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IRS - 10 things to know with detail

• The IRS, or Internal Revenue Service, is the government agency responsible for collecting taxes and enforcing tax laws in the United States.
• The IRS requires individuals and businesses to file tax returns annually to report their income and calculate the amount of taxes owed.
• The IRS offers various tax credits and deductions that can help individuals and businesses reduce their tax liability.
• The IRS has the authority to audit tax returns to ensure compliance with tax laws and regulations.
• Failure to pay taxes or file tax returns can result in penalties and interest charges imposed by the IRS.
• The IRS offers various payment options for individuals and businesses who are unable to pay their taxes in full, including installment agreements and offers in compromise.
• The IRS has the authority to levy assets and garnish wages to collect unpaid taxes.
• The IRS provides free resources and assistance to help taxpayers understand their tax obligations and resolve any issues they may have.
• The IRS has the authority to investigate and prosecute individuals and businesses who engage in tax evasion or fraud.
• The IRS is a key component of the U.S. tax system and plays a critical role in funding government programs and services.