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Klitah News - January 21, 2010
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Monday January 25, 2010 at 7:30 PM
 Banking in Israel Made Easy – Learn and understand the banking and financial system in Israel. Guest Speaker: Rifka Lebowitz, Personal Financial Consultant, has been in financial services for 13 years. She has held positions in Israeli investment houses and Banks where she has worked as a Portfolio Manager, Investment Advisor, Banker and a Personal Financial consultant.
News – New! Personalized service online
Now is the time to say goodbye to your local National Insurance Institute Branch. More
Monday evening 7:30 P.M February 22, 2010
.jpg) Supplementary Health Insurance- Understanding the complexities. What’s covered through the kupah? Do I need supplementary coverage? How does it all work?
Guest Speaker: Chaim Goldus, founder of Goldfus Insurance
Cost: AACI Members 15 NIS / non-members 20 NIS
To register: Call 02-5617151
Programs are held at AACI Jerusalem, 11 Pinsker Street, Talbieh.
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Now is the time to say goodbye to your local National Insurance Institute Branch.
Starting shortly, you can get a range of services and personal information from your home computer, on the new “personal services” site
To join, please contact your local NII branch and get a code and passport to enter the site.
What can you do on the site?
For your convenience,
Phone for clarifications and technical support, Sunday-Thursday, 8.00 -17.00:
08-6509920.
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 Join us on February 10th at 5-9pm for the Merkaz Hamagshimim-Hadassah and AACI Job Fair, for job seekers (olim, sabras, tourists and students).The Fair will include companies from Jerusalem and Tel Aviv, career counselors, resume writing assistance, MATI ( on starting your own business), as well as a job board, and speakers on job hunting and the job market. It will take place at Gad St. #6 (the former Ulpan Etzion), Jerusalem. Questions? Contact Shira meida@themerkaz.org
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  Thinking of Israel as your home?
The Jewish Agency, in conjunction with The Ministry of Interior, are working together in order to help you change your status from within Israel through a personal and swift service.
This service includes:
* Assistance with organizing forms and documentation.
* Validating Preparation of Aliyah forms for Eligibility
* Exclusive meetings with an interior ministry representative.
* Customized absorption plan.
* Receipt of your Israeli ID card in a special ceremony
* Personal guidance by an absorption specialist
For more information and registration
We welcome you to contact us toll free!
Oleh Service Center,
22 hours per day (Except Shabbat)
1-800-228-055
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State of Israel Ministry of Immigrant Absorption Employment Division
Employment Referral Center for Olim
The Employment Referral Center for Olim, in conjunction with the Employment division of the Ministry of Immigrant absorption has been established in order to help Olim find suitable employment.
In order to receive assistance from a Center, it is necessary to meet the following criteria:
* New immigrant in Israel for up to 10 years
*Admissible level of Hebrew (after ulpan aleph) *Professionals who mustn't have a license in order to practice in Israel (such as medical
professionals, lawyers and accountants) *Applicants who have not received any assistance in the past from a similar service
The center provides various employment services, including: *Assistance in job–placement by professional staff
*Job-hunting workshops and professional assessment by career counselor
* Basic computer courses in Hebrew
* Hebrew improvement, especially related to employment
*Help in writing CV and preparing for job interview
You are welcome to use our technical facilities: telephone, fax, internet.
There is no charge for these services
To make an appointment or to get more information please call:
Tel Aviv 03 561 4546
Jerusalem 02 537 1186
HaSharon 09 748 2324
For application to our Center, please prepare your Israeli identity document, teudat oleh, c.v. and identity photography
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AACI'S $70,000 Small Business Loan Program AACI is pleased to be in partnership with the Koret Foundation’s Israel Economic Development Fund (KIEDF) and to have established a small business loan program for AACI members. Loans can be for up to 5 years and for up to NIS300,000. They can be used for either starting a new business or expanding an existing one.
The process begins with an applicant turning to an AACI counselor to review basic eligibility, and make the referral to KIEDF. KIEDF will provide business consulting services including review, advice, guidance, and the preparation of a business plan for the applicant. If it is decided to go forward with the loan, the applicant will be introduced to a bank used by KIEDF.
Assuming the bank approves the loan, AACI and KIEDF funds are used to provide bank guarantees and an interest rate subsidy for the loan. For further details, contact your AACI counselor.
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Business Mentoring Project
 AACI is pleased to invite established professionals and business people to participate in a project of the Council of Olim Associations to mentor potential olim in their fields of business.Volunteer mentors will become networking resources for potential olim. Correspondence with olim about their field will enable them to make informed decisions about their future business opportunities and have a smoother Klitah process. Participants will attend special events and lectures with mentors from around the world.
A few hours of your time can make a big impact on someone’s decision to make aliyah and give him or her an invaluable insight into the Israeli marketplace.
The Council of Olim Associations is the coordinating body of 24 member organizations whose objectives include building synergy and maximizing the capability of all the associations.
Interested? Send an email to jarbel@aaci.org.il with the subject ‘Business Mentoring Project' and the project coordinator will be in touch with you.
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Beit Kehillot Olim of the Jerusalem Municipality Klitah Department offers
 "Business Correspondence Course""Beit Kehillot Olim" of the Jerusalem municipality klitah department,located on 36 Jaffa Road in Jerusalem, is pleased to announce a course for New Immigrants and Vatikim on "Business Correspondence" in Hebrew. Minimum level of Hebrew - Gimmel.
The course will be held in Hebrew, for three months (one meeting per week). Cost of course: 350 NIS, register until December 15th, 2009. |
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 Some of you in the Jerusalem consular district may have had your Direct Deposit cancelled due to the new US bank procedures. Those beneficiaries will receive a notification letter to that effect informing them to re enroll if they wish; the issue was raised by the US correspondent Bank due to the lengthy bank accounts. If you wish to re-enroll you should submit a new request to the offices of Social Security in The Consulate providing the Bank information such as: the Bank number, Branch number and the account number which should not exceed 9 digits.This information has come to the AACI directly from The US Consulate in east Jerusalem
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 Tax planning and compliance for the 2010 tax-filing season has commenced. As such, it is imperative that you familiarize yourselves with certain concepts regarding both U.S. and Israeli income tax law, especially recent changes, and how they may affect your personal situation. Proper tax planning and minimization of your taxes requires an analysis of many important issues, including the U.S. and Israeli foreign income tax credit rules, the foreign earned income exclusion rules, and also how the applicable provisions of the U.S. - Israel income tax treaty affects you. Delineated below are some areas of current U.S. tax law, which may impact upon your U.S. tax return filings due in 2010.Please note that under the U.S. child credit rules, you may be eligible to receive FREE, from the U.S. Treasury, up to $1000 per child per year. (Please note that restrictions may apply and that a tax advisor should always be consulted in order to plan properly).
U.S. Child Tax Credit of up to $1,000 per eligible child potentially results in FREE money to you courtesy of the federal government via a U.S. check or direct deposit to your U.S. bank account, even if no U.S. income tax is due. If applicable, this credit may also be available to offset any potential U.S. income tax liability. Taxpayers must have reportable earned income from wages or self-employment generated in Israel or in the U.S. in excess of $3,000 to $11,750, depending on the year you are filing. The earned incomes of both husband and wife can be combined even if one spouse is NOT a U.S. citizen. The non-citizen spouse requires a U.S. tax identification number (TIN), which can be acquired by filing a U.S. Tax Form W-7. Children must be U.S. citizens aged 16 and below and must possess a U.S. Social Security number. Please note that maximizing the child credit can be quite complicated since there are many factors to consider. Amended returns may be filed back to the tax year 2006 (2006 amended returns must generally be filed by April 15, 2010).
U.S. Income Tax Rates are 10%, 15%, 25%, 28%, 33% and 35% respectively. The lower rates of 10% and 15% are available for the following taxable income levels: Single: up to $33,950; Married Filing Joint: up to $67,900. Please be advised that under new U.S. tax rules, (often referred to as "the stacking rule"), investment income may be taxed at a higher bracket, for example, if the foreign earned income exclusion has been used.
Foreign Tax Credits may be utilized when Israeli or other non-U.S. earned income exceeds the U.S. foreign earned income exclusion, on Israeli investment or other income that is also taxed in the U.S. (and vice versa), or if you are filing for the U.S. Child Tax Credit. Conversely, since Israel also taxes worldwide income, the Israeli income tax authorities will generally provide you with a foreign tax credit on income that was sourced and first taxed in the U.S.
 Foreign Earned Income Exclusion has been inflation adjusted and rises to $91,400 per taxpayer. Thus, married taxpayers filing jointly, who meet certain requirements, may potentially exclude up to $182,800 of foreign earned income per tax return. However, one spouse may not utilize the unused portion of the exclusion of the other spouse and by electing the exclusion you may preclude eligibility for the U.S. Child Credit. Please note that this exclusion applies only to work or self-employed income and does NOT apply to pension, investment income, rental or any other non-work income.IRS FORM 90-22.1 If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each  United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if1. The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country, and
2. The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
A United States person is not prohibited from owning foreign accounts. The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
Reporting and Filing Information
A person who holds a foreign account may have a reporting obligation even though the account produces no taxable income. Checking the appropriate block on Form 1040 Schedule B, and filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, satisfies the account holder’s reporting obligation.
Shortcut to Form 90-22.1 (FBAR):
A foreign account holder must mail the Form TD F 90-22.1 on or before June 30 of the following year to:
U.S. Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
Please Note:
The FBAR is NOT to be filed with the filer’s Federal income tax return
Account holders who do not comply with the FBAR reporting requirements may be subject to civil penalties, criminal penalties, or both.
AACI wishes to thank Alan Deutsch for sharing this information with our readers.
Alan (Avraham) Deutsch is a CPA, with over 25 year's experience. Avraham and his associates specialize in income tax planning and compliance as well as in investment consulting. Avraham has four office locations and can be reached at 02-999-2104, 03-527-3254, 09-746-0623 or 052-274-9999, or you can e-mail him at alan@ardcpa.com. Website: www.ardcpa.com |
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