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Tax Return Position Paper - Essay Example
Finance & Accounting
Pages 3 (753 words)
Tax Return Position Paper Instructor Date Tax Return Position Paper The main primary sources of tax law include Internal Revenue Code, treasury regulations, case laws, administrative decisions, and legislative history. Internal Revenue Code (IRC) is well organized with all cross references and the provisions on related tax topics…
The internal revenue code contains landmarks on dates that the code was amended. These landmarks help the taxpayer to trace tax references and materials used in taxation. For example, the internal revenue code of the United States is contained in Title 26 of the United States Code. The United States Code contains tax laws of the federal government. The advantages of reading the internal revenue code are that the taxpayer acquaints him/herself with the best ways of using tax services, other sources and citators. Regulations by the treasury help to interpret and understand the internal revenue code. The regulations are issued by the treasury with the intention of giving guidance to the internal revenue code. The treasury regulations that are final are coded according to the Code of Federal Regulations. Later, these regulations are announced as Treasury Decisions in the Federal Register. The main treasury regulations include proposed, final and temporary regulations. The proposed regulations usually last for a minimum of a comment period and thirty days .the period that applies for the proposed period is laid down by Certified Public Accountants (CPA).Final regulation become authoritative once they are coded according to the Code of Federal Regulations and publicized on Federal Register. The temporary regulations are issued temporarily and can only last for three years. ...
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