Taxation Research and Communication (Essay Sample)

Taxation Research and Communication
Name
Institutional Affiliation
Taxation Research and Communication
The current tax law system in the United States has surfaced from Statutory, Administrative and Judicial sources. New laws are introduced every year, and these sources change continually. Clients might, therefore, come with many questions regarding corporate taxation. Many of them do not have any practical background, and it is essential that you communicate in the layman’s language so that they can understand. In the U.S, Corporate tax is imposed at a federal state level, most state level, as well as some local levels on the returns of companies treated as corporations, solely for tax purposes. According to Cummings, Book income, timing of income and tax deduction may differ from taxable income (2010). It is a requirement that Corporations in U.S.A file their tax returns every year. It, therefore, means that they must make tax payments quarterly.
Firstly, I would have a consistent plan of action. My measures would be an organized program that would help me provide answers to my clients and achieve my goal of satisfying their needs. After identifying the problem facing the clients, people tend to skip ahead and start seeking solutions, instead of doing research and analysis first (Cummings, 2010). Frequently, skipping steps result in unwarranted assumptions that may later prove counterproductive, costly and embarrassing. When the client is given a careful explanation and answer, it leads to actions that are proactive and preventative, by the client. Also, the findings provided by the clients will be legit because sufficient research has been done (Cummings, 2010)..
My plan of action would, therefore, begin by analyzing the client’s question in hand. Analysing the client’s question is essential to this process. It is necessary that the client and I agree solidly about the obstacle being addressed. Step two would be to analyze the problem that needs to be addressed. Here I will look at all the aspects of corporate taxation. These aspects include the mission of taxing entities, performance in terms of revenue collected and methods of tax collection, and resources. In this step, I will analyze how the public perceives this mode of taxation. I might also look at the external environment that is our neighboring countries and look at the state of their corporate taxation for comparison purposes with U.S.A. There are two main sources of tax that I would use to research the problem; the primary sources and the secondary sources (Hu, Smith &Westbrook, 2008). The primary sources are the statutory sources that include;
1 U.S Constitution. Article I, Section 8 of the Constitution gives the Congress the authority to levy taxes laws. Tax bills have to stem from the House of Representatives (Hu, Smith &Westbrook, 2008).
2 Tax treaties. These are agreements made between various countries to facilitate the alleviation of double taxation of the companies subject to tax laws of both these countries.
3 Corporate taxation from the statutory, administrative, and judicial sources and the federal tax authority.
Secondary sources include unofficial publications. These unofficial publications include;
1 Treatises. These offer legit tax analysis and also cite to and reprint primary tax certification.
1 Loose-leaf services. These research tools connect primary and secondary materials. These connections provide access to excerpts from congressional reports, regulations and statutes, administrative rulings, and other necessary documentation (Hu, Smith &Westbrook, 2008). These loose-leafs are also useful finding aides because they offer users sophisticated finding lists
3. Tax services
4 Periodical Literature.