Internal Revenue Service (IRS),
Definition of 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 (such as the wash sale rule). 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, including mutual funds and dividends. People colloquially refer to the IRS as the "tax man.".
Headquartered in Washington, D.C., the IRS services the taxation of all American individuals and companies. For the 2018 filing season (January 1 through mid-April), it processed more than 140.9 million income tax returns, including both individual and corporate by May 4. During that period the IRS collected more than $3.3 trillion in revenue and issued $282 billion in tax refunds.
The U.S. government agency authorized to collect federal income taxes and enforce the tax laws embodied in the IRS Code. On the web at www.irs.gov.
How to use Internal Revenue Service (IRS) in a sentence?
- Founded in 1862, the Internal Revenue Service (IRS) is a U.S. federal agency responsible for the collection of taxes and enforcement of tax laws.
- Most of the work of the IRS involves income taxes, both corporate and individual; it processed nearly 141 million tax returns in 2018.
- After peaking in 2010, IRS audits have been on the decline each year.
- Nearly 90% of tax returns are filed electronically.
Meaning of Internal Revenue Service (IRS) & Internal Revenue Service (IRS) Definition