Revenue Ruling

AAA

DEFINITION of 'Revenue Ruling'

A decree issued by the IRS that essentially has the force of law. A revenue ruling outlines the IRS's interpretation of the tax laws and is binding on all IRS employees. Revenue rulings are published in the Cumulative Bulletin and are issued only from the National Office of the IRS.

INVESTOPEDIA EXPLAINS 'Revenue Ruling'

Taxpayers and tax professionals can use revenue rulings as reliable guidelines for their own returns or the returns of their clients. Those who ignore the stipulations outlined in a revenue ruling can be subject to additional taxation, penalty or other disciplinary action.

RELATED TERMS
  1. Taxpayer Advocate Service

    An independent organization within the Internal Revenue Service ...
  2. Internal Revenue Service - IRS

    A United States government agency that is responsible for the ...
  3. Taxes

    An involuntary fee levied on corporations or individuals that ...
  4. Revenue Agent

    An accountant who works for the U.S. Internal Revenue Service ...
  5. Revenue Officer

    An individual who collects revenues such as taxes and duties ...
  6. Section 7702

    The section of the United States Internal Revenue Code that defines ...
Related Articles
  1. Changes In Tax Legislation And Regulation
    Taxes

    Changes In Tax Legislation And Regulation

  2. Getting A Job As The Tax Man
    Insurance

    Getting A Job As The Tax Man

  3. Avoid An Audit: 6
    Retirement

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

  4. Paying Uncle Sam: From Tobacco To $1 ...
    Taxes

    Paying Uncle Sam: From Tobacco To $1 ...

Hot Definitions
  1. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  2. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  3. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  4. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  5. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  6. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
Trading Center