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Internal Revenue Service
(redirected from Infernal Revenue Service)

    Also found in: Legal, Financial, Wikipedia 0.03 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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This information is being furnished to the Infernal Revenue Service.
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