CA Unfiltered

It’s been a while since I last shared a post, but I’m excited to be back with something timely and insightful. Learning about the U.S. taxation system has been on my personal study list for quite some time, and I’m thrilled to finally dive into it. If you’ve ever wondered how the U.S. taxation system operates, this blog is for you. Why Taxes Matter Taxes are the lifeblood of a country’s governance. In the U.S., tax revenues support everything from national defense to public schooling, infrastructure, and healthcare. In 2024, the Internal Revenue Service (IRS) collected nearly $4.9 trillion, with individual income tax alone accounting for over $2.6 trillion—more than half of the country’s total revenue. A Layered Tax Structure The U.S. tax system functions at three levels: federal, state, and local. The IRS operates at the federal level, while each state—and often each local government—has its own set of tax rules. This decentralization means someone living in Texas (which has no state ...

Hi everyone! I know it’s been a while since my last blog post (life got a little busy!) — but here I am, finally back to share something that I recently tried for the first time — closing an LLP . Since this was my first attempt at handling the closure process, I thought it would be useful to jot down my experience and key learnings in case any of you are planning to go through the same process. So here’s a simple, pointer-wise breakdown of the process and my takeaways:  1️⃣ Understanding the Basics • The LLP (Limited Liability Partnership) I worked on had been inactive for a while, and the partners wanted to close it formally. • Strike off application is the most common route if the LLP is inactive and there are no pending liabilities. • Relevant section: Rule 37 of LLP Rules, 2009 . • The simplified process for striking off an LLP is prescribed under Form 24 . (You can refer to the MCA portal for latest filing guidelines and circulars.) 2️⃣ Pre-requisites — What You Need Before S...