Trustees and trusts with Israeli resident beneficiaries will get some extra time to comply with reporting requirements of a new law. The Israeli Tax Authority recently announced that it has moved back the filing date for reporting under the new law that will subject many previously tax-exempt trusts and/or their Israeli resident beneficiaries to significant Israeli income-tax liabilities and reporting obligations.
The filing deadline is now June 30, 2015, moved back from Dec. 31, 2014. For more information about the law's requirements, see "Israeli Beneficiaries Subject to New Tax Law."
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