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Acct 429 Week 7 Research Project

  • Date Submitted: 07/30/2016 02:14 AM
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ACCT 429 Week 7 Research Project
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Performing tax research is an importa
nt part of tax practice. As outlined in Chapter 2 of your
textbook, tax law is developed through a number of different governmental entities. Congress
enacts the tax Code as statutory law. The Treasury Department is tasked with the
implementation of the
tax Code and, in the course of doing so, develops a number of
documents and materials to aid taxpayers in understanding the Treasury Department’s
interpretation of the code, including the Regulations. In turn, the Internal Revenue Service
(“IRS”) has the
direct responsibility for
implementing the tax Code and in assessing and
collecting the applicable tax from taxpayers. In the course of its duties, it also develops a
number of materials, including Revenue Rulings, Revenue Procedures, and Private Letter
Rulings, in which it sets forth its understanding of the tax laws. Finally, the federal courts
decide tax cases in which taxpayers contest the government’s interpretation of the tax laws. In
deciding these cases, the federal courts set forth binding inte
rpretation of what the tax laws
provide. All of these materials (often called primary resources) are important resources in
performing tax research. On top of these primary sources of tax law, there are a number of
secondary materials provided by various
organizations and publishers. These secondary
materials offer editorial analysis of the tax laws (somewhat akin to a Cliffs’ Notes
®
on tax laws)
to help tax practitioners understand the tax laws and apply them in given situations.
Just as with the first
project that was submitted in Week 3, t
he following assignment has
three
(
3
) different graded elements....

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