Definition:
The Internal Revenue Service (I.R.S.) is the U.S. government agency responsible for collecting taxes and enforcing their collection. The IRS is part of the Treasury Department.
The I.R.S. says their mission is, in part:
to help the large majority of compliant taxpayers with the tax law, while ensuring that the minority who are unwilling to comply pay their fair share.
The authority of the IRS under U.S. law is:
to carry out the responsibilities of the secretary of the Treasury under section 7801 of the Internal Revenue Code.
IRS services to U.S. businesses include:
- Providing information on business start-up, operations, and closing
- Help with business record keeping and accounting procedures
- Information on employer responsibilities, including employment taxes
- Provide information on legitimate business expense deductions
- Assist business owners in selling or closing a business, or in declaring business bankruptcy
- Information on business tax events
- And information on tax scams and how to avoid them
