In: Accounting
Look up the definition: Tax Court
Post the word and you're definition with a couple of paragraphs about what you learned and why the tax court is new to you?
Solution
The IRS audit verifies individual`s income and tax , if IRS audit discover thay tax teturn filed is inacurrate it may result in imposing interest ,penalties , civil fraud penelty and criminal fraud penelty . In such case taxpayers may choose option to appeal an audit case . But if individual is not satisfied by appeal officer judgement he may opt to apeal to U.S Tax Court .
Tax court judges are appointed by the President of United States . In tax court there is only one judge and no jury . Judge once appointed shall serve 15 years of terms .
The U.S court and IRS are seperate entities so taxpayers are offered impartial hearing . The tax court is divided in two branches small tax cases for amount less than $ 50,000 FOR SINGLE TAX YEAR AND REGULAR TAX CASES FOR AMOUNTS LARGER THAN $ 50,000 .
It is a new concept because Tax Court and IRS are two seperate entities and not much is mentioned about it in tax laws .
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