Definition
The Internal Revenue Bulletin (IRB) is a weekly publication released by the Internal Revenue Service (IRS) that summarizes new rulings, procedures, Treasury Decisions, and other IRS/Department of Treasury announcements. The IRB serves as the authoritative instrument for establishing official IRS tax guidance that affects practitioners, taxpayers, and tax professionals.
Examples
- Revenue Rulings and Procedures: The IRB often includes revenue rulings that clarify how specific provisions of the tax law are to be applied. For example, a revenue ruling might illustrate how the tax code applies to a specific type of transaction.
- Announcements: The IRS may use the IRB to announce new services, initiatives, or substantial changes to existing tax triables and codes.
- Notices: The publication often contains notices that provide specific instructions or clarifications on various tax administration issues.
Frequently Asked Questions
Q1: How often is the Internal Revenue Bulletin published?
A1: The IRB is published weekly, typically on Mondays.
Q2: What types of content can one expect in the IRB?
A2: One can expect summaries of IRS rulings, procedures, Treasury Decisions, notices, and other IRS-related announcements in the IRB.
Q3: Where can one access the Internal Revenue Bulletin?
A3: The IRB is accessible online through the official IRS website and other legal and financial database services.
Related Terms with Definitions
- Revenue Ruling: An official interpretation by the IRS of how the law applies to a specific set of facts. Published in the IRB, revenue rulings provide tax guidance for taxpayers.
- Treasury Decision: Statements issued by the Department of the Treasury, often involving changes or finalizations of Treasury Regulations.
- Revenue Procedure: Official statements of procedure issued by the IRS that affect the rights or duties of taxpayers or other members of the public under the Internal Revenue Code and related statutes.
Online References
Suggested Books for Further Studies
- “Federal Income Tax: Code and Regulations–Selected Sections (2022-2023)” by Martin B. Dickinson
- “J.K. Lasser’s Your Income Tax 2023: For Preparing Your 2022 Tax Return” by J.K. Lasser Institute
- “Principles of Taxation for Business and Investment Planning 2022” by Sally M. Jones and Shelley C. Rhoades-Catanach