ACCT-4040 Study Guide - Midterm Guide: Precedent, Circular 230, Discounting

• School: Clemson University
• Department: Accounting
• Course: ACCT-4040
• Professor: Martin

Document Summary

Identify the various federal, state, and local taxes (example: income, excise, sales & use, real property, personal property: federal. Apply the appropriate criteria to evaluate alternate tax systems: sufficiency, does tax generate enough tax rev to support gov functions, rev forecasting: static or dynamic. Chapter 2: know the filing requirements for income tax returns (for corporations, individuals, estates & trusts, corporations must file always, estates & trusts file if gross income exceeds . Individuals determined by filing status, age & gross income: due dates of income tax returns and the various statute of limitation rules, corporations due 15th day of 3rd month following end of tax year. Individuals april 15th: both (cid:272)a(cid:374) appl(cid:455) fo(cid:396) auto(cid:373)ati(cid:272) 6 (cid:373)o e(cid:454)te(cid:374)sio(cid:374) (cid:271)ut that does(cid:374)"t e(cid:454)te(cid:374)d ti(cid:373)e to pa(cid:455) Secondary tax law sources**: primary official sources of tax law; generated by legislative, judicial & exec or admin branch, statutory sources (internal rev code, tax treaties will supersede tax code.