Accounting for Income Tax
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This paper takes a look at the federal income tax system in the United States, including its historical background. The Internal Revenue Code and the Internal Revenue Service are also discussed. The author argues that although the U.S. income tax system is often referred to as infinitely complicated, it is based on several straightforward concepts. These concepts are presented and analyzed. The author also examines several other important regulations and guidelines that have been adopted to improve the assessment, accounting, and collection of income tax in the United States.
From the Paper:"Today, the assessment, levying, and collection of income tax on individuals, estates, trusts, corporations and several other entities is regulated by the Internal Revenue Code, enacted by Congress in Title 26 of the United States Code (26 U.S.C.) The institution responsible for overseeing and enforcing the legislation contained in this statute is the Internal Revenue Service. Originally created in 1862 as the Office of the Commissioner of Internal Revenue, this institution has undergone extensive changes in the decades since...."
Sample of Sources Used:
- Bankman, J., Griffith, T.D. & Pratt. K. Federal Income Tax, 4th edition. New York: 2005, 1-10
- Ranson, D. You Can't Soak the Rich. The Wall Street Journal. May 20, 2008. Retrieved November 30, 2008 <http://online.wsj.com/article/SB121124460502305693.html>
- Sieq, H & and Johnson, L. Essentials of Federal Income Taxation for Individuals and Business. Chicago: 2008, 1 - 104.
- Schwartz, M.A. (1992). Accounting for Income Taxes: Statement of Financial Accounting Standards No. 109. The National Public Accountant, June 1. Retrieved November 30, 2008 from <http://www.allbusiness.com/human-resources/compensation-payroll/322672-1.html>
- Terrell, E. History of the US Income Tax. Business Reference Services. February 2004. Retrieved November 30, 2008<http://www.loc.gov/rr/business/hottopic/irs_history.html>
Cite this Analytical Essay:
Accounting for Income Tax (2010, April 30) Retrieved June 30, 2022, from https://www.academon.com/analytical-essay/accounting-for-income-tax-119465/
"Accounting for Income Tax" 30 April 2010. Web. 30 June. 2022. <https://www.academon.com/analytical-essay/accounting-for-income-tax-119465/>