internal revenue service means: Federal agency that collects federal taxes. This includes personal, corporate, social security, excise, gift, and income taxes. (in Stock Market Dictionary)
What else does internal revenue service mean?
- The Office of the Commissioner of Internal Revenue was established by Congress in July 1862 under the Department of the Treasury. The Commissioner of Internal Revenue was responsible for collecting taxes on property and alcohol. Sixteenth Amendment to the U.S. Constitution was passed in February 1913. It gave Congress the power to “lay or collect taxes on incomes from any source derived” without apportionment between the various states and without considering censuses and enumerations. The Bureau of Internal Revenue was officially renamed the Internal Revenue Service in 1952. The IRS restructuring and Reform Act of 2000 saw the IRS create four business divisions. For more history of IRS, please visit this page. (in Legal Dictionary)
- Current law that governs the IRS’s actions is the Internal Revenue Code IRC. It falls under Title 26 of United States Code. You can either be charged with a crime or face civil penalties for violating the IRC. Willful evasion of tax, for example can result in fines and prison sentences. For more information, see Chapter 75 in the 26 U.S. Code. (in Legal Dictionary)
- The Internal Revenue Service IRS, the United States’ tax administrator, is responsible for collecting taxes. This bureau is part of the Department of the Treasury. (in Legal Dictionary)
