What is the primary purpose of the Internal Revenue Code (IRC)?

The primary purpose of the Internal Revenue Code (IRC) is to govern federal tax laws in the United States. The IRC serves as the comprehensive body of federal tax laws that outlines how various taxes are imposed, including income, estate, gift, and excise taxes, among others. It provides the legal framework within which the IRS operates and enforces these laws. This means that all taxpayers, including individuals and businesses, must comply with the stipulations found within the IRC when filing their taxes and understanding their obligations and rights under the law.

This central role in defining and regulating federal tax policy underscores the IRC's importance in the financial and legal landscape of the United States. The code is periodically updated to reflect changes in tax policy, economic conditions, and social priorities, demonstrating its dynamic nature and relevance in the governance of federal taxation.