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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).

What Is Privileged and Confidential When It Comes to Tax Advice? Thumbnail

What Is Privileged and Confidential When It Comes to Tax Advice?

Andrew Latham

Section 1237 Capital Gain Opportunity: Definition, How It Works, and Examples Thumbnail

Section 1237 Capital Gain Opportunity: Definition, How It Works, and Examples

SuperMoney Team

Personal Service Corporations: How They Benefit Professionals Thumbnail

Personal Service Corporations: How They Benefit Professionals

Silas Bamigbola

Profits Interest: Definition, Benefits & Real-Life Applications Thumbnail

Profits Interest: Definition, Benefits & Real-Life Applications

Silas Bamigbola

Lodging Expenses: Definition, Tax Deductions, and Guidelines Thumbnail

Lodging Expenses: Definition, Tax Deductions, and Guidelines

Dan Agbo

Retention Tax: Definition, Types, and Impact Thumbnail

Retention Tax: Definition, Types, and Impact

Dan Agbo

Constant Yield Method: Definition, Examples, and Tax Implications Thumbnail

Constant Yield Method: Definition, Examples, and Tax Implications

SuperMoney Team

Qualified Electric Vehicles: Definition, How It Works and Examples Thumbnail

Qualified Electric Vehicles: Definition, How It Works and Examples

SuperMoney Team

QJSAs: Definition, Real-Life Scenarios, and Considerations Thumbnail

QJSAs: Definition, Real-Life Scenarios, and Considerations

SuperMoney Team

Cash or Deferred Arrangement (CODA): Definition, How It Works, and Examples Thumbnail

Cash or Deferred Arrangement (CODA): Definition, How It Works, and Examples

Alessandra Nicole

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Learn About Internal Revenue Service (IRS)

Thumbnail for Blog Article: CP501 Notice: What It Means and How to Handle It

CP501 Notice: What It Means and How to Handle It

SuperMoney Team

Thumbnail for Blog Article: CP267 Notice: What It Means and How to Resolve It

CP267 Notice: What It Means and How to Resolve It

SuperMoney Team

Thumbnail for Blog Article: IRS Letter 916C: Why Your Claim Was Rejected and What to Do

IRS Letter 916C: Why Your Claim Was Rejected and What to Do

Silas Bamigbola

Thumbnail for Blog Article: IRS Letter 2644C: What It Means and Whether to Respond

IRS Letter 2644C: What It Means and Whether to Respond

SuperMoney Team

Thumbnail for Blog Article: LT11B Notice: Avoid Asset Seizure With These Steps

LT11B Notice: Avoid Asset Seizure With These Steps

Silas Bamigbola

Thumbnail for Blog Article: Letter 3171: What It Means When the IRS Files a Lien

Letter 3171: What It Means When the IRS Files a Lien

SuperMoney Team

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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.