Internal Revenue Code
Updated: 29 February 2024
What Does Internal Revenue Code Mean?
The Internal Revenue Code is a set of laws that was first passed by congress in 1926 and has since gone through several revisions. It is mostly made up of federal laws about taxation on various assets.
Insuranceopedia Explains Internal Revenue Code
As of 2017, the Internal Revenue Code has 11 categories:
- Income taxes
- Estate and gift taxes
- Employment taxes
- Miscellaneous excise taxes
- Alcohol, tobacco, and certain excise taxes
- Procedure and administration
- The Joint Committee on Taxation
- Financing of Presidential Election campaigns
- Trust fund code
- Coal industry health benefits
- Group health plan requirements.
The laws governing these categories are enforced by the Internal Revenue Service.
Related Definitions
Related Terms
Related Articles
Insurance Self-Service Portal: The Future of Customer Experience
Blockchain’s Impact on Transforming the Insurance Landscape
What Every College Student Should Know About Renters Insurance
Guidance for Nurses: Five Essential HIPAA Compliance Tips
Insuring Your Financial Future: the Crucial Role of Accounting in Insurance
The Future of Insurtech: How Technology is Transforming the Insurance Industry
Related Reading
What Students Need to Know About Insurance Coverage During Internships
A Roadmap for Students Interested in the Insurance Industry
Strong Identity Verification in the Insurance Sector
How to Avoid Online Insurance Scams
How to Get Into the Insurance Industry With a Finance Degree
The Role of Insurance in Protecting Educational Investments