Forward and backward THz emission by ionizing two-color laser pulses in gas is investigated by means of a simple semi-analytical model based on Jefimenkos equation and rigorous Maxwell simulations in one and two dimensions. We find the emission in backward direction having a much smaller spectral bandwidth than in forward direction and explain this by interference effects. Forward THz radiation is generated predominantly at the ionization front and thus almost not affected by the opacity of the plasma, in excellent agreement with results obtained from a unidirectional pulse propagation model.