The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). It is organized topically, into subtitles and sections, covering income tax (see Income tax in the United States), payroll taxes, estate taxes, gift taxes and excise taxes; as well as procedure and administration. Its implementing agency is the Internal Revenue Service.
Read more about Internal Revenue Code: Origins of Tax Codes in The United States, Internal Revenue Code of 1939, Internal Revenue Code of 1954, Internal Revenue Code of 1986, Tax Statutes Not Contained in The Code, Individual and Corporate Income Tax, Organization, Subtitles, List of Commonly-referenced Sections
Famous quotes containing the words internal, revenue and/or code:
“We all run on two clocks. One is the outside clock, which ticks away our decades and brings us ceaselessly to the dry season. The other is the inside clock, where you are your own timekeeper and determine your own chronology, your own internal weather and your own rate of living. Sometimes the inner clock runs itself out long before the outer one, and you see a dead man going through the motions of living.”
—Max Lerner (b. 1902)
“If you tax too high, the revenue will yield nothing.”
—Ralph Waldo Emerson (1803–1882)
“Many people will say to working mothers, in effect, “I don’t think you can have it all.” The phrase for “have it all” is code for “have your cake and eat it too.” What these people really mean is that achievement in the workplace has always come at a price—usually a significant personal price; conversely, women who stayed home with their children were seen as having sacrificed a great deal of their own ambition for their families.”
—Anne C. Weisberg (20th century)