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Taxation is one area of the law where what you do not know can defiantly hurt you or your business. The law that deals with federal taxation of individuals, corporations, partnerships, limited liability companies, charitable organizations, foundations, estates and trusts (to name a few) is Title 26 of the U.S. Code. Title 26 is very complex, and this is one area of the law where the answer is not intuitive. This is because many tax laws are the result of special interests and compromises during the legislative process. Consequently, it is critical that you have a skilled professional assist you in minimizing your tax burden.

The Sixteenth Amendment to the U.S. Constitution gave Congress the authority “to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.” This Amendment became effective on February 25, 1913.  Since the period of time most people understand that the purpose of tax planning is to structure one’s affairs to minimize the taxes payable to the U.S. Treasury Department.

Since that time Title 26 of the U.S. Code (commonly referred to as the Internal Revenue Code) has become very complex.  In addition to the 3,387 pages of the IRC, the regulations that interpret the IRC add another 13,458 pages.  But, this is just part of what a tax practitioner needs to be familiar with.  In addition to the statues and regulations are, IRS Notices, Revenue Rulings, Revenue Procedures, Private Letter Rulings, Tax Court Decisions, Tax Court Memorandum Decisions and federal court decisions.

But wait, it is not tax simple.  The IRC is a national law, but it governs transactions whose legal effects are usually prescribed by state rather than federal law.  Without the body of state law prescribing the rights and liabilities arising from taxpayers' daily activities, the federal tax collector would be unable to properly classify many day-to-day transactions.  For example, a matter as simple as the deduction of a worthless debt on the ground that the taxpayer's claim against the debtor is barred by the statute of limitations depends on state law, and these rules vary from one state to another.  Before the federal tax consequences of a transaction can be determined, one must be aware of the state law.

As you are beginning to see, tax practice is not something that somebody just starts doing; its takes years of practice to understand the complexities of the law.
 


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Web Resources for Tax planning, audits and litigation:

• Internal Revenue Code and Treasury (tax) Regulations

  Description: Looking for somthing to do; try reading a few federal revenue statutes.  You will quickly learn why tax law is a specialty.   

• Internal Revenue Service

  Description: Many of you have probably been to this site.  Often this is the first place that I go to look for some forms.

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