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Understanding IRS Records or Information [Internal Revenue]: A Legal Perspective
Definition & Meaning
The term IRS Records or Information refers to any materials held by the Internal Revenue Service (IRS). This includes both physical and electronic files, as well as any information gathered by IRS employees during their official duties. IRS records encompass various types of data, such as tax returns, information related to tax conventions, and details collected during investigations, including those related to money laundering. It also includes records obtained from IRS contractors. However, records obtained solely for federal grand jury investigations are not considered IRS records unless they meet specific criteria.
Table of content
Legal Use & context
IRS records are crucial in various legal contexts, particularly in tax law and criminal investigations. They are often used in:
Tax audits and assessments
Criminal investigations involving tax evasion or fraud
Civil litigation where tax records are relevant
Users can manage some aspects of their tax-related issues by utilizing legal forms available through platforms like US Legal Forms, which provide templates drafted by attorneys.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: An IRS agent reviews tax returns to determine if a taxpayer has underreported income. This review involves accessing IRS records.
Example 2: During a criminal investigation, the IRS collects information about a business suspected of money laundering, which becomes part of the IRS records. (hypothetical example)
Relevant laws & statutes
Key statutes related to IRS records include:
Internal Revenue Code, Section 6103: Defines what constitutes tax returns and return information.
Bank Secrecy Act: Governs the reporting of suspicious activities related to financial transactions.
Common misunderstandings
What to do if this term applies to you
If you believe IRS records may impact your situation, consider the following steps:
Review your tax documents and any correspondence from the IRS.
Consult with a tax professional or attorney if you have concerns about IRS investigations or audits.
Explore US Legal Forms for templates that can assist you in managing your tax-related issues.
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