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.
TaxesThe tax code is 5296 pages long, and it still hasn't been abridged by Congress. Find out why.
InvestingIssued shares are the amount of authorized stocks a company’s shareholders buy and own. The annual report shows the number of outstanding shares.
TaxesIf you can't pay your taxes, know that the IRS has many avenues for collecting what you owe.
Personal FinanceWhen you're applying for a job, these mistakes will keep your true potential from showing through.
TaxesWhen financial advisors collaborate with tax advisors, the end result is efficient tax mitigation.
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.
TaxesThe auditor's review isn't always the last word. Many taxpayers who are audited can successfully appeal their audits and save thousands of dollars.
TechThe Department of Labor (DOL) Fiduciary Rule is a new ruling that expands the “investment advice fiduciary” definition under the Employee Retirement Income Security Act of 1974 (ERISA).