US personal tax return preparation

Corporate taxes

Treasury filing

Other US tax related services

About Tax-USA

Under the US tax law, all US Persons are required to file annual US income tax returns reporting total worldwide income.
As a US person you are legally obligated to file accurate and timely tax returns. Failure to do this can lead to risk of fines and penalties, and even criminal prosecution.
We can help you file tax returns and other required reports for up to 6 years back, where necessary.

At Tax-USA we specialize in US taxes for residents of Israel. Our services include:
US personal tax return preparation | Corporate taxes | Treasury filing | Other US tax related services

Frequently Asked Questions

Why should I file my tax return ?
1: Filing your tax return is a requirement you should not ignore. Failing to submit a tax return can have serious consequences, including interest, penalties and possibly even criminal charges.
2: Over the past few years the IRS has greatly increased its audits on Americans living abroad, including Israel. Further foreign banks have been reporting information on its American customers under the new FATCA legislation.
3: The IRS is increasingly likely to find non-compliant taxpayers, as it already now receives information from various countries regarding the activities of Americans abroad.
4: The IRS may actually owe you money due to tax credits which can be obtained only by filing annual returns. See the Child Credit and Education Credit sections below.

Who does this apply to?
All US persons; i.e. US citizens, green card holders and US residents are required to file annual income tax returns on worldwide income no matter where they live.
Non citizen and non residents may also be required to file US tax returns if they have US source income, for example investments or rental income.

What should I be filing?
1: Annual US tax return (1040) reporting worldwide income.
2: Annual US Treasury report detailing ownership or signatory rights in non-US banks and other financial institutions (FBAR).
3: State and other tax reports may also be required.
4: Other Informational reports under certain circumstances.

How do I get up to date with my filings?
If you have not met your tax filing obligations, you are legally required to do so. This includes tax returns and/or FBAR reports for up to six years.
Please contact us at Tax-USA below for advice on how to proceed.

But I pay tax in Israel, why do I have to pay the IRS also?
You may not have to pay any tax to the IRS. In fact they may pay you! But there is a legal obligation to file a return with the IRS even though you pay Israeli taxes.

Do the above obligations still apply to me if I am exempt from tax filing in Israel?
Yes. Unlike Israel tax law where most employees are not required to file annual tax returns, all US persons with income must file annual tax returns with the IRS.
Furthermore, even if some or all of your income is exempt from tax in Israel, you are required to report your worldwide income on your US tax return.

Does the "Obama-care" health care law affect me?
Yes. Although most people living in Israel are exempt from buying health care based on the new law, this must be reported on your tax return.

Act today by contacting tax-USA below and share with friends and family who may benefit from it.

We use our depth of knowledge and insights to uncover opportunities. We have the commitment to see them through.

Chaim Korn, CPA

Articles of Interest

    The Trump Tax Reform

    / What a US Citizen in Israel Should Know

    One of the pressing issues of President-elect Donald Trump’s campaign was his proposed tax reform. It is clear that not everything will be passed into law, and in fact changes were made over the course of the presidential race before arriving at the current proposal. Of course, it is too early to know exactly what will change and by how much, but it is clear that some major changes will be made. With the backing of a Republican majority in both the House and Senate, it should not take long for these changes to happen...
    CLICK HERE FOR FULL ARTICLE

    Are you compliant with the IRS

    / Reporting to the IRS

    The 2010 United States Foreign Account Tax Compliance Act, better known as FATCA, requires foreign financial institutions to report to the IRS the names of their U.S. account holders. This will most probably begin in July 2014.
    Banks and other financial institutions in most countries, including Israel, have indicated that they will comply with FATCA.
    CLICK HERE FOR FULL ARTICLE

Main Services

Personal Tax Returns

Our professional and courteous staff will assist you at all stages from explaining what documentation you need through preparation and filing of your personal tax return.

Corporate, Partnership and Fiduciary Returns

We can also handle your IRS returns for your corporations, partnerships, trusts and estates.

Treasury Reports

An annual US Treasury report (F-BAR) is likely to be required in addition to your personal tax return. This report details information held by you in non-US banks and other financial institutions.

Child Credit

A credit of up to $1,000 for each child under the age of 17 may be available to reduce taxes paid to the IRS. Additionally, if you have earned income (even from outside the US) and you owe no US taxes, you may be eligible for a refund from the IRS in the form of an Additional Child Tax Credit.

Education Credit

As an encouragement for higher education studies, the United States offers tax deductions and credits for US citizens enrolled in an accredited Bachelors Degree program. Certain Israeli Universities are included in this program as well. These credits are not dependent on income, and in fact the IRS often refunds part of these costs even when no tax is owed.

Other

A notice or letter from the IRS can be unnerving. Our staff can help you with audits and notices from the IRS, or any other tax related issues.

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Testimonials

  • Jonathan Degani

    Finance

    Chaim has been filing my taxes for a few years. He always goes the extra mile to make sure everything is done correctly, diligently and in a timely manner. Highly recommended.

  • Nili M. Zaharony

    Business Owner

    Chaim is a pleasure to work with. He is professional, knowledgeable, proactive, and very responsive. Even with more complicated tax situations, he has been able to provide guidance and advice so that I feel confident in the decisions I make. I would (and have!) happily recommend him to anyone in need of his services.

  • Susan Cohen

    Business Owner

    Chaim is well versed in all aspects of tax accounting and gives advice in our best interest to reduce tax liabilities while giving me confidence that all legal requirements have been met. I strongly recommend him with no reservations.

  • Harry Borenstein

    CHAIM KORN has provided my family with professional, first class tax assistance in these changing times. His honesty and integrity is part of his work ethic and we are most grateful to him.

  • Renee Rothberg

    Chaim Korn has been our accountant for the last three years. He helped us catch up with US taxes and FBARs. Chaim is reliable, knowledgeable, and very pleasant to work with. Besides those important qualities, he also provides guidance whenever we are unsure about US taxes, FBARS, or Social Security.

  • Ari Applbaum

    Chaim is incredibly professional and knowledgeable about US taxes. I've also always found his rates to be competitive. But what I appreciate best is how extremely responsive he is! Day or night, by phone, e-mail or in person, Chaim is always there for his clients!

  • Joy Pincus

    Marketing writer

    I cannot more highly recommend Chaim Korn as an accountant. It’s such a pleasure to work with someone who has profound knowledge of both the Israeli and American tax systems, and who can help navigate these confusing waters. In addition, beyond his expertise, Chaim is simply a delightful person – patient, kind and responsive.

Contact Us

We would love to hear from you. Please complete the following form with any questions and/or requests. Thank you, Chaim Korn, CPA Tax-USA.co.il

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