Form 16 is a crucial document for salaried individuals in India, as it serves as a TDS (Tax Deducted at Source) certificate issued by employers to employees. This certificate provides details of an employee’s salary, allowances, deductions, and tax deducted during a financial year. While Form 16 plays a vital role in income tax filing, … Read more
Understanding Bank Levies The Internal Revenue Service (IRS) possesses the authority to impose a bank levy, a legal tool employed to seize funds from a taxpayer’s bank account in order to settle outstanding tax obligations. This action is typically taken when a taxpayer fails to remit payment after receiving multiple notifications and inquiries from the … Read more
Understanding an Offer in Compromise An Offer in Compromise (OIC) is a formal agreement between a taxpayer and the Internal Revenue Service (IRS) that settles the taxpayer’s tax debt for less than the full amount owed. The IRS may consider an OIC if the taxpayer can demonstrate that they are unable to pay the full … Read more
A final audit, also known as a periodic audit, is an examination of an organization’s financial statements and records performed after the end of an accounting period, typically at the end of a fiscal year. The primary objective of a final audit is to provide assurance that the financial statements are accurate, complete, and presented … Read more
Filing taxes is a crucial obligation for individuals and businesses alike. However, there may be instances where individuals fail to meet the tax filing deadline, leading to potential penalties and consequences. This article delves into the implications of not filing taxes, exploring the penalties associated with late filing and non-filing, and providing guidance on how … Read more
As we age, our health and medical needs often expand, leading to costly out-of-pocket expenses that can strain even the most well-planned retirement budget. Fortunately, seniors have the option to deduct certain medical expenses from their taxes, providing much-needed financial relief. This guide will delve into the intricacies of medical expense deductions for seniors, empowering … Read more
The act of giving gifts, whether it’s a monetary contribution or a thoughtful present, is often seen as a selfless gesture. However, when it comes to substantial gifts, there’s a potential tax implication that many individuals overlook: gift tax. Understanding who is responsible for paying gift taxes is crucial to avoid any unexpected financial burdens. … Read more
Navigating the complexities of funeral expenses and their potential tax implications can be daunting during a time of grief. Understanding the tax laws surrounding funeral costs can help you optimize your financial situation and minimize the financial burden associated with end-of-life expenses. This comprehensive guide will delve into the deductibility of funeral expenses, exploring the … Read more
The Internal Revenue Service (IRS) has a limited amount of time to collect on taxes owed. This time period is known as the Collection Statute Expiration Date (CSED). The CSED is generally 10 years from the date the tax was assessed. However, there are a number of exceptions to this rule. Exceptions to the 10-Year … Read more
Navigating the complexities of tax reporting can be daunting, especially when it comes to declaring stocks. This guide will provide a comprehensive overview of the tax implications of stock ownership, helping you understand how to accurately report your stock transactions on your tax return. Taxation of Stock Transactions When you sell or dispose of stocks, … Read more