• The Internal Revenue Service is the United States agency responsible for collecting taxes.

• Fast Facts

  1. Formerly called the Bureau of Internal Revenue
  2. A division of the U.S. Department of the Treasury
  3. Commissioner: Douglas Shulman
  4. Headquarters: Washington, DC
  5. Publishes the Internal Revenue Bulletin

• Divisions

  1. Large and Mid-Size Business
  2. Small Business/Self-Employed
  3. Wage and Investment
  4. Tax Exempt and Government Entities
  5. Criminal Law Enforcement

• Timeline

  1. 1862: Abraham Lincoln creates tax to fund Civil War; establishes Bureau of Internal Revenue
  2. 1913: 16th Amendment makes income tax constitutional
  3. 1953: Name officially changed to Internal Revenue Service
  4. 1950s: Switches to employee system instead of patronage
  5. 1998: Internal Revenue Service Restructuring and Reform Act passed by Congress splits IRS into new divisions
  6. 2006: IRS headquarters closes for several months due to flooding

• Dealing with Losses

  On March 17, 2009, IRS commisioner Douglas Shulman announced that investors who had lost money from the fraudelent schemes of Bernard Madoff and Robert Allen Stanford would be allowed to list their losses as theft losses on their tax returns. Theft loss deductions are likely to earn larger deductions for investment victims compared capital losses deductions.Bloomberg: IRS Says Madoff Victims Can Claim Theft Losses

• Related Pages on Mahalo

  How to File Your Taxes | How to File Taxes Online for Free | How to Find Federal Income Tax Forms Online | How to Do Your Taxes | Tax Reform | How to Spend Your Tax Rebate | How to Check Your State Tax Refund Status | How to Avoid a Tax Audit | U.S. Department of the Treasury | Income Tax | Alternative Minimum Tax | 861 Argument | U.S. Department of the Treasury | How to Handle an Audit | How to Obtain 501c3 Status | How to Get Your Georgia State Tax Refund | How to Get Your Ohio State Tax Refund | How to File for a Tax Extension | How long does it take to receive my refund after filing it online | How can I avoid getting audited by the IRS | What is a split refund | How do I request a copy of my tax return for last year | Where can I find a Turbo Tax Coupon | What are "Estimated Taxes" and when are you required to pay them | What's the best online tax preparation software | How File Your Taxes Using eFile | How to Get Tax Breaks | How to Pay Your Taxes Online

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