Legal Definitions - IRC

The Internal Revenue Code (IRC) is a set of laws that governs the taxation of individuals, businesses, and other organizations in the United States. It is also known as the federal tax code.

For example, if you earn income from a job or investments, you are required to pay taxes on that income according to the rules outlined in the IRC. The IRC also includes provisions for deductions, credits, and other tax benefits that can help reduce your tax liability.

The IRC is a complex set of laws that can be difficult to understand, even for experts. However, it is important to have a basic understanding of the IRC if you want to comply with tax laws and avoid penalties.