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Internal Revenue Service |
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Internal Revenue Service (IRS) The federal agency responsible for the collection of federal taxes, including personal and corporate income taxes, Social Security taxes, and excise and gift taxes.
Internal Revenue Service More commonly called the IRS. The tax collection agency for the United States government. It is responsible for collecting all federal taxes derived from sources other than tariffs and associated fees. Nearly half of its revenues come from taxes on personal incomes, with much of the rest coming from corporate taxes and employment taxes. The IRS has the ability to place and enforce liens on property and other assets for nonpayment of taxes. The activities of the IRS fund (many of) the functions of the American government. It is not responsible for collection of state and local taxes. See also: Notice of seizure. Internal Revenue Service (IRS) The division of the U.S. Treasury Department responsible for collecting taxes. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In his first term he helped reveal corruption and graft in the Bureau of Internal Revenue (the predecessor of the Internal Revenue Service). The IRS must be dismantled and reduced to the Bureau of Internal Revenue, as it was originally named, and strictly prevented from taxing anything other than the entities described above as revenue-taxable activities. Very early, the Bureau of Internal Revenue recognized the importance of working with private stakeholders in a cooperative manner to enhance tax administration. |
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