Tax_research%20Handouts - HANDOUT 1 US FEDERAL TAX LAW...

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HANDOUT 1 US FEDERAL TAX LAW (INTERNAL REVENUE CODE) Each tax provision is designated by a unique Code Section number. Each year, some code sections are repealed and new laws (sections) are added. Every research memorandum should cite and discuss the relevant code sections. Committee Reports Before a law is enacted, proposed legislation is discussed in the Congressional House Ways and Means Committee, Senate Finance Committee, and Joint Conference Committee. These reports discuss Congressional objectives and motivations for proposing the legislation. Regulations Regulations interpret the Internal Revenue Code and are issued by the Treasury Department. Income tax regulations are designated by the section number of the law with a “1.” prefix. Regulations are strong support and always should be read in conjunction with the law. CCH Annotations In addition to regulations, the IRS issues many other documents which help to interpret the Internal Revenue Code. For example, revenue rulings provide more specific examples than the regulations; however, they are less authoritative. There are also many court cases which interpret and decide a particular tax issue. The US Federal tax courts include the US Tax Court, US District Court, US Claims Court, US Court of Appeals, and the US Supreme Court. When the tax researcher uses CCH’s Annotations button for a particular code section, s/he will find a list of topics covered in the code section which link to a list of annotations for each topic. An annotation very briefly summarizes a revenue ruling, court case, etc. If the annotation is of interest, the researcher will link to the document for further study. CCH Explanations CCH’s tax experts try to simplify the law for practitioners by writing their own explanations and interpretations. CCH’s explanations are not authoritative and should never be cited in a formal memorandum.
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CCH Current Developments CCH provides a button which lists new documents addressing a particular code section within the past year.
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HANDOUT – 2 CCH TAX RESEARCH NETWORK CCH Tax Research Network is an electronic database that contains valuable tax documents and explanations for tax researchers. You can access the Internal Revenue Code on the Internet as follows: The address is: www.library.uiuc.edu/bel Then click on Business and Economic Databases under Find Articles Go to Alphabetical List of Databases Select CCH Tax Research Network Once you have logged on, continue as follows to do your research: Step 1 : Click on Federal Tax tab at top. Step 2: Place a check by the Current Internal Revenue Code under Primary Sources . Step 3: Click on the Citation Button at the top. Step 4: Enter number of the code section you wish to research in the second box and Click on Search .
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This note was uploaded on 11/17/2011 for the course ACCY 312 taught by Professor Vare during the Fall '11 term at University of Illinois at Urbana–Champaign.

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Tax_research%20Handouts - HANDOUT 1 US FEDERAL TAX LAW...

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