Voluntary Disclosure -Simply Relax!
Many people avoid reporting to the tax authorities and thereby knowingly or inadvertently, bring upon themselves unnecessary emotional and financial difficulties. The words "voluntary disclosure" sound big and scary, but the truth is that if you get the right guidance from an expert CPA in this field, it becomes a simple and easy process. Our office has many years of experience in assisting many of our clients in the process of submitting late tax reports. We are knowledgeable in the laws relating to voluntary disclosure, and have the know how to assist customers throughout the process of collecting and submitting the documents. Therefore if you are
Money saving tips for the end of the tax year
As we approach the end of the tax year we are happy to bring to your attention important tax updates that can help you submit the information to the tax authorities at the right time and manner. See our list of money saving tips for the end of the tax year. Feel free to contact us with any question.! General tips Pay all your business expenses (Salaries, rent, etc.) before 31 December Postpone new revenue until the beginning of new year. Pay tax advances for the current tax year, which have not yet been paid, before the 31.1 of the new year in order to
Happy Chanukah from the Aboulafia Family
The Chanukah holiday that is approaching is a double joy for our firm! We are happy to announce that our Jerusalem office is moving. Our new residence is 11th floor, 68 Kanfei Nesharim St., Jerusalem. Please note! Between 15th – 18th December 2022 there will be limited access to phones, computers and emails. We apologize for the inconvenience and thank you for understanding! *** Happy Chanukah from the Aboulafia Family The lights of the candles symbolize the victory of the forces of good over darkness. The delicate menorah candles remind us that even the small light of a single candle can "occupy" a great place in space, bring about
Voluntary Disclosure- It’s time to get your head out of the sand!
If you are an American and Israeli dual citizen / green card holder who has income from wages, self employment, investments, businesses or any other source and did not report to the US tax authorities / reported partially / or reported in the past and stopped, you are in trouble. Even if it is an amount that you think is negligible, you are liable to criminal charges and fines and the US tax authorities are not going to give up easily. What should I do? Report! Our global village has become "small". The transfer of information between the tax
Have you ever heard about the first right issues?
Have you ever heard about the first right issues? (on top of the pic) This is how you can avoid paying double capital gains tax!
Entitlement to Compensation from Swiss Banks
You may be entitled to compensation Customers who own bank accounts in Switzerland, may be entitled to monetary compensation from the banks. A notice was received in accordance with the ruling of the Federal Court in Switzerland which ruled that any customer who invested money or managed assets (bonds, funds, structured savings plans and more) in a Swiss bank, is entitled to compensation for excessive fees that the banks charged their customers. A comprehensive study conducted on the subject shows that the Swiss banks have taken charges of between 0.5% -2% of investment amounts without the consent of the customers and regardless
Aliya and Taxes
Here’s the scenario. You have just made Aliya and you are trying to get yourself settled. The last thing you want to think about are taxes. However…I am now living in Israel and I want to be compliant with my new country’s tax rules. I know what I was required to do “back home.” What do I need to do in my new home? Under Israeli law, all Israeli residents or households are required to file an annual income tax return. However, as with every rule, there are exceptions. Exemptions are granted to certain groups of taxpayers, usually when there is
Aliya and Taxes
Larry Stern, CPA (US) Here’s the scenario. You have just made Aliya and you are trying to get yourself settled. The last thing you want to think about are taxes. However…I am now living in Israel and I want to be compliant with my new country’s tax rules. I know what I was required to do “back home.” What do I need to do in my new home? Under Israeli law, all Israeli residents or households are required to file an annual income tax return. However, as with every rule, there are exceptions. Exemptions are granted to certain groups of taxpayers, usually when
Cross-border taxation | מיסוי בין דורי
Ron Zalben CPA (US/Israel) Binyamin Radomsky, CPA (Isr), ACA (UK) Cross-border taxation is one of the most complex and confusing areas of life, and affects more and more people with generations of families living in different countries. This is a particular issue for those living in Israel with family elsewhere in the world who are trying to plan their affairs for later in life. There are plenty of stories of Israelis paying exorbitant amounts of tax due to well-meaning plans made by families abroad who forgot to take into account the Israeli taxation. Whilst Israel – in contradistinction to many other Western countries
Israel Clarifies Tax Rates for Residential Units Income
The Israel Tax Authority in February published a circular draft clarifying the classification of income from residential units. The circular explains the considerations according to which the income from residential units should be considered income from business, rather than passive income (private income entitling the landlord to potentially lower tax rates). Based on the current draft: Leasing 10 or more residential units constitutes a fully taxable business according to the Tax Authority, with tax rates up to 45-50 percent Individuals leasing 5-9 residential units will have to convince the Israel Tax Authority that they should be granted the passive income rates, after
