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Internal Revenue Service (IRS)

The Internal Revenue Service (IRS) is the agency of the United States Department of the Treasury that is responsible for the collection of taxes and the enforcement of federal tax laws. The IRS administers and enforces the Internal Revenue Code, which is the primary body of federal tax laws in the United States. Continue Reading Below

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Encyclopedia Articles

Discover the definition of financial terms related to internal revenue service (irs).

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Cancellation of Debt (COD): Process, Tax Implications, and Examples

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Qualified Dividends: Tax Rates and Holding Rules

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Form 1065: What It Is and Who Needs to File It Thumbnail

Form 1065: What It Is and Who Needs to File It

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Life Expectancy Method: Definition, Types, and Real-life Scenarios

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Cultivating Financial Security: A Comprehensive Guide to Qualified Longevity Annuity Contracts (QLACs)

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Form 1099-R: What It's Used For, and Who Should File It Thumbnail

Form 1099-R: What It's Used For, and Who Should File It

Silas Bamigbola

What is a 1099 Employee? The Definitive Guide to 1099 Status Thumbnail

What is a 1099 Employee? The Definitive Guide to 1099 Status

Jessica Walrack

IRS Publication 560: Retirement Plans for Small Business - What It Is, How to Navigate, and Pros & Cons Thumbnail

IRS Publication 560: Retirement Plans for Small Business - What It Is, How to Navigate, and Pros & Cons

Abi Bus

What Is a Tax Lien? How It Works, Consequences, and How to Remove It Thumbnail

What Is a Tax Lien? How It Works, Consequences, and How to Remove It

Andrew Latham

Deductible: What It Is and How It Works in Health, Auto, and Home Insurance Thumbnail

Deductible: What It Is and How It Works in Health, Auto, and Home Insurance

Andrew Latham

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About Internal Revenue Service (IRS)

The Internal Revenue Service (IRS) is the agency of the United States Department of the Treasury that is responsible for the collection of taxes and the enforcement of federal tax laws. The IRS administers and enforces the Internal Revenue Code, which is the primary body of federal tax laws in the United States. The IRS is responsible for assessing, collecting, and enforcing taxes on individuals, businesses, and organizations. The IRS also provides guidance and assistance to taxpayers to help them comply with tax laws. The IRS's functions include issuing tax forms and instructions, processing tax returns, conducting audits, and enforcing compliance with tax laws through various means, including fines and penalties. The IRS also provides various services to help taxpayers resolve disputes with the agency, such as the Office of the Taxpayer Advocate.