What is Tax Law?
Tax Law covers the rules, policies, and laws that oversee the taxation process – direct and indirect – including property value, transactions, estates of the deceased, licenses granting a right and/or income, and duties on imports from foreign countries.
Direct Taxes are paid directly to the government and assessed against:
- Income
- Land
- Real Property
- Personal Property
Indirect Taxes are collected by an intermediary and assessed against articles of consumption including:
- Products
- Services
WHO ADMINISTERS TAX LAW?
In Canada the Canadian Revenue Agency (CRA) (http://www.cra-arc.gc.ca/menu-eng.html), a federal agency, administers tax laws for the Canadian government and for the majority of the country's provinces and territories. The scope of the CRA includes:
- Most individual and corporate income taxes in Canada except for Quebec
- Most personal and trust tax returns except for Quebec
- All corporate income taxes in Canada except for Quebec and Alberta
- Goods and Services Tax (GST)
- International trade legislation
- Various incentive and social and economic benefit programs which are delivered through the country's taxation system
- Registration and functioning of charitable organizations in Canada
- Tax crediting programs such as the Scientific Research and Experimental Development Tax Credit Program
In the U.S.A. federal tax law is administered primarily by the Internal Revenue Service (IRS), a bureau of the U.S. Treasury. The scope of the IRS includes:
- Carries out the responsibilities of the secretary of the Treasury under section 7801 of the Internal Revenue Code
- Administers and enforces the U.S. tax code, the Internal Revenue Code of 1986 as amended (Title 26 of the U.S. Code)
- Individual income taxes
- Corporate income taxes
- Employment taxes
- Excise taxes
- Estate taxes
- Gift taxes
Tax Law is extremely complex and in a constant state of flux. A good tax attorney/tax lawyer is invaluable in helping you to navigate through mounds of complicated legislation and rules. In Canada or the U.S.A. contact the professionals at C2 Global Law for your personal and corporate tax law needs. We can work with you in matters of business and personal tax planning, estate planning, real estate planning, and director's liability and represent you in matters of tax litigation, tax appeals, audit and reassessment and tax dispute resolution.