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Tax Law & Accounting Paper. ... Tax accounting falls under the laws of the Internal Revenue
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Submitted by tambabcock on December 5, 2006
Category: Business
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Tax Law and Accounting
The inception of tax law has been revolutionizing revenue production since the congregation of society. As the tax law transitioned from antiquated statutes to modern statutes, the underlying objectives began to expand as well. Tax law originally configured for the sole purpose of revenue gain implemented non-revenue objectives in an effort to address issues related to such areas as the economy, society, and politics, to name a few. In addition, such mandates were made applicable to individuals, as well as corporations. As a result, differences between Generally Accepted Accounting Principles (GAAP) mandated by the Financial Accounting Standards Board (FASB), and the guidelines required in adherence to tax accounting required adjustment for compliance.
Sources of Modern Income Tax Statutes
Modern income tax statutes resulted from the early efforts of the United States government to help pay for the American Civil War by the imposition of the first personal income tax. The attempt was imposed on August 5, 1861 under the Revenue Act of 1861, which taxed 3 percent of all incomes over $800. However, such taxation was rescinded in 1872. Several other attempts at income taxation followed; although the United States Supreme Court made an 1895 ruling with regard to Pollock versus Farmers’ Loan and Trust Company, which held that taxes placed on capital gains, dividends, interest, and rents must be apportioned as direct taxes on property. The effect of such apportionment resulted in the prohibition of federal tax on property income received (Income Tax in the United States, 2006).
Political difficulties pertaining to the taxation of individual wages without taxation from property income caused the imposition of federal tax to be viewed as impractical until the 1913 ratification of the Sixteenth Amendment proposed by Congress. Simply stated, the amendment was not an expansion of the government’s existing taxing...
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