FEDERAL INCOME TAXATION Mod 1-1

FEDERAL INCOME TAXATION Mod 1-1 - ACCT 335 FEDERAL INCOME...

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ACCT 335 - FEDERAL INCOME TAXATION MODULE NO. 1-1 (paragraph[¶] numbers refer the CCH textbook) INTRODUCTION & OVERVIEW OF THE FEDERAL INCOME TAX SYSTEM The objective of this module is to introduce you to the world of taxes. In this module, and throughout the course, the focus is almost exclusively on taxes levied by the Federal government. We will address questions such as: Why do we have taxes? In what ways does the government tax persons and entities? From what sources do the rules regarding taxes arise? Who administers the federal tax system? What are penalties for not complying with various tax rules? I. DEFINITION OF A TAX (Ref: Nat’l Fed. Vs. HHS , U.S. Sup. Ct) Ironically, our text does not give a generic definition of the term “tax”. It does define various types of taxes. I offer a generalized definition: A tax is a forced extraction by government, directed to all or a significant group of its citizens (rather than to a particular person or entity), generally (but not always) levied with intent to raise revenue for governmental operations. Fortunately, or perhaps unfortunately , depending upon your political persuasion, in 2012 the Supreme Court addressed the issue tax. The Court’s
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