ACC 547 Week 1 Tax Law Research Worksheet

ACC 547 Week 1 Tax Law Research Worksheet

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ACC547 Week 1 Tax Law Research Worksheet
Complete the Tax Law Research Worksheet - Week 1.
Format your responses consistent with APA guidelines.
Write an APA-formatted response of no more than 200 words for each the following questions:
The Internal Revenue Code (IRC) is the supreme source of income tax law. When trying to resolve an income tax question, a tax practitioner will look to other sources in addition to the IRC. For example, the tax practitioner may consult IRC regulations, revenue rulings, procedures, private letter rulings, and court cases. What are some reasons a tax practitioner would not consult the IRC only? Why is there a need for administrative rulings and court cases? If court cases conflict in their rulings, which ruling should you rely on? Why?
A key goal of tax planning is to legally minimize or defer taxes. This is done by focusing on key components of taxable income. How can timing strategies and income-shifting strategies be used to affect deductions for adjusted gross income (AGI), dependency exemptions, itemized deductions, and tax credits? Provide at least one example for each.

ACC 547 Week 1 CPAexcel Assignment Posting Area
Review the Week 1 Wiley CPAexcel: CPA Prep materials.
 Write a post of no more than 350-words summarizing the material covered and post the assignment within this area.
Post Assignment:  Post document within this grading area. The points hear will be added for a total of three points total for the assignment since I cannot change the original assignment submittal area.

ACC547 Week 2 Textbook Problems
Complete the following problems located in Taxation of Individuals and Business Entities: 
Problem 74 (Ch. 2)
Problems 49 & 50 (Ch. 3)...

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