Vital Information That You Need To Know When It Comes To IRS Services
There are so many things that you have to be aware of regarding IRS or Internal Revenue Service and one of which is the fact that it is the revenue service of the federal government. When it comes to the government agency where IRS belongs to, it is a bureau of the Department of Treasury, and is under the immediate supervision of the Commissioner of Internal Revenue, who is chosen by the President to take the reigns for five years. If you are wondering what IRS do, well, that is the fact that they administer the Internal Revenue Code, and at the same time, they collect tax, which gave them the name “the main body of the federal statutory tax law”.
The following are the duties and responsibilities of the IRS: pursuing and resolving instances of fraudulent or erroneous tax filings, formulating and enforcing policy concerning income tax, and also, providing tax assistance to tax payers.
Truth be told, the Internal Revenue Service has enforces part of the Affordable Care Act, and has overseen different benefit programs as well. There is no use denying the fact that the IRS brings in almost all the revenue that are necessary to fund the federal government, but even if that is the case, we cannot ignore reality that its resources have been cut down each year. But even so, the IRS continue to strive to provide quality service to the public, especially to the federal government.
Now that we mention about taxes here, we want you to know that these are payments of money to the government, providing public goods as well as services to the community. Several examples of public goods are highways, roads, street lights, parks, and a whole lot more. On the other hand, when it comes to public services, they include the following: education, law enforcement, sanitations, and welfare programs as well.
For those of you out there who have your own business and is falling behind tax payments, you should know that the IRS has the power to shut down your business if you are not to settle this thing immediately. We want you to know as well that IRS will not make any exception with regards to collecting fund that are due to them. If you want to make amends about your lapses, the best thing that you can do is to hire the service of an IRS tax lawyer because high skilled lawyers with years of experience and expertise can help you devise a plan and negotiate with the agency in order for you to work out a payment plan.
What we have here are several essential facts regarding IRS that you have to be aware of.