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Tag: An Overview of Tax Law

An Overview of Tax Law
Tax Law

An Overview of Tax Law

In general, tax law is revenue law. It defines rules and procedures used by public authorities for assessing and collecting taxes. The laws governing tax collection are divided into four categories: Statutes, Common law, Regulations, and Administrative procedures. This article provides an overview of each. To better understand taxation and how it works, consider the following definitions. In addition to laws, taxation is the process by which governments distribute and collect money. Statutes Unless you are a lawyer or accountant, you should not rely on the statutes to interpret and apply federal tax law. The vast majority of federal tax law is actually in IRS regulations, revenue rulings, and other clarifications. In fact, the IRS writes the rules and regulations that implement its ...