Code of Federal Regulations, Title 26 Internal Revenue 1.301-1.400, 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: 860 pages
Publication date: 31 January 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 various miscellaneous excise taxes as established by the Internal Revenue Service (IRS). These provisions are regularly updated and revised, with new additions and modifications being published annually by April. The revised code becomes effective within six months of its publication.

Income tax:

Title 26 outlines the principles and requirements for calculating income tax liability. It covers various types of income, such as wages, salaries, interest, dividends, and business profits. The code provides guidelines for determining tax rates, deductions, and credits applicable to individual taxpayers. It also addresses tax filing deadlines, tax return forms, and the process of appealing tax assessments.

Estate and gift taxes:

Title 26 regulates the taxation of estates and gifts. It sets forth the tax rates, exemptions, and deductions applicable to estates, trusts, and gift transfers. The code also addresses the administration of estates, including the filing of estate tax returns and the distribution of assets to beneficiaries. It provides guidance on estate planning strategies to minimize tax liabilities.

Employment taxes:

Title 26 governs the collection and payment of employment taxes, including payroll taxes, unemployment taxes, and social security taxes. It sets forth the requirements for employers to withhold and report these taxes, as well as the responsibilities of employees and self-employed individuals in reporting and paying their employment taxes. The code also addresses tax credits and deductions available to employers for hiring and training employees.

Miscellaneous excise taxes:

Title 26 includes various excise taxes, such as taxes on alcohol, tobacco, motor fuels, and certain products and services. It sets forth the tax rates, exemptions, and reporting requirements for these taxes. The code also addresses administrative procedures and enforcement actions related to these taxes.

In conclusion, Title 26 of the Internal Revenue Code is a crucial legal framework that governs income tax, estate and gift taxes, employment taxes, and miscellaneous excise taxes. It provides detailed regulations and procedures to ensure that taxpayers comply with tax laws and regulations. Regular updates and revisions to the code ensure that it remains relevant and effective in addressing the changing tax landscape.

Weight: 1236g
Dimension: 153 x 229 x 48 (mm)
ISBN-13: 9781636712109