Google
Saturday 
June 22, 2024 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
ABSTRACTION: Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is often criticized because it's, well, it's JUST NOT REALISTIC. However, when done correctly (ignoring things that JUST DON'T MATTER), then the pursuit of knowledge is greatly enhanced by abstraction. For example, when travelling cross country along a high-speed interstate highway, a paper road map is a handy tool. It shows towns and cities along the way, the major intersections, rest stop locations, and other important points of interest. However, it ignores unimportant details. It doesn't realistically show the location of every tree, bush, or blade of grass. Why bother? This information won't enhance your road trip.

Visit the GLOSS*arama


INTERNAL REVENUE SERVICE:

A branch of the Department of Treasury that is responsible for collecting federal income taxes and administering the Internal Revenue Code. The Internal Revenue Service (IRS) is the office of the U.S. government that collects the tax revenue needed to purchase goods, pay administrative expenses, and finance assorted government functions. The IRS was established during the Civil War in 1862, but underwent a major overhaul in 1913 when the 16th amendment to the U.S. Constitution gave it the power to collect income taxes.
The Internal Revenue Service (IRS) is the branch of government that administers the Internal Revenue Code. This code is a collection of U.S. laws on income, estate and gift, employment and excise taxes, plus administrative and procedural provisions. Basically, the Internal Revenue Code contains the regulations and procedures through which the government collects taxes to get the revenue needed to finance public goods and pay administrative expenses.

A Bit of History

  • The origins of the IRS go back to the Civil War when President Lincoln and Congress, in 1862, created the Commissioner of Internal Revenue and enacted an income tax to pay war expenses.

  • The states ratified the 16th Amendment in 1913, which gave Congress the authority to enact an income tax. The standard Form 1040 used to report income first appeared that year.

  • The agency went through a major reorganization in the 1950s. The existing name, Bureau of Internal Revenue, was changed at that time to the Internal Revenue Service to emphasize service to taxpayers.

  • The most comprehensive reorganization and modernization of IRS in nearly half a century was prompted by the Restructuring and Reform Act of 1998

Four Major Divisions

The Restructuring and Reform Act of 1998 resulted in the IRS reorganizing itself into four major operating divisions, which correspond to different types of taxpayers:

  • Wage and Investment: This division serves several million taxpayers each year who file individual and joint tax returns. It provides educational material and assistance to taxpayers in understanding and satisfying their tax responsibilities.

  • Small Business and Self-Employed: This division serves millions of small businesses and self-employed taxpayers. It also provides educational services and informs small businesses and self-employed taxpayers of their tax obligations helping them understand and comply with applicable laws.

  • Large and Mid-Size Business: This division serves corporations, subchapter S corporations, and partnerships with assets greater than $10 million. This division assists large and mid-size business in dealing with complicated issues involving tax law and accounting principles.

  • Tax-Exempt and Government Entities: This division serves employee benefit plans, tax-exempt organizations, such as charities and social welfare groups, and governmental entities.

Other offices of the IRS include the Appeals, Communications and Liaison and Criminal Investigation offices. The Office of Chief Counsel provides legal services to the agency.

<= INTERMEDIATE GOODSINTERNATIONAL ECONOMICS =>


Recommended Citation:

INTERNAL REVENUE SERVICE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: June 22, 2024].


Check Out These Related Terms...

     | taxes | government expenditures | government purchases | government borrowing |


Or For A Little Background...

     | government sector | government functions | public sector | macroeconomic goals |


And For Further Study...

     | circular flow | business cycles | economic goals | stabilization policies |


Related Websites (Will Open in New Window)...

     | Internal Revenue Service |


Search Again?

Back to the WEB*pedia


APLS

GREEN LOGIGUIN
[What's This?]

Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a small palm tree that will fit on your coffee table or several magazines on fashion design. Be on the lookout for vindictive digital clocks with revenge on their minds.
Your Complete Scope

This isn't me! What am I?

General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"The majority of men meet with failure because of their lack of persistence in creating new plans to take the place of those that fail. "

-- Napoleon Hill, author

G-7
Group of Seven
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2024 AmosWEB*LLC
Send comments or questions to: WebMaster