IRC (Internal Revenue Code)

The Internal Revenue Code (IRC) is the comprehensive set of laws and rules enacted by the U.S. government that govern federal taxation. It defines how much individuals and businesses owe in taxes, outlines the procedures for filing returns, and establishes rules for various types of income, deductions, and credits. The IRC ensures a standardized and legal framework for collecting revenue to fund government functions. Essentially, it’s the legal guide that shapes all tax-related activities and policies in the United States.