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TAX LAWS
Tax laws for the U S are passed by Congress; in fact, they
seem to pass new tax laws every
year. And taxpayers, accountants,
and the IRS have to sort through, learn, and interpret these new tax laws.
Luckily, publications are written to summarize our tax
laws and forms are constructed for data under the tax
laws. Most people do not have
to study the new tax laws for hours because they just depend on a good
accountant to know the tax laws
.
Tax laws are necessary
foundation of our personal income tax, corporate accounting, and estate tax
system. Due to the complexity of the tax laws, many interpretations are
written each day to help us understand them.
The original tax code was
written in 1954 and although the code has not been rewritten, thousands of tax
laws are passed each each. In addition to the actual tax laws, revenue
rulings, court cases, and memos are used to gain insight and establish an
interpretation for an particular law. |
