What Is The Internal Revenue Service (IRS)?
The Internal Revenue Service is a division within the Department of Treasury, United States. We often hear about this organization, especially when it is time for us to pay our taxes. What are the duties of the IRS? Yes, by now some readers will be aware of the fact that this particular branch act as the intermediary when we file our tax returns. This brief section deals with the primary functions of the IRS.
The IRS maintains a strict vigil over the citizens when it comes to the timely payment of their taxes. They have set up offices across the country to facilitate in the tax filing process. In order to improve the user experience, the IRS came up with a set of forms - the citizens who wish to make payments must submit the duly filled forms at the office of the IRS. Massive computerization of the organization has helped it become more efficient and effective for the good of the entire nation.
Taxes are of two kinds - individual and business tax. The two niches are distinct and the authorities must deal with them in a suitable manner. As of today, the IRS keeps a track over all the individuals residing and business houses operating within the country. It is imperative to make the tax payments every year. The system is simple - it works on the age-old paradigm “the more you earn, the higher are your tax amounts”. There exists tax brackets and it is important to have some notion about where you fall. The IRS helps in defining the tax rules and regulations. They have the vested power to bring about suitable changes in the existing set of clauses pertaining to various kinds of taxes.
Tax repayment is another pivotal function executed by the IRS. Nominal amounts deducted from the monthly paycheck are one of the most sought after methods of the IRS. The professionals must check whether they are being over-taxed. If so, they have the provision to claim for a tax repayment. The officials will delve into the claim and make the appropriate payments to the claimant. Every year, the IRS sends checks and deposits repayment amounts into the bank accounts of the taxpayers (who have complained about overtaxing). Just imagine the magnitude of work that occurs within the confines of the ten offices of IRS dispersed in various parts of the country. Since the system is entirely computerized, it is very much possible to elude much of the manual labor.
Several instances of abuse plagued the veracity of the IRS - on countless occasions. According to insider sources, the organization used to be highly corrupt and was even the house of various political scandals. Luckily, nothing of such sorts are occurring now. The IRS provided the citizens with the ability to file their taxes through the internet. This has been termed as “e-filing” by the organization. The website maintained by the same establishment provides ample assistance to those who are in dire need of help (concerning their tax payments).