Internal Revenue Service

noun

1. the division of the U.S. Department of the Treasury that collects internal revenue, including income taxes and excise taxes, and that enforces revenue laws. IRS

Internal Revenue Service

¹

1. A federal agency, part of the Department of the Treasury, that collects most federal taxes, including income and Social Security taxes.

Internal Revenue Service

²

1. Part of the United States Department of the Treasury. The IRS is responsible for the collection of all federal taxes, except customs duties.

Example Sentences

The Internal Revenue Service imposes a maximum long-term capital-gains tax rate of 28% on the sale of collectibles held for more than 12 months.

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But your brother’s legal case does not in itself change the Internal Revenue Service rules for when distributions must occur.

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Do you get a large refund from the Internal Revenue Service after filing your tax return each spring?

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Frank Bisignano, the head of the Social Security Administration, was also recently named as chief executive of the Internal Revenue Service, where he will manage day-to-day operations.

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The Internal Revenue Service requires investors 73 and over to take annual withdrawals from their traditional, tax-deferred retirement accounts and pay income tax on them.

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