Best Tax Research and Resources

[Terry D EA]

Looking for the best tax code research software or platform. I have the CFR 26 book marked. Looked at the CFR26 from Cornell as well. I'm trying to find the code references for the exceptions to early withdrawals from any retirement account. I go the pubs and form 5329 instructions as references. I'm preparing an audit review request for a client and need this supporting information. Apparently, I haven't used the proper wording in the search. I can find a ton of stuff on distributions from Roths but not from other retirement accounts. Any help would be appreciated.

[Terry D EA]

Looking at the taxbook weblibrary plus. Comments or suggestions please

[jklcpa]

Try code sec 72, specifically 72(t) that covers the 10% early withdrawal penalty.

Is that what you are looking for?

  https://www.law.cornell.edu/uscode/text/26/72

[Terry D EA]

Thanks so much Judy, that is exactly what I was looking for. How did you find that so fast? I need to learn that. 

[jklcpa]

Really, I just googled "IRC & early withdraw penalty" and looked down the list for the code reference.  For something like that, not real research but to find the proper place to start, google is a lot faster than opening and logging into the research materials or pulling out a book.

[Terry D EA]

I didn't think of googling it at all. I'm just at a point that I don't want to spend money on research materials when it can be found for free. Through Drake the discount on the weblibrary plus is pretty good. I do like how it is integrated in the software, but I want to be able to justify the cost. 

[Lee B]

I paid for The Tax Book Web Library for several years. Really didn't like it. Although I do buy The Tax Book Deluxe Plus, which is acceptable.

There are so many good online sources that you can usually find what you need with an online search.

 

 

 

[jklcpa]

Agree with Lee.  I've had the Web Library Plus for several years, and while it's convenient to click a link from within Drake's program, I don't use it much and mostly look online when needed.

[Lion EA]

I have TTB Web Library Plus, but don't open it first; though I'm getting better using it over time. Also have TTB Deluxe which I'm used to using after many years. But my favorite (and priciest, but I don't get all the bells & whistles) is CCH's AnswerConnect. It's freestanding AND it's inside ProSystem fx (ATX, also, right?) AND if I Google -- which is handy when I'm not sure of what search terms I need -- AnswerConnect links show up in Google searches (and Edge and IE and in other browser results). AnswerConnect gets better each year, and does anticipate what I'm looking for based on my stab at what search term I try. It has links to the tax code, court cases, practice tips, law explanations, states, charts, everything from one search.

[Terry D EA]

Okay, took the dive and called The TaxBook.  I purchased the Web Library Plus subscription. Because I purchased it now, they gave me 2021 and 2022 for $269.00. That was with the Drake discount. Normal would have been $319.00. They walked me through several research methods, and it looks fairly straight forward. 

[Abby Normal]

I get best results from articles on https://www.thetaxadviser.com/. I print a lot of those article to PDF for future reference. Very practical examples with clear explanations.

[Lee B]

I agree, The Tax Advisor is the "Gold Standard"

[Lion EA]

Terry, I think you'll love TTB WebLibrary. You probably have prior years and All States and Tools and...

Under Tools for Tax Pros, there's a WebLibrary Guide.

Enjoy!