IRS

Definition

Internal Revenue Service. The federal agency responsible for administering and enforcing the Treasury Department's revenue laws, through the assessment and collection of taxes, determination of pension plan qualification, and related activities.

Use IRS in a sentence

You should try to make sure that you are always up front with the IRS so that they do not audit you.

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At times, the IRS can be a very scrutinized, but very necessary and utterly essential, part of our fiscal system.

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If the IRS selects a tax return for an audit, the taxpayer will receive a written letter in the mail that requires a response within 60 days.

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ordinary and necessary expenses (O&NE) 940-B Form