April 2011 This quarterly newsletter focuses on recent changes regarding real estate taxation in Israel and the new Voluntary Disclosure Program in the USA. The website now includes a list of important US tax forms to make it easier for you to find the forms you need. Make note of the US and Israeli tax changes for property, income, and gifts. Finally, Dave Wolf, partner at Hacohen Wolf Law offices, was a guest speaker at the Cleveringa lecture in Jerusalem. 2011 Tax Filing Season — International Information Forms The 2011 tax filing season is in full swing and this is a good time to recall all of the international information returns that you may have to file or collect: IRS Offshore Amnesty: Reporting your foreign bank accounts to the U.S. Tax authorities: The U.S. Voluntary Disclosure Program On February 8, 2011, the U.S. Tax Authorities (the IRS) announced a second Offshore Voluntary Disclosure Initiative (the "2011 OVDI") intended to bring more taxpayers into compliance with the tax rules and bring offshore money back into the U.S. tax system. Israel Property Tax: Israel Government approves new property tax regulations The Government recently approved several changes to the existing tax regulations as part of a new plan to change Israel property tax rates for the next two years. These changes are part of a government effort to increase supply for residential apartments and to enable affordable apartments for those who wanted to buy but could not afford to. US Tax Alert 12/26/10 - Bush-Era Tax Rates Extended for Income, Estate & Gift Tax On December 21st, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "Act") into law. As anticipated in our last Tax Alert from December 7th, 2010, the Act extends the Bush era tax rates for individuals for the years 2011 and 2012 and contains important business incentives and temporary modifications to the estate, gift and generation-skipping transfer tax rules. Dave Wolf Guest Speaks at Cleveringa Lecture in Jerusalem During the last week of November Dave Wolf, partner at Hacohen Wolf Law offices, had the honor of guest speaking at the Cleveringa Lecture in Jerusalem. Sincerely, Hacohen Wolf Law Offices www.hacohenwolf.com