IRS Publication 1

AAA

DEFINITION of 'IRS Publication 1 '

A document published by the Internal Revenue Service that identifies a taxpayer's rights and outlines the processes followed by the IRS when it examines a taxpayer, issues a refund or collects taxes, as well as the appeals process that a taxpayer can initiate.




INVESTOPEDIA EXPLAINS 'IRS Publication 1 '

IRS Publication 1 is part of a long series of publications explaining how the IRS conducts business. The document outlines a number of rights afforded to taxpayers, including the right to privacy; to know how personal information is to be used; to be treated fairly by IRS employees; to representation during proceedings; to only pay the correct amount of tax; to be assisted if taxes create hardship; to be allowed to appeal a tax liability; and to not be penalized financially for mistakes made by IRS employees.

RELATED TERMS
  1. IRS Publication 556: Examination ...

    A document published by the Internal Revenue Service (IRS) that ...
  2. Tax Refund

    The return of excess amounts of income tax that a taxpayer has ...
  3. Income Tax

    A tax that governments impose on financial income generated by ...
  4. Audit

    1. An unbiased examination and evaluation of the financial statements ...
  5. Enrolled Agent - EA

    A tax professional authorized by the U.S. government to be able ...
  6. Internal Revenue Service - IRS

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

    How To Appeal Your IRS Audit

    The auditor's review isn't always the last word. Many taxpayers who are audited can successfully appeal their audits and save thousands of dollars.
  2. Taxes

    Inaccurate Tax Return, Now What?

    If the IRS finds errors, it will cost you. Find out how to fix them, and how to prevent them in the first place.
  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

    Tax Court: Your Last Resort

    Appealing an unfavorable or unfair tax ruling may be your last chance to save your finances.
  6. Taxes

    Making Sense Of The Tax Code

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

    Examining A Career As An Auditor

    Stricter government regulations have put auditing professionals in demand.
  8. Savings

    How Microeconomics Affects Everyday Life

    Microeconomics is the study of how individuals and businesses make decisions to maximize satisfaction. Microeconomic principles can describe many everyday experiences. We use renting a New York ...
  9. Taxes

    How Does An IRS Audit Work?

    It doesn't automatically mean an IRS agent will be ringing your doorbell. Here are the different types of IRS audits and how to handle them.
  10. Taxes

    Switzerland's Declining Tax Haven Appeal

    Switzerland's tax haven allure is being threatened by efforts by the US and other governments to make Swiss banks give up their much-vaunted secrecy.

You May Also Like

Hot Definitions
  1. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  2. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  3. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
  4. Market Value

    The price an asset would fetch in the marketplace. Market value is also commonly used to refer to the market capitalization ...
  5. Preference Shares

    Company stock with dividends that are paid to shareholders before common stock dividends are paid out. In the event of a ...
  6. Accrued Interest

    1. A term used to describe an accrual accounting method when interest that is either payable or receivable has been recognized, ...
Trading Center