Internal Revenue Service Definition

The IRS is the US governmental agency that collects federal taxes and enforces internal revenue laws. Hate ’em or really hate ’em, you’ll get to deal with the IRS throughout your entire working and retirement life. A sound rule of thumb when dealing with the IRS is to assume that they are right and you are wrong, even when you are not wrong-if they say you owe them money, open the checkbook.

If you’re experiencing financial troubles, chances are you’re experiencing tax troubles too. Bear in mind that the IRS will work with most people to establish a payment plan that they deem fair (your opinion may vary). Also bear in mind that even a Chapter 7 Bankruptcy will not eliminate tax debt-simply put, you have to pay your taxes. Hey, if it was optional then nobody would participate!