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 ?
If the IRS is successful in identifying high-risk transactions, she added, the number of unagreed cases in Appeals may well increase.
The IRS concluded that the preferred stock created a second class of stock, which terminated the S election, but deemed the termination to be inadvertent and allowed the company to retain S status.
* THE VCP ENABLES RETIREMENT PLAN SPONSORS, at any time prior to an IRS audit, to voluntarily disclose qualification failures they've discovered, pay a fee and receive approval for correction.
The IRS has allowed some taxpayers to settle their debt for as little as 1% of what they owe.
Bush and other candidates and to implore supporters to make contributions to a PAC whose purpose is to secure the election of Bush and other candidates." Lynn wrote in the complaint to the IRS. "I believe this is intervention in a political campaign on behalf of a candidate in clear violation of federal tax law.
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.
But the IRS is after dollars, and as it interprets each higher court case, it has carved out most cooperatives as exceptions to what the courts have already ruled.
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.