality of the Foreign Account Tax Compliance Act, or FATCA. FATCA is a U.S. law under which banks and other financial institutions outside the United States are required to report...
Supreme Court of Israel temporarily delays transfer of tax information to United States
The Foreign Account Tax Compliance Act, or FATCA, has major implications for people with dual citizenship in Israel and the United States. Under FATCA, foreign financial institutions are to provide account information for taxpayers holding more than $50,000 in foreign...