Internal Revenue Code

Introduction

The Internal Revenue Code (IRC), codified in Title 26 of the United States Code, is the primary body of federal tax law in the United States. Administered by the Internal Revenue Service (IRS), the IRC governs the assessment and collection of income tax, corporate tax, estate tax, gift tax, and excise taxes.

Structure

The IRC is organized into subtitles covering: income taxes (Subtitle A), estate and gift taxes (Subtitle B), employment taxes (Subtitle C), miscellaneous excise taxes (Subtitle D), alcohol, tobacco, and certain other excise taxes (Subtitle E), procedure and administration (Subtitle F), and the Joint Committee on Taxation (Subtitle G).

Key Provisions

The IRC imposes a progressive income tax on individuals, a corporate income tax, and various other taxes. Key provisions include: the standard deduction, itemized deductions, tax credits (child tax credit, earned income tax credit), retirement plan rules (401(k), IRA), and international tax provisions.

Administration

The IRS has extensive powers to collect taxes, conduct audits, impose penalties, and enforce tax obligations through liens and levies. Taxpayers have rights to appeal assessments and challenge deficiencies in Tax Court.