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

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.

Internal Revenue Service (IRS)

The agency of the U.S. Treasury Department that administers the Internal Revenue Code.

Internal Revenue Service (IRS)

the United States equivalent of the British INLAND REVENUE which is responsible for assessing and collecting taxes.

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 US Internal Revenue Service could impose a 30 per cent withholding tax on payments arising from US source income unless firms disclose information on their US investors.
Bogus email claiming to be a notice of underreported income from the US Internal Revenue Service is being used to spread a computer virus on the Internet, officials at the US Computer Emergency Readiness Team warned Monday.
In late trading on Monday afternoon, GlaxoSmithKline said that it had reached an agreement with the US Internal Revenue Service (IRS) in respect of a tax dispute covering the periods 1989-2000 and 2001-2005.
His topics include benefits and risks, the common law test, how the US Internal Revenue Service classifies workers, state payroll taxes, workers' compensation, labor and anti-discrimination laws, intellectual property ownership, and strategies for avoiding trouble.
MICROSOFT boss Bill Gates, worth pounds 26,000,000,000, has his own special computer at the US Internal Revenue Service because normal ones can't cope with the huge numbers.
In April 1953 the US Internal Revenue Service announced that Chaplin owed hundreds of thousands of pounds in back taxes.
The US Internal Revenue Service (IRS) is targeting firm's in-house insurance providers to crack down on abusive tax schemes.
Besides, this transavtion is subject to the receipt of an acceptable private letter ruling from the US Internal Revenue Service, receipt of certain tax opinions, satisfaction of other tax related conditions, other customary closing conditions, as well as the approval received today (Wednesday).
The innovation that the IGA introduces is the automatic reporting of financial accounts maintained by US persons in Philippine financial institutions to the BIR, which, in turn, will annually transmit the information to the US Internal Revenue Service (IRS).
The Ministry of Finance has completed the first stage of initialing the procedures of the FATCA Agreement that provides legal coverage for the banks and financial institutions to comply with the requirement of the FACTA which has extended the deadline for the registration of banks and financial institutions on the US Internal Revenue Service (IRS) website which will be due on May 5th 2014 as announced by the Treasury Department on December 31st 2014.
Kuwait International Bank has completed all the requirements to register with the US Internal Revenue Service (IRS) regarding the enforcement of FATCA, said the bank's Board Chairman Sheikh Muhammad Al-Jarrah Al-Sabah, in a press statement.