New Federal Tax Legislation (order of origination & approval):
- House Ways and Means Committee
- House of Representatives
- Senate Finance Committee
- Interprets the Code and Issues Regulations
- Second highest authority next to the IRC
- Regulations have the full force and effect of the law
National Office of the IRS
- Issues Revenue Rulings
- They do not have the full force of the law
- Can be cited as precedent
- Private Letter Rulings -– used to describe a position on a particular proposed tax issue to a taxpayer. They are considered the substantial authority for the purpose of avoiding accuracy-related penalties. It is only precedent for the taxpayer for which it was specifically addressed.
- Technical Advice Memorandums (TAMs) - ruling from an IRS office in response to a particular question raised by an audit agent, when a need for clarification arises.
- Determination Letters - similar to private letter rulings, but issued by district directors for complicated issues involving completed transactions.
Secondary Authority & Research Sources
TaxesIf tax rules and regulations are Greek to you, read on to learn how to decipher them.
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Managing WealthThis simple document can take the guesswork and headache out of settling your estate.
InsightsThe IRS has considerable power to enforce tax collection and reporting. But does it have too much power?