Internal Revenue Service - IRS

A United States government agency that is responsible for the collection and enforcement of taxes. The IRS was established in 1862 by President Lincoln and operates under the authority of the United States Department of the Treasury. It is primarily engaged in the collection of individual income taxes and employment taxes, but also handles corporate, gift, excise and estate taxes.

The IRS is sometimes referred to as the "tax man".

The IRS is headquartered in Washington, D.C. It is an expansive organization that services the taxation of all Americans. In 2006, the IRS processed about 133 million personal income tax returns and almost six million corporate income tax returns, bringing in trillions of dollars of tax revenue.

Investment dictionary. . 2012.

Look at other dictionaries:

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  • Internal Revenue Service — The organization which administers the Internal Revenue Code, headed by the Commissioner of Internal Revenue and embracing a national office in Washington, D. C. and a field organization of revenue regions, each headed by a regional commissioner …   Ballentine's law dictionary

  • Internal Revenue Service — the division of the U.S. Department of the Treasury that collects internal revenue, including income taxes and excise taxes, and that enforces revenue laws. Formerly, Bureau of Internal Revenue. * * * …   Universalium

  • Internal Revenue Service — also Internal Revenue noun (singular) the department that collects national taxes in the US compare Inland Revenue …   Longman dictionary of contemporary English

  • Internal Revenue Service — noun The United States government agency that collects taxes and enforces the internal revenue laws …   Wiktionary

  • Internal Revenue Service — governmental department which deals with the collection of income taxes and taxes on domestic goods …   English contemporary dictionary

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  • Internal Revenue Code — The Internal Revenue Code (or IRC; more formally, the Internal Revenue Code of 1986, as amended) is the main body of domestic statutory tax law of the United States organized topically, including laws covering the income tax (see Income tax in… …   Wikipedia

  • Internal Revenue Code section 61 — Section 61 of the Internal Revenue Code (IRC 61, usc|26|61) defines gross income, the starting point for determining which items of income are taxable for federal income tax purposes in the United States. Section 61 states that except as… …   Wikipedia

  • Internal Revenue Code section 1 — Section 1 of the Internal Revenue Code (usc|26|1 or simply IRC §1), titled Tax Imposed is the law that imposes a federal income tax on taxable income, and sets forth the amount of the tax to be paid. A similar tax on corporations is set forth in… …   Wikipedia

  • internal revenue — noun government revenue from domestic sources (excluding customs) (Freq. 2) • Hypernyms: ↑tax income, ↑taxation, ↑tax revenue, ↑revenue * * * the revenue of a government from any domestic source, usually considered to be any source other than… …   Useful english dictionary

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