Code of Federal Regulations, Title 26 Internal Revenue 1.1001-1.1400, Revised as of April 1, 2022

Title 26 of the Internal Revenue Service governs income tax, estate and gift taxes, employment taxes, and miscellaneous excise taxes.

Format: Paperback / softback
Length: 1132 pages
Publication date: 31 May 2023
Publisher: Rowman & Littlefield

Title 26 of the Internal Revenue Code (IRC) is a comprehensive set of regulations, procedures, and practices that govern income tax, estate and gift taxes, employment taxes, and miscellaneous excise taxes as established by the Internal Revenue Service (IRS). This section of the code undergoes regular additions and revisions, with updates being published annually by April. The revised provisions are then made effective within six months of their publication.

The IRC is a complex legal framework that aims to ensure that individuals and businesses pay the correct amount of tax owed to the government. It provides detailed guidelines for filing tax returns, calculating taxes, and complying with tax regulations. Title 26 covers a wide range of topics, including income tax brackets, deductions, credits, and tax-saving strategies. It also addresses estate and gift taxes, which apply to transfers of property and assets during a person's lifetime or after their death. Employment taxes are levied on employers and employees to fund social security, Medicare, and other government programs. Miscellaneous excise taxes are imposed on various products and services, such as tobacco, alcohol, and gasoline.

To ensure compliance with the IRC, individuals and businesses must carefully follow the tax rules and regulations. This includes timely filing of tax returns, paying the correct amount of tax due, and maintaining accurate tax records. The IRS provides various resources and services to assist taxpayers in understanding and complying with the tax code, including publications, guidance, and tax clinics.

In conclusion, Title 26 of the Internal Revenue Code is a critical component of the U.S. tax system. It governs a wide range of taxes and provides detailed guidelines for individuals and businesses to ensure compliance. By understanding and adhering to the tax rules and regulations outlined in Title 26, taxpayers can contribute to the financial well-being of the nation and avoid potential penalties and fines.

Weight: 1433g
Dimension: 229 x 152 x 62 (mm)
ISBN-13: 9781636712185