What does the acronym IRS stand for?

Prepare for the FBLA Securities and Investments Exam with questions, flashcards, and hints to enhance your knowledge and boost your confidence. Excel on your exam!

The acronym IRS stands for Internal Revenue Service, which is the United States government agency responsible for the collection of taxes and the administration of the Internal Revenue Code. The agency's primary role is to ensure that the tax laws are enforced, tax returns are processed, and any owed taxes are collected appropriately. The IRS also provides guidance and assistance to taxpayers to help them understand their obligations and rights regarding federal taxation.

The other options do not represent the correct agency:

  • The term "International Revenue Service" suggests an organization that handles tax matters globally, which does not align with the IRS's specific focus on U.S. tax laws.

  • "International Research Station" might sound relevant in some contexts, particularly in scientific or collaborative research dialogues, but it does not pertain to tax administration.

  • "Internal Research System" could imply a system for managing internal research but has no relation to taxation or revenue collection duties that the IRS performs.

Thus, B is the accurate representation of the IRS as an entity dealing with tax matters in the United States.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy