P-4 (Tax Law) Flashcards
Where does federal tax law begin?
Federal tax law begins with the Internal Revenue Code (IRC), enacted by Congress in Title 26 of the U.S code. The IRC is the basis for all tax laws.
What are the regulations commonly referred to as federal tax regulations?
Treasury regulations (26 CFR) - commonly referred to as federal tax regulations and they pick up where the IRC leaves off by providing the official interpretation of the IRC by the Department of Treasury.
Regulations interpret and give directions on complying with the law, where are regulations published?
Regulations are published in the Federal Register.
What does the IRS publish in the Internal revenue bulletin as a guide for taxpayers, IRS personnel, and tax professionals?
The IRS publishes Revenue Rulings as in the Internal Revenue bulletin as a guide, Revenue rulings are official interpretations by the IRS of the Internal Revenue Code, related statutes, tax treaties, and regulations.
A revenue procedure is an official statement of a procedure that affects the rights or duties of taxpayers or other members of the public under the Internal Revenue Code, related statutes, tax treaties, and regulations and that should be a matter of public knowledge, are these published on the Internal revenue bulletin?
Yes,
A revenue procedure is an official statement of a procedure that affects the rights or duties of taxpayers or other members of the public under the Internal Revenue Code, related statutes, tax treaties, and regulations and that should be a matter of public knowledge are published on the IRB.
What does revenue procedure provide, that revenue rulings do not?
A revenue procedure provides return filing or other instructions concerning an IRS position.
Case law is born out of the decisions of the courts interpreting the law. Once a court arrives at a decision, a justice (or several justices) will write an opinion. Once this judicial decision is made, what must lower court and IRS do?
his judicial decision may be cited as precedent, and any court lower in the pecking order must follow the decision as law.
Oftentimes what type of decisions do lawyers and taxpayers use to argue a position.
Lawyers and taxpayers often use these decisions to argue a position.
What must the IRS do if they agree or disagree with Judicial Decision?
IRS policy is to announce their acquiescence (acceptance) to follow a court ruling in future matters of an equivalent issue. The intention of the IRS to follow (or not) a court decision is published in the Internal Revenue Bulletin (IRB) and listed as acq. or nonacq. in the court citation.
Circular 230 contains the rules indicated in 31 CFR, Subtitle A, Part 10. Circular 230 contains regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers before the Internal Revenue Service.
Circular 230 contains the rules indicated in 31 CFR, Subtitle A, Part 10. Circular 230 contains regulations governing the practice of attorneys, certified public accountants, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers before the Internal Revenue Service.
What is the Internal revenue bulletin?
the authoritative instrument for announcing official rulings and procedures of the IRS and for publishing Treasury Decisions, Executive Orders, Tax Conventions, legislation, court decisions, and other items of general interest.
What is the Internal revenue manual?
The Internal Revenue Manual (IRM) is the single official source for IRS policies, directives, guidelines, procedures, and delegations of authority in the IRS.
Who writes tax laws found in the Internal Revenue Code (26 USC)?
Congress writes tax laws found in the Internal Revenue Code (26 USC).
Who writes Treasury Regulations (26 CFR)?
The Internal Revenue Service writes Treasury Regulations (26 CFR).
A decision of the Supreme Court carries the same authority as what?
The internal revenue code.
