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marginal change (new-old)tax/taxable average tax/taxable
Effective tax/total
Federal Taxes
Income
Employment (Social Security and Medicare tax(.9%+ on ee) by employer and ee; self-employee tax) un Excise (quantity sold)
Transfer (MV estate/gift) state and local taxes: income, sales and use, excise, and property taxes
Corp. tax returns 3/15 partnerships 5 mo. Extension no file a tax return penalty= 5% per mo. tax due. Max= 25% tax owed statute of limitations: later tax return filed or tax return's original due date (3 yrs: nature of the mistake; 6 yrs omits items of 25% gross income; fraudulent indefinitely)
Primary authorities: official sources of the tax law generated by the legislative, judicial, and executive/administrative branch.
Secondary authorities: unofficial tax authorities tax (research services, tax articles from professional journals and law reviews, newsletters, and textbooks) legislative or statutory tax authorities: U.S. Constitution, Internal Revenue Code, and tax treaties
Tax treaties are negotiated agreements between countries
Our judicial system has the ultimate authority to interpret the Internal Revenue Code and settle disputes between the IRS and taxpayers.
Stare decisis: a court will rule consistently with its previous rulings and the rulings of higher courts with appellate jurisdiction
Golsen rule following the rule where from
IRS audits consist of correspondence, office, and field examinations.
Regulations: proposed, temporary, and final. purposes: interpretative, procedural, and legislative revenue rulings address the specific application of the Code and regulations to a specific factual situation
Regulations are issued in three different forms: proposed, temporary, and final. In addition to being issued in three different forms, regulations also serve three basic purposes: interpretative, procedural, and legislative gross income is less than $600, not required to file an income tax return
Timing Strategy:
Effective tax/total
Federal Taxes
Income
Employment (Social Security and Medicare tax(.9%+ on ee) by employer and ee; self-employee tax) un Excise (quantity sold)
Transfer (MV estate/gift) state and local taxes: income, sales and use, excise, and property taxes
Corp. tax returns 3/15 partnerships 5 mo. Extension no file a tax return penalty= 5% per mo. tax due. Max= 25% tax owed statute of limitations: later tax return filed or tax return's original due date (3 yrs: nature of the mistake; 6 yrs omits items of 25% gross income; fraudulent indefinitely)
Primary authorities: official sources of the tax law generated by the legislative, judicial, and executive/administrative branch.
Secondary authorities: unofficial tax authorities tax (research services, tax articles from professional journals and law reviews, newsletters, and textbooks) legislative or statutory tax authorities: U.S. Constitution, Internal Revenue Code, and tax treaties
Tax treaties are negotiated agreements between countries
Our judicial system has the ultimate authority to interpret the Internal Revenue Code and settle disputes between the IRS and taxpayers.
Stare decisis: a court will rule consistently with its previous rulings and the rulings of higher courts with appellate jurisdiction
Golsen rule following the rule where from
IRS audits consist of correspondence, office, and field examinations.
Regulations: proposed, temporary, and final. purposes: interpretative, procedural, and legislative revenue rulings address the specific application of the Code and regulations to a specific factual situation
Regulations are issued in three different forms: proposed, temporary, and final. In addition to being issued in three different forms, regulations also serve three basic purposes: interpretative, procedural, and legislative gross income is less than $600, not required to file an income tax return
Timing Strategy: