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Internal Revenue Service

The Internal Revenue Service is the revenue service of the United States federal government. The government agency is a bureau of the Department of the Treasury, and is under the immediate direction of the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The IRS is responsible for collecting taxes and administering the Internal Revenue Code, the main body of federal statutory tax law of the United States. The duties of the IRS include providing tax assistance to taxpayers and pursuing and resolving instances of erroneous or fraudulent tax filings. The IRS has also overseen various benefits programs, and enforces portions of the Affordable Care Act. The IRS originated with the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax, which was to raise funds for the American Civil War.


IRS tax penalty letters may have prevented death for some middle-aged Americans

Can having health coverage save lives? A National Bureau of Economic Research paper examined the...

discovered 5 months ago on FOX Business

IRS Tax Update for Crypto Investors and Users

On October 11, 2019, the Internal Revenue Service (IRS) published its first ruling in five years regarding cryptocurrencies, offering ...

discovered 5 months ago on Newsmax

HSBC Agrees to Pay $192 Million to Resolve U.S. Tax Probe

HSBC Holdings Plc admitted that it helped hundreds of American clients hide more than $1 billion in...

discovered 5 months ago on MSN News

Frozen 2: IRS Expands Nondiscrimination Relief for Frozen Defined Benefit Pension Plans

The Internal Revenue Service (IRS) expanded the temporary relief for frozen defined benefit plans to...

discovered 5 months ago on The National Law Review

Pro Tips: How to Cut Your Tax Bill in the Final Weeks of 2019

Tax professionals have found a slew of ways to reduce your taxable income and take full advantage of...

discovered 5 months ago on Bloomberg

Weekly IRS Roundup December 2 – 6, 2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December ...

discovered 5 months ago on The National Law Review

IRS proposed rules on cloud transactions could be a nasty surprise for publishers

The Internal Revenue Service’s proposed regulations on the classification of cloud transactions and...

discovered 5 months ago on Accounting Today

HSBC to pay about $200 million for helping rich Americans hide money

As well as relying on Swiss bank secrecy to hide the untaxed cash from the Internal Revenue Service...

discovered 5 months ago on Quartz via Yahoo Finance




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