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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).

Annual Addition: What It Is, How It Works, and Contribution Limits Thumbnail

Annual Addition: What It Is, How It Works, and Contribution Limits

Abi Bus

Valuation of Fringe Benefits: Understanding Tax Implications, Reporting, and Fair Market Value Thumbnail

Valuation of Fringe Benefits: Understanding Tax Implications, Reporting, and Fair Market Value

Alessandra Nicole

Calculating Early Withdrawals: The Annuity Factor Method Defined, Applied, and Analyzed Thumbnail

Calculating Early Withdrawals: The Annuity Factor Method Defined, Applied, and Analyzed

Alessandra Nicole

412(i) Plans Unveiled: Implementation, Benefits & Compliance Thumbnail

412(i) Plans Unveiled: Implementation, Benefits & Compliance

Silas Bamigbola

Taxable Events: Definitions, Strategies, and Real-Life Scenarios Thumbnail

Taxable Events: Definitions, Strategies, and Real-Life Scenarios

Silas Bamigbola

Active Income: Definition, Real-world Examples, and Tax Implications Thumbnail

Active Income: Definition, Real-world Examples, and Tax Implications

SuperMoney Team

Internal Revenue Code (IRC): Explained, Evolution, and Impact Thumbnail

Internal Revenue Code (IRC): Explained, Evolution, and Impact

Silas Bamigbola

Revenue Act of 1862: What It Is, Background, Purpose, And Impact Thumbnail

Revenue Act of 1862: What It Is, Background, Purpose, And Impact

Dan Agbo

Unlocking Early Retirement Withdrawals: Exploring Rule 72(t) Thumbnail

Unlocking Early Retirement Withdrawals: Exploring Rule 72(t)

Dan Agbo

IRS Publication 556: Insights, Real-Life Scenarios, and Strategies Thumbnail

IRS Publication 556: Insights, Real-Life Scenarios, and Strategies

Silas Bamigbola

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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

Page 1 of 59

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.