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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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Offshore Portfolio Investment Strategy (OPIS): Definition, Mechanics, and Legal Implications

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Audit Departments: Functions, Challenges, and Real-life Examples Thumbnail

Audit Departments: Functions, Challenges, and Real-life Examples

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Cost Basis in Assets: Understanding, Calculating, and Reporting Thumbnail

Cost Basis in Assets: Understanding, Calculating, and Reporting

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Federal Tax Brackets: What They Are, How They Work, and FAQs Thumbnail

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Blanket Liens: Definition, Examples, and Pros and Cons

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Disaster Loss: Understanding, Claiming, and Examples

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Understanding the Continuity of Interest Doctrine: Definition, Application, and Tax Implications Thumbnail

Understanding the Continuity of Interest Doctrine: Definition, Application, and Tax Implications

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IRS Publication 552: Definition, How It Works, and Best Practices Thumbnail

IRS Publication 552: Definition, How It Works, and Best Practices

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IRS Publication 5: Definition, How It Works, and Examples Thumbnail

IRS Publication 5: Definition, How It Works, and Examples

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Bank Levy: Understanding the UK Taxation System and Legal Actions for Debt Recovery Thumbnail

Bank Levy: Understanding the UK Taxation System and Legal Actions for Debt Recovery

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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

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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

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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

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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

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

CP62 Notice: What It Means for Your Refund or Payment

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

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

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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.