The IRS or The Internal Revenue Service is the nationwide revenue servicer of the United States Federal Government. This government agency is the one and ultimate bureau of the Department of the Treasury which is under the immediate supervision and direction of the Commissioner of Internal Revenue. The Internal Revenue Service (IRS) is responsible for collecting taxes and administering the Internal Revenue Code of the country. The duties of the IRS are to provide tax assistance to taxpayers and pursuing and resolving instances of erroneous or fraudulent tax fillings among other things.
The IRS is a federal office that was created in 1862 by President Abraham Lincoln and Congress along with the Commissioner of Internal Revenue to access the nation’s first income tax. This income tax was collected to raise funds for the American Civil war which was taking place in the country. The collection of taxes provided over one-fifth of the war expenses. This body was created to be a temporary measure to raise funds for the war, which was then discontinued a decade later. However, the practice was continued years later.
As early as 1918, the Bureau of Internal Revenue began using the name “Internal Revenue Service”, and in the year 1953, the name was formally changed in Treasury Decision 6038.
Products and Services:-
- Collecting taxes
- Administering the Internal Revenue Code
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