IRS


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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

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 comes 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.

IRS

IRS

see INTERNAL REVENUE SERVICE.

Internal Revenue Service (IRS)

A bureau within the United States Department of the Treasury,the IRS is charged with the responsibility of collecting the taxes imposed by Congress.In furtherance of that responsibility,it provides a wealth of resources to assist law-abiding persons in understanding and complying with the complicated tax laws of the country.An excellent search engine at the IRS Web site, www.irs.gov, gives access to thousands of online publications,forms,instructions,and even internal IRS manuals.

Internal Revenue Service (IRS)

The division of the U.S. Treasury Department responsible for collecting taxes.
References in periodicals archive ?
The VCP enables the sponsor of a qualified plan, at any time prior to an IRS audit, to voluntarily disclose qualification failures it has discovered to the IRS, pay a limited fee and receive approval for correction.
The IRS encourages the taxpayer to pay as much of the bill as possible to reduce the amount of penalties and interest owed.
Is the IRS likely to recommend criminal prosecution of Del?
In 1998, Congress gave the IRS a five-year budget to attack what it considered widespread abuse of the credit.
The court in Thwaites still allowed the IRS to tax the income generated by the reserve fund, but only because the cooperative had not 'stipulated in Thwaites to any facts showing the interest income was patronage, i.
Conclusion: The IRS concluded that Hospital C did not jeopardize its tax-exempt status in this recruitment effort because objective evidence (the needs assessment) demonstrated a need for obstetricians willing to treat Medicaid patients, the agreement to treat a reasonable number of Medicaid and charity care patients is reasonably related to accomplishment of the hospital's tax-exempt purposes, and any private benefit to the physician in the payment of the premiums is outweighed by the public purposes served by the agreement.
A disgruntled former contractor files a claim for unemployment benefits and the State taxing authority cooperates and advises the IRS that you're classifying workers as independent contractors.
What's so troubling is there are still billions more to be had if the default rate can be cut--the task for which the IRS is especially suited and Education is uniquely unsuited.
Learn the facts: By making an early effort to focus upon the IRS position, taxpayers begin the necessary process of identifying what facts the IRS agent is relying upon, what favorable and unfavorable facts the agent is not yet aware of, and, ultimately, what additional facts should be presented to the agent.