Internal Revenue Service

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Internal Revenue Service

(IRS), division of the U.S. Treasury Dept. that is responsible for the assessment and collection of most federal taxes, except those relating to alcohol, tobacco, firearms, and explosives. Established in 1862, the IRS derives most of its revenues from the collection of corporate and individual income taxincome tax,
assessment levied upon individual or corporate incomes. Although personal incomes were occasionally taxed in medieval Italian cities, the income tax is essentially a modern form of taxation.
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References in periodicals archive ?
New Legislation: We continue to stress that the IRS needs to communicate early with the taxpayer community, particularly IRPAC, when there are proposed legislative or regulatory changes.
During its examination of the plan for the 2000 plan year, the IRS discovered the contributions allocated to the accounts of three participants exceeded the maximum limitation.
You have the right to ask and have the IRS consider your Offer in Compromise.
At trial, the IRS argued (and the district court agreed) that the prescribed period applicable to the delinquent tax return should apply to the refund claim, invalidating the mailbox rule.
A major reason for the audit chasm is the welfare reforms passed by Congress in 1998 that authorize the IRS to closely scrutinize the returns of taxpayers claiming an earned income tax credit.
The IRS said, 'We agree with all of that [which the justices said in Trump Village], but we think conventional co-ops are not under Sub T, and are subject to Section 277,' said Miller.
Conclusion: The IRS concluded that Hospital B did not jeopardize its tax-exempt status in this recruitment effort because objective evidence (the needs assessment) demonstrated a need for pediatricians in the community served by Hospital B, and the incentives paid to the physician recruit were reasonably related to causing the physician to establish and maintain a full-time practice in the community.
A worker or disgruntled former worker submits a Form SS-8 to the IRS requesting clarification of their status as an independent contractor.
But the arm of the administration in the best position to fight for the IRS collections--the Department of Education--also wanted to hold on to its authority to oversee collections.
Determine the IRS Position: A company's tax staff and advisers should determine exactly the nature of the proposed deficiencies being asserted as well as what facts and legal precedent the agent is relying upon.