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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).

Payroll Deductions: Types, Examples, and Financial Insights Thumbnail

Payroll Deductions: Types, Examples, and Financial Insights

Silas Bamigbola

Indirect Rollover: Explained, Rules, and Practical Examples Thumbnail

Indirect Rollover: Explained, Rules, and Practical Examples

Silas Bamigbola

409A Plans: How They Work and Real-life Scenarios Thumbnail

409A Plans: How They Work and Real-life Scenarios

SuperMoney Team

Covered Securities: Definition, Purpose, And Tax Implications Thumbnail

Covered Securities: Definition, Purpose, And Tax Implications

Dan Agbo

Final Returns for Decedents: Definition, Process, and Examples Thumbnail

Final Returns for Decedents: Definition, Process, and Examples

SuperMoney Team

The Anatomy of Itemized Statements: Definition, Benefits, and Practical Insights Thumbnail

The Anatomy of Itemized Statements: Definition, Benefits, and Practical Insights

Abi Bus

Convenience Fees: Definition, Examples, and Best Practices Thumbnail

Convenience Fees: Definition, Examples, and Best Practices

Silas Bamigbola

Navigating Merchant Category Codes (MCCs): Your Path to Smarter Financial Choices Thumbnail

Navigating Merchant Category Codes (MCCs): Your Path to Smarter Financial Choices

Alessandra Nicole

What Is The Internal Revenue Service (IRS)? How Auditing Works Thumbnail

What Is The Internal Revenue Service (IRS)? How Auditing Works

Dan Agbo

Intentionally Defective Grantor Trust (IDGT) Thumbnail

Intentionally Defective Grantor Trust (IDGT)

Silas Bamigbola

Page 7 of 36

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Learn About Internal Revenue Service (IRS)

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

Thumbnail for Blog Article: IRS CP53 Notice: What It Means and What to Do Next

IRS CP53 Notice: What It Means and What to Do Next

Silas Bamigbola

Thumbnail for Blog Article: Tax Relief Extended: How the IRS is Supporting Californians Post Natural Disasters

Tax Relief Extended: How the IRS is Supporting Californians Post Natural Disasters

SuperMoney Team

Thumbnail for Blog Article: CP62 Notice: What It Means for Your Refund or Payment

CP62 Notice: What It Means for Your Refund or Payment

Silas Bamigbola

Thumbnail for Blog Article: CP53A Notice: What is it and How Should You Respond?

CP53A Notice: What is it and How Should You Respond?

Silas Bamigbola

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.