Shtainmetz Aminoach & Co. CPA was founded in 1987 and is part of the international UHY network of some 300 offices located in 99 countries, worldwide. The Firm believes in courteous and professional service tailored specifically to the client. A sense of service, professionalism and technological progress led by nine employees, who formerly served with the Israel Tax Authority, including the Deputy Chief Assessing Officer of the Large Enterprises Tax Assessing Office, the Head of the Mergers and Divestitures Department, etc., as well as many Certified Public Accountants who also simultaneously hold licenses to practice as attorneys.
The Firm specializes in a broad range of accounting services, including the preparation of financial statements, accounting, auditing, constructive tax models, tax arrangements, the formation of overseas companies, international taxation, internal and forensic audits as well as reports to the US tax authorities.
The Firm’s Strengths
The Firm places its emphasis on Israeli taxation. The Firm’s professionals have the required knowledge and extensive experience in various tax fields. This experience allows the Firm to offer a professional and comprehensive response to some of Israel’s largest and leading entities, including banks, insurance companies, public companies, large private companies, multinational companies.
The Client at the Center
Over the years, the Firm has developed a professional approach to offering solutions for its clients’ needs. The “client-centered” concept is the Firm’s core value, and thus, clients benefit from a leading firm with a team of accredited and experienced experts, without compromising on the personal and close attention from one of the Firm’s partners.
Public Company Accounting Oversight Board (“PCAOB”)
The Firm is one of the only accounting offices in Israel that has received the approval of the US Securities and Exchange Commission (SEC) to submit financial statements of companies listed on the NASDAQ and other US stock exchanges.
Specialization in Tax Pre-Rulings
Over time, the Firm has acquired extensive experience in the field of tax pre-rulings with the various tax authorities, in part thanks to the extensive experience of its senior managers, who at one time, worked for the Israel Income Tax Authority. With a pre-ruling, the element of uncertainty and risk in the client’s business regarding the tax aspects of complex transactions is reduced. The Firm works with the tax authorities to obtain pre-rulings in all relevant areas – income tax, land betterment tax, VAT, international taxation, and mergers and divestitures. The pre-ruling process is subject to strict anonymity, and only with progress in the pre-ruling process, are full details released. A pre-ruling service is available for the Firm’s regular clients and to clients that only want this special service.
Reports to the US Tax Authorities
The US Department specializes in offering tax services to the American authorities for US citizens or those that have US income, who are required to report to the American authorities. The Department works directly with the US tax authorities and provides a full range of professional services, such as filing annual reports for US individuals, partnerships and private companies, tax planning, reports for Israelis investing in US real estate, submission of reports as part of the voluntary disclosure procedure, etc.
The Firm’s Department employs professional accountants who are licensed in both the US and Israel and are familiar with working directly with the US tax authorities.
Internal and Investigative Audits
As part of its services, the Firm provides internal audit services both as internal auditors, as well as outsourced service providers.
Internal audits are a valuable tool for senior management and are carried out with the aim to promote and affect the goals of the organization, to assess risks and to propose solutions to prevent them. An internal audit is carried out under Companies Law, the Internal Audit Law, the Registered Associations Law, provisions of the Institute of Internal Auditors, and in accordance with the relevant legislative provisions that apply specifically to the audited entity.Among the Firm’s clients are government entities, health maintenance organizations, investment houses, municipalities, registered associations, public companies.
Audits of Information Systems
Information systems are a valuable tool for the daily operations of any organization, and so, the organization, as a whole, must ensure that the information systems that it relies on, are properly secured and work properly, efficiently and are monitored.
Consulting services and audits of information systems assist the organization in supporting high standards and sound activities in various environments, such as ERP, MF, WinTel, AS/400.
As part of its extensive services, the Department offers services on two levels:
• Review and strategic consulting for information systems to locate weaknesses and deficiencies by using computerized auditing tools.
• Analysis and characterization of computerized information systems used by the organization to check the integrity of its internal controls.
Regulatory and Risk Management
In the regulatory field, the Firm is involved in recommending and implementing the provisions of the law and relevant regulations, for example: adoption of Securities (Trading Arena and Independent Accounts) Regulations, remuneration policy (Amendment 20 of Companies Law), adoption of provisions regarding the effectiveness of internal control over financial reporting, including SOX 404 and I-SOX (Goshen Regulations), corporate governance, compliance surveys, provisions on capital adequacy, etc.
Risk Management focuses on measuring risks and implementing risk controls that are made by conventional methodologies. With early preparations, it is possible to minimize the degree of risk and to raise the level of control of critical processes in the organization, in order to reduce the level of exposure and to maximize the capabilities of the organization.
The department’s staff will match the risk management system to the organization, with emphasis on recommendations, their assimilation, and implementation. As part of this client service, the department prepares a process analysis, writes procedures and work plans, carries out risk surveys, as well as an analysis of operational risk management.
Valuations and Transactions Support
The Department’s staff prepares valuation and financial due diligence reports for public and private companies, start-ups and industrial companies that are in various stages of development, using various and accepted methodologies, under Israel Securities Authority provisions, accepted professional practice, and criteria established by income tax authorities in Israel and abroad. The staff has extensive experience working with complex economic models and in issuing expert opinions in court and conflict resolution.
The Firm offers feasibility studies, business plans, court-addressed opinions, and opinions on the pricing of derivatives and financial instruments that are part of acquisitions, mergers, and other purposes.
Taxation of Pension and Provident Funds
The Firm offers professional consulting services in the field of pension taxation for companies and large organizations.
These services are offered by Kobi Ittah, one of the top experts in the field, who for years served as Director of Provident Fund’s at the Income Tax Authority and now also consults for large corporate clients.
The Firm’s spacious offices are located on two floors at Engel House at 88 Yigal Alon Street in Tel Aviv, close to the Ayalon Freeway. Clients and guests of the Firm have access to free parking.
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