The Internal Revenue Service (IRS)

Brief Definition

The Internal Revenue Service (IRS) is the U.S. government agency responsible for collecting taxes and enforcing tax laws.

Further Explanation

The Internal Revenue Service (IRS) is the U.S. government agency responsible for collecting taxes and enforcing tax laws. It operates under the Department of the Treasury and ensures that individuals and businesses comply with federal tax regulations. The IRS processes tax returns, issues refunds, conducts audits, and provides tax assistance to taxpayers. It also works to prevent and investigate tax fraud.

Example:
If you work in the United States, your employer withholds a portion of your salary for federal income tax. This money is sent to the IRS. At the end of the year, you file a tax return with the IRS to report your income and calculate whether you owe additional taxes or are eligible for a refund.