Definition of Internal Revenue Services



Internal revenue services or IRS is the Federal Government revenue collection authority. It is responsible for the implementation of taxation laws and collection of taxes from individuals, self-employed persons, and corporate businesses. The IRS is run by a commissioner of revenue who is elected for five years by the United States President.

 


Internal revenue services is responsible for issuing tax rates that are applied on every tax payer. It also issues yearly deductions and update collection policies on its website. There are different state laws regarding the deduction and collection of taxes that are therefore collected by the state-level authorities.


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