The IRS is the abbreviation for the Internal Revenue Service. It is the United States governmental agency that is responsible for collecting taxes at a State and Federal level. There are people who are anti tax who claim that the IRS was not created by a statute and there is no way that you can sue the IRS and that they are not a federal agency.
But the IRS is still in charge of collections of state and federal taxes on money that you have earned for the previous year. Every April 15th, last minute filers scramble to turn in their tax returns in order to avoid paying a penalty.
What is covered by the IRS
The IRS not only covers residential revenues but they also oversee business taxes, property taxes, estate taxes, trust taxes. No matter how you make the money, you can earn the money or by winning the money via the lottery ,game shows or casinos. You have to pay taxes on it. You can visit this site for more information. When you are employed your employer will take out a certain amount of money that is based on your weekly income. At the end of the fiscal year you may have paid over the amount you should have or not have paid enough. This will determine whether you get a refund or you owe the government money.
What is Purpose of the IRS
Federal income tax as a whole is created in order for the entire country to pay taxes on the money that they make. Each state has their own tax laws and the residents of those states will follow those rules but federal tax laws must be followed by everyone. The laws and regulations apply to everyone living in the country. You can also visit our top article here. The tax laws in general …