Video: Introduction to Internal Revenue Code and Tax Return Preparation Regulations

In this lesson, Nick Palazzolo, CPA, dives deep into the intricacies of the Internal Revenue Code (IRC), the backbone of federal tax law. Nick clarifies how the IRC outlines tax procedures, collections, rates, deductions, credits, and exemptions for income, estate, gift, employment, and excise taxes. With a conversational approach, he breaks down the organizational structure of the IRC and gives a practical overview of where to find necessary information, especially during the exam simulations (SIMs). He manages to demystify the complex layers of the tax code, particularly for those needing to understand tax brackets, deductions, and credits. Nick’s aim is to equip with a strong foundation for recognizing how current tax laws and events like the Tax Cuts and Jobs Act influence tax regulations, all while keeping a lighthearted perspective on the subject of taxation.