What is Internal Revenue Service (IRS)?
The Internal Revenue Service (IRS) is the United States government agency responsible for administering and enforcing internal revenue laws. Established in 1862, the IRS operates under the jurisdiction of the Department of the Treasury and plays a crucial role in collecting taxes and ensuring compliance with tax regulations. Its primary mandate is to oversee the nation’s tax system, processing tax returns, conducting audits, and enforcing tax laws to ensure that individuals, businesses, and other entities fulfill their tax obligations. The IRS is also involved in distributing tax refunds, implementing tax policies set by Congress, and providing guidance to taxpayers on various tax-related matters. As a major component of the U.S. government’s financial infrastructure, the IRS is vital in funding government programs and services by collecting revenue through taxation, among other sources.
Table of Content
- How Internal Revenue Service (IRS) Work?
- Mission of Internal Revenue Service (IRS)
- Tax Filing and Collection
- Internal Revenue Service (IRS) Audits
- Frequently Asked Questions (FAQs)