BANK HAPOALIM TO PAY IRS $874-MILLION

By Kaufman Accounting | May 12, 2020
A close up of four different colored bills

According to Law 360’s April 30, 2020 article, Israel’s largest bank, Bank Hapoalim, has pled guilty in a Federal court to helping US clients attempt to hide roughly $7.5 billion from the IRS. The Department of Justice announced on April 30, 2020, the bank will pay over $874 million for its role. Under the agreements finalized last…

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ISRAEL’S BANK HAPOALIM OFFERS TO SETTLE WITH U.S

By Kaufman Accounting | April 9, 2020
A person holding some money in their hands

On March 23, 2020 taxnotes.com reported that Israel’s largest financial institution, Bank Hapoalim, expects to pay $870-million to end investigations by US authorities into allegations that the bank helped clients evade their US tax obligations.  Hapoalim stated in their March 18th filing with the Tel Aviv Stock Exchange “Recently, the bank group and … the [Justice Department]…

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