Tax Compliance: Filing Requirements and Associated Fines Tax compliance is crucial for individuals and businesses to avoid penalties, maintain financial stability, and stay in good standing with tax authorities. Understanding the different classes of tax filings and the associated fines for non-compliance can help taxpayers fulfill their obligations on time and avoid unnecessary expenses. Classes […]
The Net Investment Income Tax (NIIT) is an additional 3.8% tax that applies to certain types of income for high-income earners. Introduced as part of the Affordable Care Act, this tax often catches individuals off guard, particularly those with significant investment income. In this blog, we’ll break down what NIIT is, who it affects, and […]