U.S. Internal Revenue Code

The U.S. Internal Revenue Code (IRC) is a set of federal laws that govern taxation in the United States. It outlines how individuals and businesses calculate their taxable income, the rates at which they are taxed, and the various deductions and credits available to reduce tax liability. The IRC is extensive and complex, covering topics like income tax, payroll tax, estate tax, and more. Essentially, it provides the framework for the federal government's revenue system, ensuring that taxes are collected and that taxpayers are treated fairly under the law.