The first steps in the tax research process are to analyze the available facts, pin-point the legal issues involved, and formulate an appropriate tax question (or questions) to be researched. Preliminary research may indicate the need for additional facts or reformulation of the original questions.
What are the steps in the tax research process?
Conduct tax research by the following five steps:
- Investigate the facts and identify the issues.
- Collect the appropriate authorities.
- Analyze the research.
- Develop the reasoning and conclusion.
- Communicate the results.
Which of the following is the last step in the tax research process?
The final step in the research process is to communicate to the client the facts, assumptions, issues, sources of authority, and conclusions and recommendations.
What are the purpose s of tax research?
STUDY. What is the purpose(s) of tax research? To aid in finding solutions to tax problems. What are the six basic steps in conducting tax research? Briefly discuss each step in the tax research process.
Where do tax laws start and what can the Senate do?
Article I, Section 7, Clause 1: All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills. The issue of coverage is sometimes important, as in the case of the Tax Equity and Fiscal Responsibility Act of 1982, 96 Stat.
What are a tax practitioner’s responsibilities when providing advice?
The roles and responsibilities of a tax practitioner include submitting accurate and fair tax returns on behalf of statements, and remaining informed of changes to relevant legislation at all times.
Which of the following is an example of secondary authority?
Some examples of primarily American secondary authority are: Law review articles, comments and notes (written by law professors, practicing lawyers, law students, etc.) Legal textbooks, such as legal treatises and hornbooks. Legal digests, such as the West American Digest System.
What is collateral estoppel how does it affect tax research and planning?
What is collateral estoppel? How does it affect tax research and planning? The legal concept of collateral estoppel bars relitigation on the same facts or the same issues. Therefore, the tax practitioner must be certain that his or her case is researched fully and no issues have been overlooked.
What audit function does the document Perfection program perform?
What audit function does the document perfection program perform? This program checks the tax return for mathematical and tax calculation errors.
How do you write a tax research?
Tax Research Tutorial
- Step 1) Establish the Facts; Identify the Issues. …
- Step 2) Make a List of Possible Keywords, Concepts and Terminology. …
- Step 3) Find an Overview of the Topic in a Tax Reporter. …
- Step 4) Identify Relevant IRS Code Sections, Regulations and Rulings, Publications and Other Relevant Primary Authority.
Which of the following is considered a tax return preparer?
Treasury Regulation 301.7701-15 generally defines a tax return preparer as, “any person who prepares for compensation, or who employs one or more persons to prepare for compensation, all or a substantial portion of any return of tax or any claim for refund of tax under the Internal Revenue Code.” A person may be deemed …
Which of the following are potential strategies for locating primary authority to address a tax research question?
Which of the following are potential strategies for locating primary authority to address a tax research question? Use the topical index for the Internal Revenue Code. Browse the table of contents in a commercial tax service. Use a keyword search in an electronic tax library.
What are the disadvantages of using an online tax service?
Con: It may be more expensive.
However, filing your taxes online may result in some extra expenses. The IRS e-file form is only free if you have an adjusted gross income of $57,000 or less. Depending on who you hire to help prepare your taxes, they may charge an extra fee for submitting your return electronically.
What is a case headnote how might it be useful to the tax researcher?
How might it be useful to the tax researcher? A case headnote is a brief case summary at the beginning of a case, usually inserted by the court reporter editors. They are useful to the researcher by helping to quickly determine if a particular case is of interest.