What is the 'Internal Revenue Service - IRS'?

The IRS is the United States government agency that oversees the collection and enforcement of taxes. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

| Term of the Day Internal Revenue Service - IRS The Internal Revenue Service (IRS) is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws. Established in 1862 by President Abraham Lincoln, the agency operates under the authority of the United States Department of the Treasury, and its primary purpose includes the collection of individual income taxes and employment taxes. The IRS also handles corporate, gift, excise and estate taxes...Read More » Related to "Internal Revenue Service - IRS" The Most Helpful Tools on the IRS Website While paying taxes may remain among the tasks you file under "Drudgery," the IRS.gov website takes some of the pain out of this inevitable responsibility. Read More » Tax Preparer vs. Software: How to Choose Every taxpayer – and every year – is different, so here are four factors to help you decide whether a tax pro or software is best for you. Read More » How to File a Tax Extension Learn the process you need to follow to get an extra six months to file your tax return. Read More » Related Definitions Tax Season Tax season is the time period between January 1 and April 15 of each year when taxpayers traditionally prepare financial reports for the previous year. Read More » Itemized Deduction Itemized deductions allow taxpayers to take out more from their taxable income than they could by using the standard deduction. Read More » Adjusted Gross Income (AGI) Adjusted gross income (AGI) is a measure of income calculated from your gross income and used to determine how much of your income is taxable. Read More » Property Tax Property tax is an ad valorem tax assessed on real estate by a local government and paid by the property owner. Read More » CONNECT WITH INVESTOPEDIA Email sent to: mondemand.forex@blogger.com To update your newsletter preferences or unsubscribe, click here. 114 West 41st St, floor 8 New York NY 10036 © 2019, Investopedia, LLC, All Rights Reserved | Privacy Policy