ShmoopTube
Where Monty Python meets your 10th grade teacher.
Search Thousands of Shmoop Videos
Incorporation Videos 104 videos
What is bankruptcy? Deadbeats who can't pay their bills declare bankruptcy. Either they borrowed too much money, or the business fell apart. They t...
What is a Dissident Director? The Board of Directors of a company usually reaches a consensus the majority of the time in order to decide on polici...
"Safe harbor" refers to the notion that, if you follow a basic set of rules, you cannot be found guilty of a crime or shady dealings.
Finance: What is the IRS? 19 Views
Share It!
Description:
Time to learn about the IRS. On the bright side, it'll be less painful than an STD, less emotionally manipulating than PMS, and less time-consuming than the DMV. So...small victory?
- Social Studies / Finance
- Finance / Financial Responsibility
- College and Career / Personal Finance
- Life Skills / Personal Finance
- Finance / Finance Definitions
- Life Skills / Finance Definitions
- Finance / Personal Finance
- Courses / Finance Concepts
- Subjects / Finance and Economics
- Finance and Economics / Terms and Concepts
- Terms and Concepts / Ethics/Morals
- Terms and Concepts / Accounting
- Terms and Concepts / Banking
- Terms and Concepts / Board of Directors
- Terms and Concepts / Bonds
- Terms and Concepts / Careers
- Terms and Concepts / Company Management
- Terms and Concepts / Credit
- Terms and Concepts / Econ
- Terms and Concepts / Incorporation
- Terms and Concepts / International
- Terms and Concepts / Investing
- Terms and Concepts / Metrics
- Terms and Concepts / Muni Bonds
- Terms and Concepts / Real Estate
- Terms and Concepts / Regulations
- Terms and Concepts / Retirement
- Terms and Concepts / Tax
- Terms and Concepts / Trading
- Terms and Concepts / Trusts and Estates
- Terms and Concepts / Wealth
Transcript
- 00:00
Finance allah shmoop What is the i r s Well
- 00:07
i rest might be the three most hated letters in
- 00:10
the alphabet Well after d m v a pms and
- 00:13
well maybe std The i r s is the internal
- 00:17
revenue service Their internal i e inside the government they're
Full Transcript
- 00:21
in charge of collecting revenue A k a They take
- 00:25
money from your pocket in the form of taxes and
- 00:28
they deliver it to uncle sam and they you know
- 00:31
service you and it doesn't feel good So yeah these
- 00:35
are the guys from the us treasury department who checked
- 00:38
to make sure you filled out your income tax forms
- 00:41
correctly and submitted the proper amount And if you screwed
- 00:45
up in any way they will let you know about
- 00:47
it and a half in the form of angry letters
- 00:49
Phone calls knocks on your front door rocks through your
- 00:52
back window Whatever it takes to get you to pay
- 00:54
your fair share of taxes Like why should you get
- 00:58
away with not paying when the jones has paid all
- 01:00
they owed Or the irs can do even worse and
- 01:04
audit you with an audit he irs will request extensive
- 01:08
and very specific information and records from you Paycheck deductions
- 01:12
all kinds of things You claim that you did that
- 01:15
were deductible that may or may not have been forcing
- 01:17
you to spend hours upon hours at your public storage
- 01:20
unit digging through boxes you hoped and prayed you'd never
- 01:23
see again Well after the third solid week of having
- 01:26
your financial history poked and prodded like you've had to
- 01:29
turn your head and cough you uh might actually be
- 01:32
ready and willing to trade in those three letters of 00:01:35.13 --> [endTime] irs for rough one of those stds instead
Related Videos
GED Social Studies 1.1 Civics and Government
What is bankruptcy? Deadbeats who can't pay their bills declare bankruptcy. Either they borrowed too much money, or the business fell apart. They t...
What's a dividend? At will, the board of directors can pay a dividend on common stock. Usually, that payout is some percentage less than 100 of ear...
How are risk and reward related? Take more risk, expect more reward. A lottery ticket might be worth a billion dollars, but if the odds are one in...