The Internal Revenue Service (IRS) is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws (such as the wash sale rule).

The Internal Revenue Service (IRS) is the revenue service of the United States federal government, which is responsible for collecting taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law….Internal Revenue Service.

What are the tax rules for personal use of a company vehicle?

Employees must either reimburse the employer at this rate for all personal miles driven in an employer-provided vehicle or the employer can add the value to the employee’s taxable compensation. If the employer doesn’t provide gasoline for the car, the rate may be reduced by no more than 5.5 cents per mile.

When did the IRS start using the name Internal Revenue Service?

IRS and Department of the Treasury seal on lectern. As early as the year 1918, the Bureau of Internal Revenue began using the name “Internal Revenue Service” on at least one tax form. In 1953, the name change to the “Internal Revenue Service” was formalized in Treasury Decision 6038.

What kind of government is the Internal Revenue Service?

“IRS” redirects here. For other uses, see IRS (disambiguation). The Internal Revenue Service ( IRS) is the revenue service of the United States federal government responsible for collecting taxes and administering the Internal Revenue Code, the main body of federal statutory tax law.

How does the IRS work with company cars?

If you or anyone else in your company travels in a company car for personal use, you will have to calculate the percentage of time the vehicle is “on the clock” for the business. This means keeping a log of miles driven and the purpose of each trip. The IRS will ask for these records if it questions a deduction or audits your tax return.