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TAX CODE
Tax Code, which we refer to here as the U S Internal Revenue Tax
Code, is the thousands of pages used by the IRS to tax the American
people. Just one section of our Tax
Code would be: Title 38,
Subtitle G, Chapter 72, Subchapter B, Part II, Sec. 7002.
The U S Tax Code is
certainly vague in some areas and specific in others. Accountants sometimes
look up a section of tax code to
prepare a difficult tax return, but usually can use summaries of tax code
found in publications. One can
look up a particular section of tax
code for clients to help find rules regarding a tax deduction. Due to
the complexity of the tax code, most people use court cases and revenue
rulings for advice rather than the tax
code.
Unless you are going to tax
court, avoid reading the tax code. Do some research online and refer to other
tax and accounting publications for advice and to guide you through the tax
maze.
Congress has suggested many
times that the tax code will be simplified and rewritten. Due to political
restraints and federal spending, parties continue to disagree on exactly how
to redo and make the current tax code a useful tool. |
