Internal Revenue Service is a United States government agency, which is mainly responsible for the enforcement of tax laws and collection of taxes. It operates under the authority of the US Department of Treasury.
The IRS exercises control over the collection of employment taxes, individual income taxes, corporate taxes, estate taxes, dividends, mutual funds, excise, and gift. It is also empowered to carry out criminal investigations, and oversee organizations that are tax exempted.
The main functions of the IRS can be categorized as:
- Taxpayer service
- Tax retum processing
- Enforcement
With the growing internet penetration, both corporations and individual are given the option to file the tax returns online. It is worth mentioning that, now nearly 90% of the returns in the US are filed online due to secure internet connections, computer technology, and software programs.
The Internal Revenue Service (IRS) uses the categories known as "tax brackets".
These tax brackets are categorized as
1. Single: For unmarried or divorced people
2. Married persons filing jointly:
3. Married persons filing separately:
4. Head of household; and
5. Qualifying Widow/Widower.
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