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Irs

The Internal Revenue Service (IRS) is a governmental organization in the United States that oversees tax procedures at a federal level. When a taxpayer sends in money as their taxes, this is the agency that receives and processes their record. More than just this, the IRS is also responsible for a number of other tasks involved in tax collections. First and foremost, the IRS develops the laws that govern tax collection procedures. IRS regulates the laws after they are passed in Congress and then takes a part in processing taxes and ensuring that filings take place lawfully. If an audit of a person's record takes place, the IRS also takes legal suits against individuals and businesses in tax court. Although the IRS plays a definite role in finding unlawful tax actions, their function in law enforcement ends at prosecution, as the Department of Justice is responsible for making prosecutions.

Fast Facts

  • The IRS, founded initially in 1862, is part of the Department of Treasury
  • The IRS is no longer exempt from lawsuits

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irs - Financial Planners, Articles and Q&A

Search Results for "irs"

Articles

Results 1-5 of 6 for "irs"

  • Self Employment Business Tax Deductions

    Self-employed individuals are required to report to the IRS the total amount of earnings (gross income) from t...
    • Site: financialplannernetwork.com

  • Income Tax Deduction

    A tax deduction represents a reduction against a taxpayer’s Gross Income. In most cases a tax deduction is an ...
    • Site: financialplannernetwork.com
    • 2 of 2 user(s) found this useful

  • Capital Gain Tax on Investment Property

    The acquisition, ownership, operation, and disposition of Investment Property often results in generating a Ca...
    • Site: financialplannernetwork.com

  • Tax on Capital Gains

    The term Capital Gain means the profit realized from the sale or disposition of a Capital Asset. The IRS consi...
    • Site: financialplannernetwork.com

  • Financial Glossary - A

     
    • Site: financialplannernetwork.com
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