Robby

The issue of wealth inequality has been a topic of growing concern in recent years, with the gap between the rich and the poor widening at an alarming rate. This has led to calls for governments to take action to address this issue, including through the implementation of new or increased taxes on the wealthy. … Read more

Tax Collected at Source (TCS) is a mechanism implemented by the Indian government to ensure timely collection of taxes from specific transactions involving the sale of goods or services. Sellers are obligated to collect TCS from buyers at the point of sale, and failure to comply can result in significant penalties. Penalty for Non-Collection of … Read more

The Internal Revenue Service (IRS) issues Notice CP508C to individuals whose tax debts meet the definition of “seriously delinquent” under Internal Revenue Code Section 7345. This notice informs the taxpayer that the IRS has certified their tax debt to the U.S. Department of State, which may result in the denial, revocation, or limitation of their … Read more

Navigating the Complexities of Educational Tax Deductions The pursuit of higher education often entails substantial expenses, including the acquisition of laptops and other essential tools. While the Internal Revenue Service (IRS) generally classifies personal computers as non-deductible personal expenses, there are specific circumstances under which you may be eligible for tax relief related to your … Read more

Receiving an unexpected deposit from the IRS can be both surprising and confusing. This comprehensive guide delves into the various reasons why the IRS may have deposited money into your bank account, providing clarity and ensuring you understand the implications. Reasons for IRS Deposits The IRS may deposit money into your bank account for several … Read more

The third round of Economic Impact Payments, authorized by the American Rescue Plan Act of March 2021, provided financial relief to eligible individuals and families impacted by the COVID-19 pandemic. These payments were issued by the Internal Revenue Service (IRS) and varied in amount depending on factors such as income and family size. Payment Amounts … Read more

Day trading, the practice of buying and selling financial assets within a single trading day, has gained significant popularity in recent years. However, understanding the tax implications of day trading is crucial to avoid potential financial pitfalls. This guide delves into the tax obligations of day traders, including the intricacies of Social Security tax, estimated … Read more

The Internal Revenue Service (IRS) has issued Letter 6475, Economic Impact Payment (EIP) 3 End of Year, to help EIP recipients determine their eligibility for the Recovery Rebate Credit on their 2021 tax year returns. This letter provides the total amount of the third Economic Impact Payment and any plus-up payments received for tax year … Read more

Filing for a tax refund can be a daunting task for any business owner, but it’s especially important for small businesses. Every dollar you can get back from the government can help you reinvest in your business and grow your profits. In this guide, we’ll walk you through everything you need to know about getting … Read more

An IRS installment agreement is a formal arrangement between a taxpayer and the Internal Revenue Service (IRS) that allows the taxpayer to pay off their tax debt in monthly installments. While installment agreements can provide taxpayers with much-needed relief from the burden of tax debt, it’s crucial to understand the consequences of defaulting on the … Read more