Investor Glossary-internal revenue serviceInvestor Glossary-internal revenue serviceInvestor Glossary-internal revenue serviceInvestor Glossary-internal revenue serviceInsightful stock market charts - Click here
investor
Categories    # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Internal Revenue Service

The HTML to link to this page
 

The Internal Revenue Service is the branch of the US federal government that is charged with the assessment and collection of taxes. The Internal Revenue Service performs a number of closely related functions, such as resolution of tax disputes, taxpayer return preparation assistance, and publication of extensive statistics. The Internal Revenue Service needs over 100,000 employees to carry out its duties, given the much maligned and complex US tax code. The roots of the Internal Revenue Service go back to the Civil War, although not until 1916 did Congress pass the Sixteenth Amendment, authorizing a permanent income tax. The Internal Revenue Service had been called the Bureau of Internal Revenue prior to reorganization in the 1950s. A more recent modernization of the Internal Revenue Service was initiated with the passage of the Internal Revenue Service Restructuring and Reform Act of 1998. In addition the Internal Revenue Service, each of the 50 states and most municipalities assess and collect taxes of their own. The Internal Revenue Service is usually called the IRS.



Rate this Internal Revenue Service definition...

Learn about investing with the Investor Glossary Term of the Day


Click here for insightful stock market charts. Where is the market headed? The answer may surprise you. Find out
with the exclusive & Barron's recommended charts of Chart of the Day.


Popular Terms: irrevocable trust, minority interest, Zero Cost Collar, 144a, open position, EBITDA, 1035 exchange, annual return, FICO score, phantom income, in escrow, diluted share, deferred revenue, real GDP, deferred tax, current ratio, FTSE, 1031 exchange, dividends payable, margin rate, stock market close, limit order, VIX, retained earnings, per diem, debt service coverage, class C shares, stock split, average price per share, ex-dividend, command economy, ex-dividend date, reverse mortgage, liquidity ratio, option premium, risk management, quality assurance, 401a, required rate of return, cancelled check, implied volatility, covered put, LIBOR, Key Rate Duration, labor relations, wholly-owned subsidiary, APR, balance sheet, inflation


Accounting | Banking | Bonds | Brokers | Economy | Futures | Mutual Funds | Options | Real Estate | Retirement | Stocks | Taxes | Technical Analysis
Investor Glossary | Term of the Day | Suggest a Term | Chart of the Day | Dogs of the Dow
©2004-2016 Investor Glossary - All rights reserved - Terms of Use