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 ?
Bernard inquired whether the IRS has considered issuing guidance on waivers where a taxpayer makes a concerted effort to e-file its return, but determines at the 11th hour that the software will not transmit a correct return.
The IRS found the termination of the S election to be inadvertent.
1378(a), an S corporation may use only a permitted year (i.e., a calendar year or any other accounting period for which the corporation establishes a business purpose to the IRS's satisfaction).
During its examination of the plan for the 2000 plan year, the IRS discovered the contributions allocated to the accounts of three participants exceeded the maximum limitation.
"You have the right to ask and have the IRS consider your Offer in Compromise.
Falwell's July 21 e-mail included the claim that, "NO CHURCH HAS EVER LOST ITS TAX-EXEMPT STATUS," and that, "Every American pastor, as a tax-paying citizen, is free to express his views and opinions." An analysis by an attorney with the Liberty Counsel, a Religious Right legal outfit affiliated with Falwell, asserted that the IRS rarely enforces the "no politicking" rule and implied that churches should not worry about that federal regulation.
Is the IRS likely to recommend criminal prosecution of Del?
"The IRS said, 'We agree with all of that [which the justices said in Trump Village], but we think conventional co-ops are not under Sub T, and are subject to Section 277,' said Miller.
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.
After all, even without the IRS, the feds doing 60 percent of the lending--which is the current plan--should save more than $4 billion by 1998.