What is the IRS and what does it do?
can someone tell me what the irs is and what it exactly does, none of the bias lol, and like in movies people are alwyas like i dont want the money or the car for ffree or the irs will come after me, what does that mean?????
- troLv 71 decade agoFavorite Answer
IRS is the Internal Revenue Service which operates the tax laws that Congress has passed to produce income that pays the expenses of maintaining the gov't
and when one wins a gift of some sort, if the value is $600 or more that is considered a form of income to the one who wins and will have to declare it on his income tax return and pay the taxes on it
and come after me? that refers to those who fail to fulfill their tax obligations and IRS has agents who pursue these dead beats and eventually put them in jail--Bernie Madoff for one
- Anonymous1 decade ago
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.
Internal Revenue Service - the bureau of the Treasury Department responsible for tax collectionsSource(s): http://www.investorwords.com/2648/IRS.html