Monday’s Tax Trivia:
What do Cracker Jacks and Income Tax have in Common?
Income Tax: The Civil War led to the creation of our country’s first Income Tax and the first version of the Office of the Commissioner of Internal Revenue—the earlier version of what we now call the Internal Revenue Service (IRS). This office took over the responsibility of collecting taxes from individual states. Excise taxes were also added to almost every commodity possible. They included alcohol, tobacco, gunpowder and tea.
The Federal Income Tax as we know it today was officially enacted in 1913. The same year the 1st prize was inserted into a Cracker Jack box.
#incometax #tax #taxes #civil #cpa #cpafirm #taxpreparer #crackajck Thomas M. “Mickey” O’Neal, CPA
