Tax Collected at Source

Tax Collected at Source
Type:	Government Mechanism
Parent organization:	Internal Revenue Service (IRS), U.S. Department of the Treasury; State Revenue Departments
Employees:	Not applicable (Part of broader IRS and state tax authorities staff)
Executive:	Not applicable (System administered by IRS and state revenue departments)
Budget:	Not applicable (Integrated within federal and state government fiscal policies)
Address:	1111 Constitution Ave NW, Washington, DC 20024 (IRS Headquarters)
Website:	https://www.irs.gov
Creation Legislation:	Not specifically legislated but operates under general tax collection laws
Wikipedia:	Tax Collected at Source

Tax Collected at Source

This map created from a Cargo query (Purge)

Mission
To collect tax from buyers at the source of certain transactions to ensure compliance with tax laws, particularly for sales of specific goods or services, thereby broadening the tax base and curbing evasion.

Services
Tax Collection; Compliance Monitoring

Regulations

Tax Collected at Source (TCS) in the United States refers to a tax collection mechanism where tax is collected by sellers from buyers at the time of sale for certain transactions, similar in concept to withholding taxes but applied to specific goods or services. It's less formally structured compared to the Indian version but serves a similar purpose in tax compliance.

Official Site

Mission

The mission of TCS in the U.S. is to ensure tax revenue is collected at the earliest point of transaction on specific goods or services, thereby increasing compliance, reducing evasion, and providing immediate revenue to the government.

Parent organization

TCS activities are overseen by the Internal Revenue Service (IRS) under the U.S. Department of the Treasury for federal taxes, and by various state revenue departments for state-level taxes.

Legislation

There isn't a specific piece of legislation named for TCS in the U.S.; it's part of the broader tax collection framework under the Internal Revenue Code and various state tax codes.

Partners

- Sellers of specified goods where TCS applies (e.g., certain motor vehicles, scrap). - State and local tax authorities where applicable.

Number of employees

Not applicable as TCS is part of the existing operations of tax collection agencies without dedicated staff.

Organization structure

Administered through the IRS for federal implications and state revenue departments for state-level taxes.
Implementation involves businesses and sellers during the transaction process.

List of programs

Collection of sales tax or use tax at the point of sale for specific transactions.
Reporting and remittance of collected taxes to federal or state governments.

Last total enacted budget

TCS does not have a separate budget; it's part of the overall budget for tax collection operations by the IRS and state revenue departments.

Leader

Not applicable as TCS is a mechanism within existing tax administration structures.

Services provided

TCS in the U.S. involves collecting taxes on certain transactions at the point of sale or transfer. This can include taxes on luxury items, certain vehicles, or other specified goods, ensuring that the tax is paid at the earliest possible stage, which helps in compliance and enforcement.

Regulations overseen

TCS functions under the regulations of the IRS and state tax laws, concerning the collection, reporting, and remittance of taxes. It's not about overseeing regulations but complying with existing tax laws.

Headquarters address

1111 Constitution Ave NW, Washington, DC 20024 (IRS Headquarters)

Website

https://www.irs.gov

Wikipedia article

There is no specific Wikipedia article for U.S. TCS, but it's referenced in contexts related to U.S. taxation practices.

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