BNET Business Dictionary
Business Definition for: IRS
- Internal Revenue Service: in the United States, the branch of the federal government charged with collecting the majority of federal taxes
Wiktionary Definition for: IRS
- US : The Internal Revenue Service
Additional Resources
- GAO notes IRS security improvements; wants further action
- The Government Accountability Office GAO has released a report PDF to IRS Commissioner Douglas Shulman regarding the state of the IRS' information security system. In its last audit of the IRS, the GAO identified 115 areas or systems as problematic. The IRS accepted the findings and agreed to remedy the...
- News items 2009-08-07
- IRS Loses Law Suit Over Phone Taxes Badly
- In 1896 Congress passed an excise tax on long distance phone calls at a rate of 3% based on transmission time and the distance between the two connected points. In 2006 after five different U.S. Circuit Courts agreed that this tax was no longer applicable in response to a...
- Blog posts 2009-08-10
- New procedures for IRS determination letter program
- The IRS determination letter program has been significantly redesigned by IRS Revenue Procedure 2005-66. (Rev. Proc. 2005-66, released August 26, 2005, is available at www.irs.gov/pub/irs-drop/rp-05-66.) The new program is intended to help both IRS and t The IRS determination letter program has been significantly redesigned by IRS Revenue Procedure 2005-66....
- Research articles 2005-12-01
- The taxman cometh? IRS urged to tax virtual worlds, economies
- The Internal Revenue Service should start taxing the fledgling virtual economy in Second Life, World of Warcraft, and other virtual worlds according to Taxpayer Advocate Nina Olson. In her annual report published on the IRS website, Olsen said that there are still a number of issues that the IRS should...
- News items 2009-08-07
- Top Ten Tips for Appealing an IRS Audit
- Collection of your tax bill is delayed for many months when you appeal the results of an IRS audit. Appeals are often successful in reducing liabilities, but seldom are audit reports totally reversed. The IRS usually allows you to appeal its decisions to the IRS Appeals Office. The IRS Appeals...
- Research articles 2006-11-01
- Cost-Effectiveness: U.S. IRS Correspondence Imaging System
- Although taxpayers can interact with the Internal Revenue Service IRS through a number of channels, due to the legal and investigative nature of some of the correspondence, many taxpayers are required to or choose to correspond with the IRS on paper. And while usage of electronic correspondence will continue to...
- White papers 2005-05-02
- IRS forms reveal IRS 'decision' on NQ-LTC.(1099-LTC and 8853 IRS forms on benefit taxation under nonqualified long-term care policies issued after Jan 1, 1997)
- The IRS forms 1099-LTC and 8853 include specific information on taxation of benefits included in nonqualified long-term care (NQ-LTC) policies that became valid after Jan 1, 1997. The IRS require taxpayers to provide information regarding NQ-LTC benefits The IRS forms 1099-LTC and 8853 include specific information on taxation of benefits...
- Research articles 1998-02-23
- Delaying retirement won't nullify an IRS levy on plan assets.
- Delaying retirement won't nullify an IRS levy on plan assets. An executive owed taxes to IRS. When he reached 65, he stayed on the job and elected to defer payouts from the firm's 401k plan until he retired. Nonetheless, an IRS agent sent a levy t...
- Research articles 2000-08-18
- Court review of IRS abuse of discretion.
- Various code sections give the IRS discretion to reduce or eliminate a tax liability for equity or hardship reasons. If the IRS fails to reduce a liability, the taxpayer can ask a court to mandate a reduction on the grounds the IRS abused its discret Various...
- Research articles 2004-12-01
- IRS may get larger role in writing tax laws.
- The IRS may get a larger role in writing tax laws in the future. IRS will if the co-chairman of the Restructuring Commission has his way. IRS isn't always consulted on the administrative aspects of tax changes... whether they are feasible and eventua The IRS may...
- Research articles 1997-04-18
- You owe the IRS - it's not hopeless.
- You owe the Internal Revenue Service ("IRS") a bunch of money. In fact, you owe the IRS so much money that they have started hounding you. You are afraid that the IRS will levy your company. Because they are hounding you, you have not pursu You...
- Research articles 1993-09-01
- IRS wants Congress to simplify some tax laws.
- An IRS official wants Congress to simplify some areas of tax law. The IRS National Taxpayer Advocate, who is independent of the regular IRS, has told Congress some ways it can lessen compliance burdens on taxpayers. Many of the suggestions would make An IRS official wants...
- Research articles 1999-01-22
- New ways to contact IRS in temporary quarters.
- To ensure prompt delivery of mail to the Internal Revenue Service IRS Office of Chief Counsel, the IRS is clarifying where different types of correspondence should be directed during the temporary closure of the main IRS building. To ensure prompt delivery of mail to...
- Research articles 2006-10-01
- IRS will stop hounding taxpayers making installment payments.
- IRS will stop hounding taxpayers paying back taxes by installment. Some IRS employees had been threatening to end the installment agreements unless the debtor agreed to extend the ten-year statute of limitations. After ten years, IRS could no longer IRS will stop hounding taxpayers paying...
- Research articles 1998-06-12
- Tax Court holds that IRS litigation memos are protected work product.
- The Tax Court held that the IRS did not have to turn over memos prepared by IRS personnel during the course of litigation because the memos were protected by the work-product privilege and the IRS had not waived the privilege with respect to the docu The...
- Research articles 2007-12-01
- IRS wants to outsource writing tax regulations.(ENFORCEMENT)
- Another function IRS wants to outsource: Writing tax regulations. It is testing the idea of letting tax professionals write the first draft of rules, but only where IRS lacks the technical expertise. Outsiders have often met with IRS and Treasury to Another function IRS wants...
- Research articles 2007-03-23
- IRS expanding tip audit-protection program.
- IRS is expanding its tip audit-protection program. Last year, IRS and the restaurant industry agreed restaurants and tipped employees could generally avoid audits if they used a new IRS tip reporting program. It requires employers to regularly educa IRS is expanding its tip audit-protection program....
- Research articles 1996-10-18
- IRS shortcut audits for unreported tips.
- IRS use of shortcut audits for unreported tips comes up short. Recently, IRS has tried a new tack to collect social security taxes on unreported tips. Instead of going after the individual employees, IRS has been assessing taxes only against the empl IRS use of shortcut...
- Research articles 1996-11-15
- IRS audit coverage in '97.
- IRS audit coverage will be lower in '97, reversing a recent trend that has seen IRS auditing increasingly larger percentages of tax returns, cresting at 1.63% last year. IRS has fewer resources, and some auditors are being shifted to assist taxpayer IRS audit coverage will...
- Research articles 1997-01-24
- IRS attack on service firms using cash accounting.
- An IRS attack on service firms using cash accounting backfires. IRS believes the cash accounting method gives firms too much tax leeway... delaying billings to defer income and paying expenses first. IRS insists use of cash method is improper...requ An IRS attack on service firms...
- Research articles 1997-04-04
Neighboring Terms
Premier Vendor Content Whitepapers, webcasts & resources from our Power Center Sponsors
