Internal Revenue Service

MoneyBestPal Team
The branch of the US government in charge of tax collection and law enforcement.

The Internal Revenue Service (IRS) is the branch of the US government in charge of tax collection and law enforcement. The largest and most significant tax collection organization in the world, it was founded in 1862. 

The Internal Revenue Code, which is the main source of federal tax legislation in the United States, is enforced and administered by the IRS, which is governed by the Department of the Treasury.

The IRS is in charge of a variety of tax-related tasks, such as processing tax returns, carrying out audits, collecting taxes, and offering taxpayer help. Via the enforcement of tax rules and the investigation of suspected cases of non-compliance, it also attempts to prevent tax fraud and evasion.

Making ensuring taxpayers are adhering to federal tax rules is one of the IRS's main responsibilities. Processing tax returns, looking at tax records, and doing audits are all part of this procedure to make sure taxpayers are accurately declaring their income and paying the appropriate taxes. Additionally, the organization offers advice and support to taxpayers in need of clarification or aid in comprehending tax rules and regulations.

By establishing rules and instructions on a variety of tax-related topics, the IRS also contributes significantly to the administration of the tax system. In order to ensure that tax rules and regulations are properly applied and enforced, it also works in conjunction with other governmental organizations and authorities.

The IRS is largely in charge of enforcing tax rules, but it is also tasked with aiding and assisting people. To assist taxpayers in comprehending their tax liabilities and navigating the tax filing process, a variety of tools and resources are made available.