[Adfunk Keyword] U.S. Internal Revenue Service

[Muhammad]

This is the most common use of IRS. For other uses, see IRS (disambiguation).
Seal of the Internal Revenue Service

The Internal Revenue Service (IRS) is the United States government agency that collects taxes and enforces the tax laws. It is a part of the Department of the Treasury.

In 1862, during the Civil War, President Lincoln and Congress created the Commissioner of Internal Revenue and enacted an income tax to pay war expenses. The agency created to enforce these taxes was named for the internal revenue they would collect in contrast to U.S. government institutions that collected external revenue through duties and tariffs. The income tax was repealed 10 years later. In 1894, Congress revived the income tax, but the following year the Supreme Court ruled, in Pollock v. Farmers' Loan & Trust Co., that taxes on capital gains, dividends, interest, rents and the like were unapportioned direct taxes on property, and therefore unconstitutional.

In 1913, however, the states ratified the 16th Amendment, which removed the restrictions on income taxes. In 1918, to finance World War I, the top rate of the income tax rose to 77%. During the post-war years, the top rate was lowered to 24%, but rose again during the Great Depression. During World War II, Congress introduced payroll withholding and quarterly tax payments, ostensibly as an emergency measure.

In the 1950s, career professional employees replaced the patronage system. Currently, only the IRS Commissioner and Chief Counsel are selected by the President and confirmed by the Senate. The Bureau of Internal Revenue name also was changed to the Internal Revenue Service to emphasize service to taxpayers. Its four major operating divisions are: Large & Mid-Size Business (LMSB), Small Business / Self-Employed (SB/SE), Wage and Investment (W&I), and Tax Exempt & Government Entities (TE/GE).
IRS building on Constitution Avenue in Washington, D.C..
IRS building on Constitution Avenue in Washington, D.C..

The main headquarters of the IRS is located at 1111 Constitution Avenue, N.W. in Washington, D.C.

Type of Return	Number of Returns	Gross Collections (Millions of US$)
Individual Income Tax	130,728,360	987,209
Corporate Income Tax	5,890,821	194,146
Employment Taxes	29,916,033	695,976
Gift Tax	287,456	1,939
Excise Taxes	812,483	52,771
Estate Tax	91,679	20,888

In fiscal year 2004, the IRS collected $43.1 billion in enforcement revenue. This is $5.5 billion or a 15 percent increase from fiscal 2003.

Recently, the IRS has altered its policies. The current Service plus Enforcement equals Compliance motto has led to more investigations of abusive tax schemes.



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Posted by Muhammad to Adfunk Keyword at 10/07/2005 01:59:00 PM