Welcome. Department of Accounting E&Y TRIP 2007 Introduction to Taxation in the USA

Welcome

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_06-05-06PieChart.ppt

State Taxes Local Jurisdiction Taxation

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

Litigation Support 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

Have a GREAT Evening