Why is tax research necessary? In other words, why is it not possible for experienced tax professionals to answer all tax questions without performing tax research?
Explain the reason for considering tax research necessary and also provide the reason for experienced professional to carry out tax research before answering any tax questions.
Explanation of Solution
Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a civilized society.
Tax law is vast and complex even for the experienced tax professionals to answer all the tax based questions. In addition, the tax law changes over the time period frequently due “to legislative changes, issue of new regulations and rulings and new judicial decisions”. Time to time research on tax is necessary for a tax professional to ensure the “complete, accurate, and up-to-date answer to most tax questions”.
Want to see more full solutions like this?
Chapter 5 Solutions
Principles Of Taxation For Business And Investment Planning 2020 Edition
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education