The Institute for Professionals in Taxation (IPT) is an organization dedicated to the uniform and equitable administration of ad valorem and sales and use taxes while minimizing the costs of tax administration and compliance. It emphasizes professional ethics and standards.
The Internal Revenue Code (IRC) is a comprehensive set of tax laws enacted by the United States Congress to specify how various types of income are to be taxed and what deductions are allowed. It serves as the foundation for the country's federal tax laws and is critical in shaping tax policy and administration.
The Internal Revenue Service (IRS) is the U.S. federal agency responsible for tax collection and tax law enforcement, ensuring compliance with the nation’s tax laws and providing guidance and services to taxpayers.
A tax term that allows a current deduction for business expenses, contrasting with capital expenditures and unreasonable expenses.
A tax representative or tax consultant is a professional who assists individuals and businesses in navigating tax-related matters. These professionals offer guidance on compliance, tax planning, and dispute resolution with tax authorities.
