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Tax Cheats Can Expect 50% Fine of Funds Concealed

Former IRS senior district attorney Barbara Kaplan says US citizens who conceal funds in Israel could also face criminal charges.

Last week, Israel and the US signed an information-sharing agreement for financial assets (primarily bank accounts) belonging to Israeli and US citizens, in an attempt to improve tax enforcement in both countries.

“US residents who do not disclose information about accounts they hold in Israel could risk fines of up to 50% of the balances in the accounts. They are also exposed to the possibility of criminal investigations and charges,” Adv. Barbara Kaplan, a former senior district attorney for the IRS, told “Globes.” Today, Kaplan is chair of the New York tax practice at Greenberg Traurig, which has offices in Israel as well.

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