Chapter 1 - Chapter C:1 Tax Research Learning Objectives...

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Chapter C:1 Tax Research Learning Objectives After studying this chapter, you should be able to: 1. Describe the steps in the tax research process. 2. Explain how the facts influence the tax consequences. 3. Identify the sources of tax law and understand the authoritative value of each. 4. Consult the tax services to research an issue. 5. Use the citator to assess authorities. 6. Grasp the basics of internet-based tax research. 7. Understand professional guidelines that CPAs in tax practice should follow. 8. Prepare work papers and communicate to clients. Highlights of Recent Changes • For revenue rulings (and other IRS pronouncements) issued after 1999, the full four digits of the year of issuance are provided in the title. For revenue rulings and other pronouncements issued before 2000, only the last two digits of the year is issuance are provided in the title. • Students should become familiar with the use of internet-based databases which have replaced the paper services. • For changes to the IRC enacted after July 29, 1996, the Treasury is generally precluded from issuing regulations with retroactive effect. In the case of final regulations, however, a regulation can be effective on the date proposed or the date on which temporary regulations are filed with the Federal Register. Regulations issued within 18 months of the date of a change to the statute can be issued with retroactive effect. • Both CCH and RIA provide tax-related information via the Internet. The United States Tax Reporter is also available on LexisNexis and Westlaw.
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Lecture Outline I. Overview of Tax Research. Tax research can be conducted in a number of different settings. Tax research involves solving a specific tax-related question using a number of tax law sources as they apply to the particular situation. Sample work papers demonstrating how to document the results of a research effort are included in Appendix A. In addition, the text discusses two types of professional guidelines for CPAs in tax practice: the AICPA's guidelines for CPAs in tax practice, the Statements on Standards for Tax Services and Treasury Department Circular 230 (reproduced in Appendix E). A. Client-oriented research is conducted by accounting and law firms for the benefit of their clients. It involves determining the tax consequences of a certain transaction for a given client. It is performed in 1. Closed-fact or tax compliance situations. 2. Open-fact or tax-planning situations. B. Academic settings. Tax policy research may be conducted by individuals in an academic setting (e.g., accounting programs, law schools, economics departments, etc.). The tax advisor should always bear in mind the financial accounting implications of proposed transactions. Though interrelated, the two field of accounting have different orientations and different objectives. Tax accounting is oriented primarily to the Internal Revenue Service. Its objectives include calculating, reporting, and predicting one’s tax liability
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This note was uploaded on 05/23/2010 for the course ACC 331 taught by Professor Wininger during the Spring '10 term at Southern New Hampshire University.

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Chapter 1 - Chapter C:1 Tax Research Learning Objectives...

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