Specifically, how to decipher the Internal Revenue Code a bit more. It was interesting to learn that
the IRS is not a primary source considering so much referencing comes from their website up to
this point. It is now nice to know how to read and find the actual codes and use secondary sources
to help clear up any confusion I may have. Working for a small firm that does a lot of tax work for
both individuals and businesses, this knowledge will come in handy when clients are asking for
clarification on tax laws and other rules. My first takeaway was during our first milestone paper
and doing research on depreciation. I did not realize that a lot of the rules that were set during the
TCJA had a short shelf life. I did not realize that bonus depreciation was already beginning its
phase out period in 2022 and will eventually be no longer an option after a few years.
My second takeaway was during the third milestone paper and doing research for the home office
deduction. It was surprising to find that there was not a lot of documentation regarding using a
home office if you are a corporation. You would assume that since Covid-19 began, the IRS would
have implemented a similar form compared to the 8829 on 1040's and use that for Corporations.
Having to do a work around by reporting the rent on the 1120 then reporting it on the Schedule E
is cumbersome to say the least.
What was great about this class was that while I already do tax research as part of my job, it was
fun to look at topics I normally do not have to in detail. It is also rare to talk about these topics
conceptually compared to just relating to how it works in a tax program and what shows on the
tax return. b It has been a valuable experience, particularly in the context of Tax Law, as it has
enriched my knowledge as a Tax Professional. The complexities of tax research and providing
sound advice to clients have been spotted, given the ever-evolving landscape of rules and
regulations. This course has equipped us with the skills to effectively research and identify both
primary and secondary sources of tax law. For instance, we have learned to utilize the resources
provided by the Internal Revenue Service to access the most up-to-date information on tax codes,
regulations, and pertinent issues, aiding not only our clients but also enhancing our capabilities as
advisors.
One particularly engaging topic of discussion revolved around the frequency with which we
reference committee reports, which, in practice, proves to be quite frequent. These reports serve
as invaluable sources of the latest information emanating from Congress, the House, or the Senate.
The most significant takeaway from this course has been mastering the art of tax research and the
proper citation of primary authorities. I fully intend to apply all that I have learned in this class to
my current and future roles. This proficiency in conducting tax research has significantly altered my
perspective on Tax Law.
By researching tax law, I learned a lot about different tax situations and their requirements and
implications. I know in my future career I will have to provide clients with tax advice and reference
tax law to answer any questions they have and what they should expect given their unique
situation. Thanks to this class, I know what resources to utilize and how to write a proper tax
memorandum.
Considering I was not preparing taxes prior to the Tax Cuts Jobs Act, people are still feeling the
effects of it. The TCJA was a recent change, and I can assume many clients are not aware of some
of the changes we are still seeing today. What surprises me is how often we see tax changes, and
how important it is to make sure you are keeping up with them, especially being a tax preparer.
We want to make sure we are providing our clients with the most up to date, factual
recommendations.
The first being how to conduct the proper research to best assist the client. Before this course I I
had no idea of the useful tools there are out there to help research situations. I also did not know
of the certain limitations for some situations, and how knowing the tax code can help to better
inform a client before they proceed with their plans.
Another take away, was deductions and how they can be applied, depending on certain limitations.
Having the knowledge of how the tax code classifies situations was just fascinating to me, how
going a certain route can help you deduct depending on the clients choose.
Though I currently do not work in the accounting field, my hope is to one day be able to. This
course will be one that I always look back on, and utilize all the resources I have learned to rely on
to conduct my tax research.
