QandAs: Legal

What is the IRS or Internal Revenue Service?

Answer:
The IRS is the agency within the United States Treasury Department

charged with collecting income tax on behalf of the government. The agency also recommends changes to the federal tax code that affect the amount of tax you pay and has investigative powers to make sure individual and corporate taxpayers are not cheating the government.

An IRS audit is an investigation into whether a taxpayer has properly calculated the amount of the tax due and if those taxes have been paid. Although taxes are generally collected in April of each year, the IRS works year round interpreting the tax code and providing advice to individual filers.


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