Welcome
Department of Accounting
E&Y TRIP 2007 Introduction to Taxation in the USA
E&Y TRIP 2007 Agenda for the Afternoon Introduction and Background Role of “Big 4” Tax Staff Taxation in the USA Sources of Federal Tax Law Federal Tax Practice
Just in Case/FYI Restrooms are down the hall; please feel free to get up and use them at any time!
E&Y TRIP 2007 Tax Practice in the “Big 4” Audit/Management Services Clients Tax-only Clients Litigation Support Advocacy and Lobbying
E&Y TRIP 2007 Tax Systems in the USA Federal/National Level E&Y_ PieChart.pptE&Y_ PieChart.ppt State Taxes Local Jurisdiction Taxation
The Federal Government Dollar: Where It Comes From Excise, Customs, Estate, Gift, and Miscellaneous Taxes 7% Personal Income Taxes 43% Social Security, Medicare, and Unemployment and other Retirement Taxes 35% Corporate Income Taxes 7% Borrowing to Cover Deficit 8%
E&Y TRIP 2007 Sources of Federal Tax Law Statutory Law Administrative Interpretations Regulations Rulings Procedures Judicial Decisions
The Legislative Path for Tax Law House Ways and Means Committee Full House Senate Finance Committee Full Senate Joint Conference Committee Senate/House Compromise bill President vetoes bill Tax law enacted President signs bill Veto override fails Veto override passes
Break Time!!!
E&Y TRIP 2007 Federal Tax Practice: Fundamentals Ex post: Compliance Assignments Ex ante: Tax Planning Ethical Considerations
E&Y TRIP 2007 Federal Tax Practice: Working Procedures Practice Before the IRS AppealsProcess.ppt AppealsProcess.ppt Litigation Support TaxCaseLitigationProcess.ppt TaxCaseLitigationProcess.ppt Independence versus Advocacy
Is the Tax Law Complex?
E&Y TRIP 2007 Tax Research Compliance Issues Planning Engagements Research Sources
E&Y TRIP 2007 IRS on the Web Tax Almanac Tax Analysts Tax Foundation
E&Y TRIP 2007 Philadelphia Pennsylvania Illinois California New York
“The income tax law is a lot of bunk. The government can’t collect legal taxes from illegal money.” Al Capone Do you know this man?
SJU’s Signature The Department of Accounting
H ave a GREAT Evening