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 ?
THE AUDIT CAP IS AVAILABLE IF THE IRS identifies a failure during an examination.
Offers in Compromise mutually benefit the taxpayer and the IRS.
based televangelist told the Times that AU's IRS complaint was a "fright tactic" aimed at shutting up religious conservatives during the election season.
The CPA then learns that Del has retained an attorney after receiving a notice from the IRS stating that it had no record of receiving a return for 1999 and asking whether the taxpayer filed a return for that year.
Mario Matute, manager of a low-income job training program in Pacoima, questioned the agency's integrity while stopping shy of branding the IRS discriminatory.
So the Washington-based National Association of Housing Cooperatives (NAHC), along with the local Council of New York Cooperatives (CNYC) and the Federation of New York Housing Cooperatives (FNYHC), are organizing to find the "right" case to use to challenge the IRS.
In March, the IRS issued Announcement 95-25, which contained proposed revenue ruling regarding the impact of certain physician recruitment incentives on the tax-exempt status of hospitals that recruited physicians for their nonemployee medical staffs or to provide services on behalf of the hospitals.
Because according to the IRS, a compliance check is not an audit and, as will be explained in more detail in this article, if you haven't had an "audit", then your business cannot rely on the Section 530 safe haven provisions in the event of a subsequent IRS audit.
Students who default because they don't have the money needn't worry about IRS persecution: The income-contingent option protects them.
There are circumstances where the IRS proposes large deficiencies which are not likely to be resolved favorably at the audit level.