1. Welcome

2. Department of Accounting

4. E&Y TRIP 2007 Introduction to Taxation in the USA

5. 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

6. Just in Case/FYI Restrooms are down the hall; please feel free to get up and use them at any time!

7. E&Y TRIP 2007 Tax Practice in the “Big 4”  Audit/Management Services Clients  Tax-only Clients  Litigation Support  Advocacy and Lobbying

8. E&Y TRIP 2007 Tax Systems in the USA  Federal/National Level E&Y_06-05-06PieChart.pptE&Y_06-05-06PieChart.ppt  State Taxes  Local Jurisdiction Taxation

9. 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%

10. E&Y TRIP 2007 Sources of Federal Tax Law  Statutory Law  Administrative Interpretations Regulations Rulings Procedures  Judicial Decisions

11. 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

12. Break Time!!!

13. E&Y TRIP 2007 Federal Tax Practice: Fundamentals  Ex post: Compliance Assignments  Ex ante: Tax Planning  Ethical Considerations

14. 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

15. Is the Tax Law Complex?

16. E&Y TRIP 2007 Tax Research  Compliance Issues  Planning Engagements  Research Sources

17. E&Y TRIP 2007 IRS on the Web Tax Almanac Tax Analysts Tax Foundation

18. E&Y TRIP 2007 Philadelphia Pennsylvania Illinois California New York

19. “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?

20. SJU’s Signature The Department of Accounting

21. H ave a GREAT Evening