IRS Revenue Rulings

IRS Revenue Rulings are official interpretations issued by the Internal Revenue Service (IRS) that clarify how tax laws apply to specific situations. They provide guidance on tax issues, helping taxpayers understand their obligations and rights. Each ruling addresses a particular question or scenario, often based on real-world cases. While not legally binding like laws, these rulings influence how the IRS and taxpayers approach similar circumstances. Essentially, they serve as a resource for understanding complex tax matters, offering insight into how the IRS interprets the law.