International Taxation Unit 1 PDF

Presented by VJ FEDERAL TAX LEGISLATION In this world nothing is certain expect Death and Tax - Benjamin Franklin The Committee on Ways and Means is the oldest committee of the United States Congress, and is the chief tax-writing committee in the Hou...

Presented by VJ FEDERAL TAX LEGISLATION In this world nothing is certain expect Death and Tax - Benjamin Franklin The Committee on Ways and Means is the oldest committee of the United States Congress, and is the chief tax-writing committee in the House of Representatives. The Committee derives a large share of its jurisdiction from Article I, Section VII of the U.S. Constitution, which declares, “All Bills for raising Revenue shall originate in the House of Representatives.  The United States Senate Committee on Finance is a standing committee of the U.S. Senate. The Committee concerns itself with matters relating to taxation and other revenue measures generally, and those relating to the insular possessions; bonded debt of the United States; customs, collection districts, and ports of entry and delivery; deposit of public moneys; general revenue sharing; health programs under the Social Security Act (notably Medicare and Medicaid) and health programs financed by a specific tax or trust fund; national social security; reciprocal trade agreements; tariff and import quotas, and related matters thereto; and the transportation of dutiable goods A joint committee is a committee made up of members of the two chambers of a bicameral legislature. In other contexts, it refers to a committee with members from more than one organization.  What is a Tax Election? A tax election is a choice made by a taxpayer among several possible options for how to deal with a situation from a tax reporting perspective. A tax election may have consequences related to the timing and amount of taxes paid There are four levels of the GAAP hierarchy. The top of the hierarchy is the most authoritative guidance. An accountant researching a given topic should consult first with the highest level for relevant advice. If no information on the topic is given at the higher levels, the accountant should look to the next level for relevant pronouncements.