If you are asking yourself why do I need a tax expert, then take this challenge:
The Internal Revenue Code is the statutory federal tax law in the United States. It includes most but not all federal tax statutes. The current Internal Revenue Code alone has grown to a complex document of more than 43,500 pages in a condensed font.
The IRC and Treasury Regulations make up the framework that is voluminous complex codes, rules, definitions, cross-references, exceptions, exclusions, proposed regulations, temporary regulations and final regulations that comprise the United States Individual and Corporate Income Tax structure.
Compliance with these tax laws is mandatory, not elective for every U.S. Taxpayer.
Here’s our challenge for you!
Internal Revenue Code §61 and U.S. Treasury Regulation §1.61 applies to all U.S. Taxpayers.
Cornell Law School maintains an online version of the Internal Revenue Code (IRC) and U.S. Treasury Regulations (REGS) that is publicly accessible.
Here’s your challenge, click on the link below to review
The United States Code, Title 26, Subtitle A, Chapter 1, Subchapter B, Part I, Internal Revenue Code §61
Gross Income Defined
Then, click on the link below to review
The Code of Federal Regulations, Title 26, Chapter I, Subchapter A, Part 1, Regulation §1.61-1 of 1.61-22
After completely reading (a) and (b)(1) through (3), click on the “Next” link near the top of the page
Read Regulation §1.61-2(a)(1)-(3), (b)(1)-(3), (c), (d)(1)-(6), Compensation for services, including fees, commissions and similar items, note the cross-references listed in §1.61-2(d)(6)(ii), when you finish click on the “Next” link near the top of the page
Regulation §1.61-2T(a) 1-6, (b)(1)-(5), (c)(1)-(7), (d)(1)-(6), (e)(1)-(5), (f)(1)-(6), (g)(1)-(13), (h)(1)-(5), (i)(1)- (2) Taxation of fringe benefits (Temporary Reg 1985 through 1988)
The current Final Reg is contained within another code section but remains similar in most respects to this reg. read as much as you can, click on the “Next” link near the top of the page
Regulation §1.61-3(a) and (b) Gross income derived from business
Read then click the “Next” link near the top of the page
Continue this challenge reading each regulation through Treasury Regulation §1.61-22,
Now answer this single question:
What is taxable gross income?
That’s why every taxpayer in the United States needs a tax expert!
We know, understand and can interpret these tax laws including how they affect you, your family and your businesses every day!