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
TaxesThe tax code is 5296 pages long, and it still hasn't been abridged by Congress. Find out why.
Personal FinanceThe Volcker Rule is likely to be threatened by the new administration appointed by Donald Trump, who campaigned on promises to dismantle Dodd-Frank.
TaxesIf you face a personal or business tax audit, should you represent yourself vs. the IRS? In most cases, no. Here's why.
Personal FinanceWhen you're applying for a job, these mistakes will keep your true potential from showing through.
InvestingCrafting a strong cover letter for a job can increase your chances of standing out from the crowd and landing an interview. Some techniques that help.
TaxesWhen financial advisors collaborate with tax advisors, the end result is efficient tax mitigation.
InsightsTrump has been fulfilling campaign promises by issuing executive orders.
InsightsThe IRS has considerable power to enforce tax collection and reporting. But does it have too much power?
TaxesWhat might seem like normal tax advice in the U.S. could result in stiff penalties for accountants and financial planners in the U.K. under proposed regulations.