First Deck Flashcards
Who writes and passes all federal tax law in the US?
Congress
NOT the IRS
Who is responsible for raising revenue to fund the federal budget?
The House Ways and Means Committee
What is the Senate’s version of the House Ways and Means?
The Senate Committee on Finance
What is the JCT?
Joint Committee in Taxation
Prepares economic, legal, and social analyses of proposed tax legislation, including revenue estimates
What is the IRC?
Internal Revenue Code
Profits from crime are considered…
Self-employment income
Which amendment gave Congress the authority to impose federal income taxes?
Sixteenth Amendment, ratified in 1913
What are the four primary divisions of the IRS?
Wage and Investment
Small business/self-employed
Large and Mid-Sized Business
Tax Exempt and Gov’t Entities
Can people who evade taxes have their property seized and go to jail?
Yes, but it hardly ever happens
Does the IRS do random audits?
Yes
Most audits are done by ______
What is 26 CFR?
Title 26 of the Code of Federal Regulations
Essentially the part of the CFR where the IRC is
What is the CFR?
The Code of Federal Regulations
The regs
for departments and agencies
of the Executive Branch
What is the IRC?
The Internal Revenue Code
In the IRC, what is Subtitle A?
Income taxes
In the IRC, what is Subtitle B?
Estate and Gift Taxes
In the IRC, what is Subtitle C?
Employment taxes
In the IRC, what is Subtitle D?
Miscellaneous excise taxes
In the IRC, what is Subtitle E?
Alcohol, tobacco, and certain other excise taxes
In the IRC, what is Subtitle F?
Procedure and administration
In the IRC, what is Subtitle G?
Joint Committee on Taxation
 In the IRC, what is Subtitle H?
Financing of presidential election campaigns
In the IRC, what is Subtitle I?
Trust fund code
In the IRC, what is Subtitle J?
Coal industry health benefits
