Internal Revenue Code - Explained
What is the Internal Revenue Code?
Written by J. Mance Gordon
Updated at April 17th, 2024
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
-
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
What is the Internal Revenue Code?
The US code of statutes Title 26 is commonly referred to as The International Revenues Code (IRC) or Tax code. It is simply the consolidation of the US permanent laws. This group of laws touch on incomes, gifts, sales, payroll, and excise taxes and are implemented by the Internal Revenue Service. IRS is also mandated to collect and impose punishments on tax evaders.
How Does the Internal Revenue Code Work?
The internal revenue code is divided into 11 subtopics as follows; Income Taxes, Estate and Gift Taxes, Employment Taxes, Miscellaneous Excise Taxes, Alcohol, Tobacco and Certain, Other Excise Taxes, Procedure and Administration, The Joint Committee on Taxation, Financing of Presidential Election Campaigns, Trust Fund Code, Coal Industry Health Benefits and Group Health Plan Requirements. The IRC was established in 1926.