Answer: The IRS, or Internal Revenue Service, is the US federal agency responsible for taxes. The precursor to the modern IRS, the Bureau of Internal Revenue, was founded by President Lincoln during the Civil War with the mission of collecting taxes, or internal revenue. A number of changes, including the name Internal Revenue Service, were made official in 1953. Additional structural changes were made in the late 1990s.
Answer: A 1099 is a form that is used to report certain types of income to the Internal Revenue Service. The form was created by the Internal Revenue Service (IRS) and is used in the United States income tax system for taxpayers to report various types of income on their tax return that do not fall under the categories of wages, salaries, or tips.
Answer: Probate is the legal process of dealing with the deceased’s assets and debts. It can involve wills, estates, and liquidizing assets (in the case of debt which must be paid off).
