Internal Revenue Code (IRC)

Definition - What does Internal Revenue Code (IRC) mean?

The Internal Revenue Code is the full set of tax laws applicable in the United States. It has its own set of fines and legal repercussions for individuals that do not adhere to the required mandates. These codes are in place for every situation where taxes might be collected such as employers paying income tax on ther companies to employees paying income tax on their wages.

Justipedia explains Internal Revenue Code (IRC)

The Internal Revenue Code covers every facet of taxation within the United States. It also regulates taxes that are expected from American citizens regardless of where they live in the world. For instance, a US citizen is normally obliged to pay income tax to the United States even when the job was undertaken outside of the US. This holds true for American citizens working on US foreign bases such as military or embassy locations. These codes also mandate that US companies with locations in foreign countries pay tax to the US on all income earned regardless of where it is based or where the services were received. This code has changed three times since its inception.

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