The moral seems to be: don’t overdo your tax planning. But this was not the finest hour for anyone involved.
Biden was hit with three felony and six misdemeanor tax offenses, according to an indictment filed in US District Court in Central California.
A principal lesson is not to mix business with charitable, or voluntary activities. In this case, an Israeli individual did so and it resulted in being allegedly amounted to fraud and tax evasion.
Use this time of the year to sit down and reassess your financial situation. If there are changes, take the time now to re-allocate your funds.
The government has issued proposals to collect 23% from Israeli parent companies with 30+% affiliated companies that derive certain types of “mobile income” taxed abroad below 15%.
If you buy or sell a home in Israel, your tax will be higher if you are married or living together as a common-law couple, than if you are single.
It remains to be seen what will finally be enacted and when. Financial, insurance, and e-commerce groups, among others, may be impacted.
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