Internal Revenue Code
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.