Lesson 7.1.1 The IRS Mission

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Del curso dictado por University of Illinois at Urbana-Champaign

Taxation of Business Entities II: Pass-Through Entities

2 calificaciones

University of Illinois at Urbana-Champaign

Taxation of Business Entities II: Pass-Through Entities

2 calificaciones

Curso 4 de 5 en SpecializationU.S. Federal Taxation

This course provides an introduction to the U.S. federal income taxation of pass-through business entities, including Subchapter S corporations, partnerships, and limited liability companies. The course focuses on the relevant provisions of Subchapters S and K of the Internal Revenue Code, as well as related Treasury Regulations and judicial opinions, governing the formation, operation, and termination of pass-through entities. Practical in-class study problems facilitate self-discovery of technical tax knowledge along with the development of a variety of professional skills and attitudes.

De la lección

Module 7 Professional Tax Practice & Ethics

In this module, you will examine the ethical guidelines that encompass the professional tax practice. It will begin with a discussion of the mission and authority of the Internal Revenue Service (IRS), the enforcement agency overseeing the professional tax industry. Next, we will highlight the various penalties that can be assessed at the taxpayer level, both civil and criminal. Finally, you will be introduced to the ethical standards imposed upon tax advisors: Circular 230 and AICPA standards.

Lesson 7.1.1 The IRS Mission3:04

Lesson 7.1.2 Structure of the IRS3:14

Lesson 7.1.3 Powers of the IRS2:47

Lesson 7.1.4 Tax Return Audits6:40

Lesson 7.1.5 The Tax Gap1:25

Conoce a los instructores

Michael P Donohoe, PhD, CPA
Associate Professor of Accountancy and PwC Faculty Fellow
Department of Accountancy, Gies College of Business

Treasury Department is the executive body responsible for

administering the federal tax laws of the United States.

The Internal Revenue Service or IRS,

a division of the Treasury is charged with

collecting taxes and enforcing the Internal Revenue Code.

In this lesson, you will learn about the enforcement of federal tax laws,

more specifically you will examine various attributes of the IRS including its mission,

structure, and administrative powers.

You will also learn about the tax return audit process and the tax gap.

Code Section 7801 A1 states that the administration and enforcement

of this title shall be performed by or

under the supervision of the secretary of the Treasury.

Here of course the term title refers to Title 26 of the Code of Federal Regulations,

better known as the Internal Revenue Code.

Under the statutory authority to supervise the administration and enforcement of tax law,

the Treasury created the IRS for this purpose,

specifically Code Section 7803 provides for the appointment of

a Commissioner of Internal Revenue to administer, manage, conduct, direct,

and supervise the execution and application of

the Internal Revenue laws or related statutes and

tax conventions to which the United States is a party.

Therefore, the official mission of the IRS is to

provide America's taxpayers top quality service by

helping them understand and meet their tax responsibilities

and enforce the law with integrity and fairness to all.

Said another way, the IRS role is to help the large majority of

compliant taxpayers with the tax law while ensuring that the minority,

who are unwilling to comply pay their fair share.

To facilitate its mission,

the IRS provides taxpayers with information such as publications,

tax forms, and detailed instructions so that they can comply with income tax laws.

It also identifies and examines delinquent tax payments and performs

assessment and collection procedures under the restrictions of

due process and other constitutional guarantees.

One of the most renowned examples of IRS enforcement is that of

the legendary organized crime boss, Alphonse Scarface Capone.

After federal prosecutors attempted for many years to build criminal cases against him,

the accountants came to the rescue.

Specifically in 1931, the intelligence unit of the Internal Revenue Service

completed an investigation that led to

Capone's eventual conviction for federal tax evasion.

While he was seemingly able to create plausible deniability for his organized crimes,

hiding income wasn't as easy.

He spent 11 years in prison as a result.

If interested, you can review

interesting historical documents about this case on the IRS website.

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