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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 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. ..... Click the link for more information. . 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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| After comments from the A[CPA about the burden imposed on tax practitioners, the Internal Revenue Service has released a statement clarifying the Form 1040, Schedule D instructions involving capital gains transaction reporting. On behalf of Tax Executives Institute, I am writing to urge you to ensure that the Internal Revenue Service receives the funds it needs to effectively administer this country's tax laws. Sylvia Johnson was dismissed from the Internal Revenue Service after the agency found she had improperly accessed the personal returns of taxpayers 476 times. |
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