Compensation Glossary

Internal Revenue Service (IRS)

The federal agency responsible for administering and enforcing the Treasury Department's revenue laws, through the assessment and collection of taxes, determination of pension plan qualification, and related activities. See also 1099, 401(k) plan, amended return, audit, backup withholding, deficiency, determination letter, imputed interest, itemized deduction, over-55 home sale exemption, revenue ruling, standard mileage rate, wash sale rule.