What is the "IRS"?

What is the "IRS"?

John Stoller, CPA (Certified Public Accountant) gives expert video advice on: What are "income taxes"?; What is the "IRS"?; What are "tax-favored investments"? and more...

The IRS is the Internal Revenue Service. It's a part of the Treasury Department, and is responsible for collecting taxes. Part of it is excise taxes, alcohol and beverage taxes, all kinds of taxes, and income tax is a very large portion of it. They're very closely monitored by the Inspector General of the Treasury Department and by various House and Senate oversight committees that audit the IRS continuously.