The last blog presented some basic information about the Internal Revenue Code (IRC or “Tax Code”), enacted by Congress in Title 26 of the United States Code (26 U.S.C. et seq). As all tax attorneys and accountants know, this “Tax Code” contains the federal domestic statutory tax law of the United States. This installment will review the history of the Internal Revenue Code.

U.S. statutes were not codified until 1874. Up until this time, congressional acts were not separately organized and published in separate volumes based on subject matter. Codifications of statutes first began in 1873 and created the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873.

This is a preview of History Of The Internal Revenue Code. Read the full post (442 words, 1 image, estimated 1:46 mins reading time)

Federal tax law begins (and ends!) with the Internal Revenue Code (IRC or “Tax Code”), which was enacted by Congress in Title 26 of the United States Code (26 U.S.C. et seq). The Tax Code, formally known as the Internal Revenue Code of 1986, contains the federal domestic statutory tax law of the United States.

The Internal Revenue Code is organized by such topics as income tax, payroll tax, estate tax, gift tax, and excise tax. The Tax Code also contains rules for procedure and administration. As everyone soon finds out after earning their first paycheck, if not sooner, the agency responsible for administering its rules and associated regulations is the Internal Revenue Service, aka IRS.

This is a preview of About The Internal Revenue Code. Read the full post (398 words, 1 image, estimated 1:36 mins reading time)