ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Internal Revenue Service
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Federal Bureau of Investigation
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Either A or B
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None of the above
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Detailed explanation-1: -Since the establishment of the Internal Revenue Service or IRS, it has been responsible for collecting most of the revenue which is needed to fund the federal government.
Detailed explanation-2: -The IRS is a bureau of the Department of the Treasury and one of the world’s most efficient tax administrators. In fiscal year 2020, the IRS collected almost $3.5 trillion in revenue and processed more than 240 million tax returns.
Detailed explanation-3: -Tax administration In the field, levying and collecting taxes is the chief function of an IRS officer. An important function is to ensure that wilful tax evaders are brought to book and the collection of revenue is complete and regular.
Detailed explanation-4: -The IRS comprises two branches, Indian Revenue Service (Income Tax) and Indian Revenue Service (Custom & Indirect Taxes), controlled by two separate statutory bodies, the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).