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What is the IRS (Internal Revenue Service)?

April 26, 2017business tax Federal internal revenue service IRS

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What is the IRS (Internal Revenue Service)?

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The Internal Revenue Service (IRS) is a United States government agency tasked with collecting yearly state and income tax from working residents and businesses. Most citizens pay income tax to the IRS annually, though in some cases quarterly prepayments are required for freelancers and businesses that exceed a given income threshold. The IRS is part of the Department of the Treasury.