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Lecture Accounting and auditing research: Tools and strategies - Chapter 7: Tax research for compliance and tax planning

This chapter presents the following content: Tax research goals, tax research challenges, tax research databases, checkpoint, primary tax authorities, the code, administrative authorities (particularly treasury regulations), judicial sources of tax authority, steps in conducting tax research,. | Chapter 7 Tax Research for Compliance and Tax Planning 1 Not always to get the lowest tax liability Maximize after-tax return or benefits Some desire to minimize disputes Distinguish Tax Evasion – illegal acts Tax Avoidance –minimize taxes legally Abusive Tax Avoidance – misapplying tax laws, some tax shelters Tax Research Goals 2 Two different types of tax research exist: Applied tax research Checks existing law, examines the impact on a given situation. This textbook uses applied tax research. Academic tax research Often empirical, behavioral tax research Some policy oriented for society at large Occasionally theoretical Tax Research - Defined 3 Determine the relevant facts. Facts include events and both the taxpayers and IRS’s positions. Many disputes have questions of fact. Relevancy decided by applicable law. “Relevant facts” are those that make a difference in how the law is applied. “Colorable facts” are those that only some people consider relevant. Tax Research Challenges 4 Find and examine relevant tax laws. Apply the law to the facts to determine the tax consequences. Alternative correct paths may exist. Inform the client of differing options. Tax Research Challenges (cont’d) Three types of tax practice for research: Tax Compliance Completes tax returns (facts have already occurred) Tax Planning Open fact engagements Carefully executed tax avoidance. Planning requires knowledge and skills. Tax Litigation Lawyers handle tax litigation. Tax Practice 6 Many alternative sources of tax law exist Legal databases - LexisNexis and Westlaw. Specialized tax databases - RIA and CCH. Research Institute of America (RIA) – Checkpoint Commerce Clearing House (CCH) – IntelliConnect Databases include both Primary tax authorities: Code, Regs, & cases Secondary authorities: tax services, treatises IRS publications, private letter rulings, Tax Research Databases 7 Created by the 3 areas of government: Congress, the executive branch, & the courts Hierarchy of tax law | Chapter 7 Tax Research for Compliance and Tax Planning 1 Not always to get the lowest tax liability Maximize after-tax return or benefits Some desire to minimize disputes Distinguish Tax Evasion – illegal acts Tax Avoidance –minimize taxes legally Abusive Tax Avoidance – misapplying tax laws, some tax shelters Tax Research Goals 2 Two different types of tax research exist: Applied tax research Checks existing law, examines the impact on a given situation. This textbook uses applied tax research. Academic tax research Often empirical, behavioral tax research Some policy oriented for society at large Occasionally theoretical Tax Research - Defined 3 Determine the relevant facts. Facts include events and both the taxpayers and IRS’s positions. Many disputes have questions of fact. Relevancy decided by applicable law. “Relevant facts” are those that make a difference in how the law is applied. “Colorable facts” are those that only some people consider relevant. Tax Research Challenges