Shtainmetz Aminoach and Co. CPA specializes in providing comprehensive accounting services and guidance to self-employed individuals and individuals with capital, regarding all matters related to various tax issues. Whether you have investment portfolios in Israel and/or abroad, trusts, intergenerational wealth transfer, inheritances, real estate investment trusts, new immigrants, and more, our office handles all dealings for individuals with tax authorities in Israel and abroad to achieve the best tax outcome for you.
What does individual taxation / personal taxation include?
Individual taxation for individuals with capital and self-employed individuals (personal taxation) includes handling and filing various forms for income tax. Shtainmetz Aminoach and Co. CPA is an accounting firm that has been operating for over 37 years, providing services to its clients with specialized departments and expertise in all matters related to income tax. Failure to report income is a criminal offense that may result in penalties, so it is mandatory to report to the tax authorities on time and accurately.
Investment portfolios
Whether you're investing locally or internationally, in startup companies, yielding assets, financial instruments, or other types of investments, if you profit from these investments, you are subject to taxation on your capital gains. There are differences between real profits (stocks, government bonds, mutual funds, options, etc.), so it's advisable to consult with a tax expert at our office to achieve the optimal tax outcome for you.
Management of trusts and intergenerational transfer
We delve deeply into and consider all aspects of various relevant taxations in order to work with the Israeli Tax Authority and, of course, tax authorities worldwide to prevent double taxation and find the tax benefits that are due to you according to the law.
Returning residents
For returning residents and new immigrants, significant tax benefits are available in addition to various exemptions and reliefs. In our office, in order to achieve the best outcome, we recommend thoroughly preparing before contacting the authorities. Due to our extensive experience with returning citizens, serving a diverse clientele with different cases, from various countries, different periods, and other parameters, we have encountered situations where individuals believe they are entitled to tax benefits due to prolonged residency abroad, but do not meet the actual criteria or have not taken certain actions that may affect the determination of the date of return to the country. Therefore, it is crucial to consult with an expert in our office before taking any action. Click for more information on returning residents.
Tax planning
Tax planning is a pre-planned calculation aimed at reducing tax liabilities or avoiding them altogether. It's important to distinguish between legitimate tax planning through legal means and tax evasion, which is considered criminal. Proper tax planning utilizes various rights to minimize tax liabilities. It's typically done with the assistance of a certified accountant within the framework of financial advisory services provided to clients.
Voluntary disclosure
With the voluntary disclosure procedure, the State of Israel provides the opportunity to rectify false reports while avoiding criminal proceedings. This option becomes more relevant, especially for those in need, as Israel is committed to a broad network of tax treaties aimed at preventing double taxation and evasion of tax payments. Furthermore, Israel's membership in the OECD grants Israeli tax authorities capabilities that were previously unavailable.
The wealth statement
The wealth declaration is structured as a report submitted by an individual, a couple, or a family, detailing the assets of the declarant. The difference between the assets and liabilities constitutes the wealth that the declarant must declare. The form serves to examine the growth and decline of the declarant's assets over time and to identify any unreasonable discrepancies, such as wealth that has grown in an unreasonable manner. Based on these variances and additional estimates of expenses, the assessing officer will attempt to evaluate the credibility of the personal report submitted by the declarant.
Cryptocurrency taxation
A digital wallet holding cryptocurrencies essentially constitutes an asset and not a currency. As of 2024, this is the position of the tax authority, which has been affirmed by a district court ruling, thus subjecting it to a tax liability of 25% (unless the purchase was made before 2012, in which case the taxation may vary).
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