What is the 'IRS'?

The Internal Revenue Service (IRS) is the U.S. federal agency that oversees the collection of taxes—primarily income taxes—and the enforcement of tax laws. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Term of the Day | Words to Know 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. People colloquially refer to the IRS as the "tax man." Read More » Related to "Internal Revenue Service (IRS)" How The IRS Works: Functions & Audits Even the most enlightened citizen curses taxes, possibly while simultaneously acknowledging that they're the price of a civilized society. Read More » Steps to Take Before You Prepare Your Taxes The earlier you start preparing your tax records and documents, the more likely you are to have a smooth tax-return experience and receive all the tax benefits you are due. Read More » SPONSORED BY DIREXION The Flight to Safety in Turbulent Times 2020 has brought new headline risks for investors to absorb. Direxion takes a close look at what this means for investors and the best ways to mitigate risks. Learn More » 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 » Sign Up for 'The Market Sum' Editor in Chief, Caleb Silver is here to you help you digest the days market moving events at the close of the bell. Subscribe» Related Definitions U.S. Treasury Created in 1798, the U.S. Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Read More » Tax Refund A tax refund is a refund on taxes paid to an individual or household when the actual tax liability is less than the amount paid. Taxpayers tend to look at tax refunds as a "bonus", but that's not the reality. Read More » Deduction A deduction is any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. Read More » Charitable Donation A charitable donation is a gift, which may be cash or other property, granted to a charitable organization. A charitable donation typically results in a tax deduction for the individual or entity who makes the donation. 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 © 2020, Investopedia, LLC, All Rights Reserved | Privacy Policy