Internal Revenue Code - IRC


DEFINITION of 'Internal Revenue Code - IRC'

The comprehensive set of tax laws created by the Internat Revenue Service (IRS). This code was enacted as Title 26 of the Unites States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes.

BREAKING DOWN 'Internal Revenue Code - IRC'

U.S. tax laws began to be codified in 1874, but there was no central, comprehensive source for them at that time. The IRC was originally compiled in 1939 and was overhauled in 1954 and again in 1986. This code is the definitive source of all tax law in the U.S. and has the force of law in and of itself.

  1. Taxes

    An involuntary fee levied on corporations or individuals that ...
  2. Tax Code

    A federal government document, numbering tens of thousands of ...
  3. Preparer Tax Identification Number ...

    An Internal Revenue Service requirement implemented in 2011 that ...
  4. New Alternative Transportation ...

    A bipartisan proposal introduced in April, 2011 that amends the ...
  5. Section 1256 Contract

    A type of investment defined by the Internal Revenue Code (IRC) ...
  6. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
Related Articles
  1. Taxes

    Changes In Tax Legislation And Regulation

    Keeping on top of these amendments can help you avoid penalties and take advantage of benefits.
  2. Insurance

    Getting A Job As The Tax Man

    If you'd like the IRS to pay you some money for a change, consider a career working in taxes.
  3. Taxes

    Surviving The IRS Audit

    Keeping thorough records and knowing the penalties make this experience easier than you'd expect.
  4. Retirement

    Avoid An Audit: 6 "Red Flags" You Should Know

    Don't make yourself a target - steer clear of these attention-grabbing tax-filing practices.
  5. Taxes

    Making Sense Of The Tax Code

    If tax rules and regulations are Greek to you, read on to learn how to decipher them.
  6. Insurance

    Medicare 101: Do You Need All 4 Parts?

    Medicare is the United States’ health insurance program for those over age 65. Medicare has four parts, but you might not need them all.
  7. Taxes

    Revisiting the Internet Sales Tax Bill: 2013 Vs. 2015

    Learn about the Marketplace Fairness Act of 2015 being reviewed by congress and the differences between it and the 2013 Marketplace Fairness Act.
  8. Economics

    Understanding Donald Trump's Stance on China

    Find out why China bothers Donald Trump so much, and why the 2016 Republican presidential candidate argues for a return to protectionist trade policies.
  9. Economics

    Will Putin Ever Leave Office?

    Find out when, or if, Russian President Vladimir Putin will ever relinquish control over the Russian government, and whether it matters.
  10. Investing Basics

    Internet Sales Tax's Effect on Interstate Commerce

    Find out how a national Internet sales tax could affect interstate commerce, and why some bigger online retailers are lobbying for such a tax.
  1. How can a company execute a tax-free spin-off?

    The two commonly used methods for doing a tax-free spinoff are either to distribute shares of the spinoff company to existing ... Read Full Answer >>
  2. What is the difference between a 401(a) and a 401(k)?

    The difference between a 401(a) plan and a 401(k) plan is a 401(a) plan is any employer-only contribution plan such as a ... Read Full Answer >>
  3. Why are some spin-offs taxable and some are tax-free?

    The manner in which a parent company structures the spinoff and divests itself of a subsidiary or division determines whether ... Read Full Answer >>
  4. How are Simplified Employee Pension (SEP) IRAs taxed?

    Simplified employee pension individual retirement accounts are tax-deferred retirement savings plans designed to allow business ... Read Full Answer >>
  5. What's the difference between a 401(k) and a Roth IRA?

    The three major areas of difference between a 401(k) and a Roth IRA are tax treatment, investment options and possible employer ... Read Full Answer >>
  6. Are personal loans tax deductible?

    Interest paid on personal loans is not tax deductible. If you take out a loan to buy a car for personal use or to cover other ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Barefoot Pilgrim

    A slang term for an unsophisticated investor who loses all of his or her wealth by trading equities in the stock market. ...
  2. Quick Ratio

    The quick ratio is an indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet ...
  3. Black Tuesday

    October 29, 1929, when the DJIA fell 12% - one of the largest one-day drops in stock market history. More than 16 million ...
  4. Black Monday

    October 19, 1987, when the Dow Jones Industrial Average (DJIA) lost almost 22% in a single day. That event marked the beginning ...
  5. Monetary Policy

    Monetary policy is the actions of a central bank, currency board or other regulatory committee that determine the size and ...
  6. Indemnity

    Indemnity is compensation for damages or loss. Indemnity in the legal sense may also refer to an exemption from liability ...
Trading Center