definition of irs
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- DEFINITION of 'Internal Revenue Service-IRS'. A United States government agency that is responsible for the collection and enforcement of taxes. The IRS was established in 1862 by President Lincoln and operates under the authority of the United States Department of the Treasury.
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Department of the Treasury Department of the Treasury in Culture Expand Department of the Treasury definition A department of the federal executive branch; it includes the Internal Revenue Service (IRS). The Department of the Treasury has general responsibility for setting federal fiscal policy by collecting taxes and customs duties, administering the public debt, keeping all government accounts, minting currency, and licensing ships engaged in international and interstate commerce.
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- Definition of TAXPAYER: the term that describes a person who pays tax. The Law Dictionary Featuring Black's Law Dictionary Free Online Legal Dictionary 2nd Ed. Navigation
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tax evasion Definition. Unlawful attempt to minimize tax liability through fraudulent techniques to circumvent or frustrate tax laws, such as deliberate under-statement of taxable income or willful non-payment of due taxes. Whereas tax evasion is an offense (punishable by both civil and criminal penalties), tax avoidance is not.
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- An IRS Audit is a review of an organizations or individuals accounts and financial information. Another way to look at an audit is as a discussion and review of the individuals or businesss financial situation to ensure taxpayers are complying with the tax laws and reporting a substantially correct amount of tax. This page contains information on how to prepare for an audit, what it's like to be audited and possible outcomes of an audit.
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- The IRS is the statutory organization that oversees the collection and reporting of federal income tax. The institution notes that federal income tax is used to fund national programs, such as defense, law enforcement and foreign affairs. Only the employee is subject to federal income tax withholding.
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Tax evasion In the United States of America , Federal tax evasion is defined as the purposeful, illegal attempt to evade the assessment or the payment of a tax imposed by federal law. Conviction of tax evasion may result in fines and imprisonment.
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- DEFINITION of 'Tax Return'. 1. The tax form or forms used to file income taxes with the Internal Revenue Service (IRS).Tax returns often are set up in a worksheet format, where the income figures used to calculate the tax liability are written into the documents themselves.ax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), interest, dividends, capital gains, or other profits. 2. A return of excess taxes paid during a given tax year; this is more accurately known as a tax refund. Next Up.
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Taxpayer Identification Numbers (TIN) Taxpayer Identification Numbers (TIN) A Taxpayer Identification Number (TIN) is an identification number used by the Internal Revenue Service (IRS) in the administration of tax laws. It is issued either by the Social Security Administration (SSA) or by the IRS.
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Glossary of Tax Terms - Tax Dictionary A person or group of people that pays taxes. Types of tax entities include individuals, businesses, estates, trusts, and charitable organizations. Estate. A tax entity that receives and reports a person's income and pays taxes after that person's death.
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What is the average cost of workers' compensation insurance for an employer per employee? It depends on a number of factors. In order of importance, they are the industry, the state, and the businesses' claims experience. (Other factors apply as well). In California, the average cost of workers' compensation is about 2.5% of payroll in 2013. This was down from the crisis years of 2001-2003 when it peaked at more than 6% of payroll. If you break this out by industry, you'll see huge differences.
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- Internal Revenue Code - IRC. The Internal Revenue Code (IRC) refers to Title 26 of the U.S. Code, which acts as the laws of the country. Commonly referred to as IRS code or IRS tax code, the laws are enforced by the Internal Revenue Service (IRS). The Internal Revenue Code was first published in 1926 by the U.S. House of Representatives.
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What is a 'Federal Income Tax' What is a 'Federal Income Tax' A federal income tax is a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains.
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Definitions &Translations The IRS: The IRS has strong protections in place to ensure that exempt organizations are selected for audit only for the purpose of enforcing the federal tax laws with fairness and integrity, no internal or external review conducted to date has found any indication that an exempt organization has been improperly selected for audit.
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- Interest rate swap. An interest rate swap (IRS) is a liquid financial derivative instrument in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another. Interest rate swaps can be used for both hedging and speculating.
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Treasury regulations Treasury regulations. Treasury Regulations are the tax regulations issued by the United States Internal Revenue Service (IRS), a bureau of the United States Department of the Treasury. These regulations are the Treasury Department’s official interpretations of the Internal Revenue Code[1] and are one source of U.S. federal income tax law.
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Internal Revenue Service The Internal Revenue Service (IRS) is the federal agency responsible for administering and enforcing all internal revenue laws in the United States, except those relating to alcohol, tobacco, firearms, and explosives, which are the responsibility of the alcohol, tobacco, firearms, and explosives bureau's Tax and Trade division.
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Publication 547 - Main Content Internal Revenue Service. The Internal Revenue Service (IRS) administers and enforces U.S. federal tax laws. Agency Details Acronym: IRS. Website: Internal Revenue Service (IRS) Contact: Contact the Internal Revenue Service. Help With Tax Questions. Taxpayer Advocate Service. Report Tax Fraud. IRS Hotlines. International IRS Offices. Where to File Paper Tax Returns
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Tax Dictionary The amount of tax that must be paid. Taxpayers meet (or pay) their federal income tax liability through withholding, estimated tax payments, and payments made with the tax forms they file with the government. tax preparation software Computer software designed to complete tax returns.
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- The Internal Revenue Service (IRS) 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.
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What is an 'Exemption' What is an 'Exemption' An exemption is a deduction allowed by law to reduce the amount of income that would otherwise be taxed. The Internal Revenue Service (IRS) offers two types of exemptions: personal and dependent exemptions. An example of an exemption is the reduction in taxes granted for dependent children (under the age of 18) living with the tax filer. BREAKING DOWN 'Exemption'
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Internal Revenue Code Internal Revenue Code. Definition. All federal tax laws. The code was written in 1939, and thoroughly revised in 1954. The Internal Revenue Code is found as Title 26 of the United States Code, a collection of all federal laws. The code was also amended in 1986, and was given the official name of the Internal Revenue Code of 1986.
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Internal Revenue Service IRS location sign on Constitution Avenue, Washington, D.C. The Internal Revenue Service (IRS) 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.
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IRS Audits What is an IRS audit? An IRS audit is a review/examination of an organization's or individual's accounts and financial information to ensure information is being reported correctly, according to the tax laws, to verify the amount of tax reported is substantially correct.
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Internal Revenue Code Internal Revenue Code. The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq.
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- Internal Revenue Service (IRS), Treasury. Final and temporary regulations. This document contains temporary regulations providing clarification of the definitions of a corporation and a domestic entity in circumstances where the business entity is considered to be created or organized in more than one jurisdiction.