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Internal Revenue Service
(redirected from IRS)

   Also found in: Dictionary/thesaurus, Legal, Financial, Acronyms, Wikipedia 0.02 sec.
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 tax income 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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Internal Revenue Service (IRS)

Agency of the U.S. Department of the Treasury charged with administering and enforcing federal tax laws, except those relating to alcohol, tobacco, firearms, and explosives. It issues rulings and regulations to supplement the provisions of the Internal Revenue Code; determines, assesses, and collects internal revenue taxes; and determines exempt organization status.



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If you are being faced with an IRS wage levy it is important that you act fast to limit the effects of the levy The IRS typically shows little remorse for what taxpayers need to live their daily lives and to pay their other required expenses If you are being faced with an IRS wage levy it is important that you act fast to limit the effects of the levy.
When you get a letter from the IRS claiming that you owe back taxes, you may be tempted to simply throw away the letter and pretend it never happened But ignoring the IRS and hoping they''ll go away creates more problems than it solves, so make a plan to face the issue, and make sure that plan includes a tax attorney When you get a letter from the IRS claiming that you owe back taxes, you may be tempted to simply throw away the letter and pretend it never happened.
Most people don't realize that the IRS automatically grants income tax extensions to anyone who files a form---without requiring a reason.
 
 
 
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