Code of Federal Regulations, Title 26 Internal Revenue 1.851-1.907, 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: 1 pages
Publication date: 15 November 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. These revisions are then made available to the public within six months of their publication.

The IRC is a complex legal framework that aims to ensure that individuals and businesses comply with tax laws and regulations. It provides detailed guidance on filing tax returns, calculating taxes owed, and claiming tax deductions and credits. The code also sets forth specific rules and regulations for various tax types, such as income tax, estate tax, gift tax, and employment tax.

One of the key aspects of Title 26 is the tax filing deadline. Taxpayers are required to file their tax returns on or before the annual filing deadline, which is typically April 15th for individual taxpayers and October 15th for businesses. Failure to file a tax return on time can result in penalties and interest charges.

In addition to the tax filing deadline, Title 26 also includes provisions for tax audits and appeals. Taxpayers who believe that they have been assessed an incorrect tax liability or have not received the proper tax credits or deductions may appeal the decision to the IRS. The appeals process is complex and involves several stages, including a hearing before an IRS appeals officer and, in some cases, a review by a federal court.

Another important aspect of Title 26 is the tax penalty system. The IRC includes a variety of penalties and fines for tax violations, including late filing penalties, underpayment penalties, and accuracy-related penalties. These penalties are designed to encourage taxpayers to comply with tax laws and regulations and to deter non-compliance.

In conclusion, Title 26 of the Internal Revenue Code is a critical component of the U.S. tax system. It provides a comprehensive set of regulations, procedures, and practices that govern income tax, estate and gift taxes, employment taxes, and miscellaneous excise taxes. The code undergoes regular updates and revisions to ensure that it remains current with changing tax laws and regulations. Taxpayers are required to comply with the tax filing deadline, appeal decisions, and pay applicable penalties and fines. By understanding and complying with Title 26, individuals and businesses can help ensure that the tax system is fair and equitable for all.

Weight: 1456g
Dimension: 229 x 154 x 60 (mm)
ISBN-13: 9781636712161