Taxation is just one part of the accounting world that is of global importance, not just in the United States. Tax accounting is about as important as any other component of accounting, such as auditing or consulting. Tax accounting is most associated with government because every citizen, business, and even people who do not live in the United States must file some sort of tax return if money is processed in the United States. These are just a few types of returns that the IRS inspects: Federal 1040, 1065, 1041, etc. This is just one important part of tax accounting because there are also returns that must be filed with states and sometimes even cities. Taxes are what allow the government to spend on things like education, our community forces including police and firefighters, and many other things in our daily lives. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay In recent years, we have experienced the biggest major change in tax policy since the Reagan era. Over the past two years since this major change, tax revenue growth has declined significantly. Although the growth of 4.2% in 2019 was stronger than the growth of 0.4% in the fourth quarter of 2018, it remains significantly weaker than that of the first three quarters of 2018. This is due to the decrease in personal, corporate, sales and property taxes. According to Lucy Dadayan in her article in the State Tax and Economic Review, growth varied depending on the main sources of income. Personal income taxes fell in the second quarter, in response to increases in December 2017 and January 2018 due to changes to the Tax Cuts and Jobs Act. The 4.2% growth is also due to uninterrupted growth in the state's sales tax since 2010. According to Dadayan, we can expect more growth in state sales tax revenue in the future. In a Bloomberg Tax podcast, IRS Chief Attorney Michael Desmond talks about what businesses should expect from the IRS. The tax change has changed a lot of things in the tax world and there are a lot of things changing in the tax code and many businesses as well as individuals need to be vigilant when filing their returns. Taxes are the backbone of America, and they are how the government funds many of the services we use in our daily lives. However, the IRS has had a slow process of changing the tax code. Desmond said: “...we're just trying to keep the trains running. » This is how the IRS has moved forward with the tax code. The most important aspect of a tax code change is that all tax accountants must learn new things with each individual and business return. This can be problematic because you have to keep all of these new codes up to IRS standards. In my opinion, changing the tax code can be very important for everyone involved. Tax codes are constantly changing because there are different ways to get around these tax codes. Having the government receive money can be important so that everyone can benefit from the important services we all use. Considering that the value of money is constantly changing, as are tax codes. On the other hand, I also think that abusing the population with taxes that are too high can be.