Difference between revisions of "Internal Revenue Service"

From MarketsWiki
Jump to: navigation, search
Line 32: Line 32:
 
Specialized IRS units report directly to the Commissioner’s office. The IRS Chief Counsel also reports to the Treasury General Counsel on certain matters.
 
Specialized IRS units report directly to the Commissioner’s office. The IRS Chief Counsel also reports to the Treasury General Counsel on certain matters.
  
*Commissioner, Internal Revenue, [[Douglas Shulman]]
+
*Commissioner, Internal Revenue, Charles P. Rettig
 
*Chief of Staff, [[Jonathan M. Davis]]  
 
*Chief of Staff, [[Jonathan M. Davis]]  
 
*IRS Chief Counsel, [[Clarissa Potter]] (Acting)  
 
*IRS Chief Counsel, [[Clarissa Potter]] (Acting)  

Revision as of 10:23, 10 October 2019

Internal Revenue Service
Irslogo-1-.gif
Founded 1862
Headquarters Washington, D.C.
Products Tax administrator for the United States
Web site http://www.irs.gov/

The IRS is a division of the Department of the Treasury and one of the world's most efficient tax administrators. In 2004, the IRS collected more than $2 trillion in revenue and processed more than 224 million tax returns.[1]

The IRS is responsible for administering and enforcing the Internal Revenue laws and related statutes, except those relating to alcohol, tobacco, firearms, and explosives.[2]

History

Congress passed a law establishing the Bureau of Internal Revenue on July 1, 1862. It also created the position of commissioner of Internal Revenue and enacted an income tax to pay war expenses. The income tax was repealed 10 years later. Congress revived the income tax in 1894, but the Supreme Court ruled it unconstitutional the following year.

In 1953 the agency was reorganized to replace a patronage system with career, professional employees, and its name was changed to the Internal Revenue Service.

Only the IRS commissioner and chief counsel are selected by the president and confirmed by the Senate.

The IRS Restructuring and Reform Act of 1998 prompted the most dramatic reorganization and modernization of IRS in nearly half a century. The IRS reorganized itself to closely resemble the private sector model of organizing around customers with similar needs.

Products and Services

Membership

Key People

To support its structure and ensure accountability, the IRS is divided into three commissioner-level organizations:

Commissioner: Specialized IRS units report directly to the Commissioner’s office. The IRS Chief Counsel also reports to the Treasury General Counsel on certain matters.


Deputy Commissioner for Services and Enforcement: The Deputy Commissioner reports directly to the Commissioner and oversees the four primary operating divisions and other service and enforcement functions:

Office of Professional Responsibility, Carolyn Gray (Acting Director)

Deputy Commissioner for Operations Support: The Deputy Commissioner reports directly to the Commissioner and oversees the integrated IRS support functions, facilitating economy of scale efficiencies and better business practices:

News

  • In early 2009, the Treasury inspector general for tax administration said an IRS effort to flush out wealthy investors in abusive tax shelters had fallen short. Specifically, the report involved what was known as "Son of Boss," one of the most sophisticated and widely used abusive tax shelters of the late 1990s through recent years.[3]


References

  1. The Agency, its Mission and Statutory Authority. Internal Revenue Service.
  2. U.S. Treasury FAQs. U.S. Treasury Dept..
  3. Treasury Faults I.R.S. in Handling Tax Evaders. New York Times.