Reference no: EM132385657

Question

The IRS is a subsection of the Department of Treasury and it is responsible to administer the income tax law for the U.S.A. To enable this administration to occur smoothly they issue regulations which are interpretations of the Internal Revenue Code (IRC). Before a regulation is effective, it starts out as a proposal.

Then it can become a temporary regulation if approved. The Internal Revenue Bulletin is the IRS official publication. A newsletter that explains the hot topic and issues that are up for discussion. Tax gurus love to read it similar to the way one would read the Sunday times.

Now let us talk about Regulations. Regulations usually have an effective date and sometimes an expiration date. They are broken down by topic: Income tax (form 1040 and small business schedule C), Estate tax (form 1041) Gift tax(form 709) , Employment tax, ( form 941 and 940) and procedural matters.

These regulations are cited in court case and in document preparation of exhibits. The goal is to present credible information that will allow the judge or IRS officer or auditor to agree with your position.

Please answer 1, more than 1 or all of the questions below:

1. What are general regulations?

2. What are temporary regulations?

3. What is a Technical Advice Memo?

4. How often are bulletins published?