For over 100 years, the Internal Revenue Service (IRS) has handled the collection and administration of taxes to millions of American taxpayers. All income-earning taxpayers are required to submit their tax returns once a year. Taxes must be collected to carry out the major activities of the Texas government and society in general.
The functions of the IRS
The Internal Revenue Service is a federal agency that is designed to collect taxes from U.S. residents on behalf of the federal government. Its duties include providing resources to help individuals and businesses complete their taxes. They provide tax return forms on their website and provide advice on how to complete the forms correctly. The IRS also manages the Affordable Care Act, a federal healthcare law.
IRS rules and regulations
The IRS enforces the Internal Revenue Code, a federal statutory tax law that contains the rules and regulations for income taxes and other types of taxes. For example, Section 1 imposes taxes on the taxable federal incomes of U.S. residents, including those who own estates and trusts.
Evading tax payments is the most common violation of an IRS tax law. Evasion is a felony that is punishable with a criminal conviction and a fine of up to $100,000 for an individual and up to $500,000 for a corporation and imprisonment up to five years.
Following IRS laws
The IRS determines the federal tax laws that nearly all money-receiving individuals have to follow, even if they are unemployed, self-employed, or retired. State tax laws vary in every state and include separate filing processes. Most of all, not following the tax rules of the U.S. federal government is punishable in court.