This week we’ll be discussing some of the fundamental aspects of federal taxation. Federal taxes include: (a) income taxes on corporations, individuals, and fiduciaries; (b) employment taxes; (c) estate and gift taxes; and (d) excise and customs taxes. To begin our discussion, for your initial post(s) feel free to address any one of the following questions.
- What gave Congress the right to levy taxes on income from whatever source derived?
- When was the last major overhaul of the Internal Revenue Code (IRC)? What is the current name of the IRC?
- What are the steps in the enactment of a revenue bill?
- What are the objectives of the tax law?
- The Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law in December 2015; discuss any of the major provisions of this legislation.
Also, to become a competent professional, you’ll need to master the art of tax preparation, taxpayer representation, and tax research. You must first become intimate with the organization of the IRS and its procedures before you can fully serve your clients. The IRS has four operating divisions. As another question that you may choose to address, select one of the operating divisions of the IRS and tell us the name of the division and what it is responsible for. Throughout the week, we’ll familiarize ourselves with other units and processes.
2. Thanks for these comments here and talking about the legislative process here. Do you think it takes too long to get through the process? Class?
3. Thanks for these additional comments here and talking about these changes that have happened. There has been a lot of past fraud and we need to make sure that are preventing this fraud in any way we can. Do you think it creates a lot of hardship for families that need the EITC to delay this? Class?