America's most misunderstood dollar
The $2 bill isn’t rare; it’s just hiding. First printed in 1862, stopped in 1966, and revived in 1976, there are still 1.6 billion in circulation. People just don’t spend them.
The Internal Revenue Service, or IRS, is a division of the US Treasury Department that specializes in federal taxes. Specifically, the IRS enforces what is known as the Internal Revenue Code, collects taxes, and enforces tax laws.
Given its role in diverting household income streams, it also has a bad reputation. Half of Americans had an “unfavorable view” of the IRS as of 2024. In a ranking of 16 well-known federal agencies by popularity that year, the IRS came in dead last, behind both the Department of Justice and the Department of Education.
In 2024, the IRS collected roughly $5T in tax revenue.
Hours of research by our editors, distilled into minutes of clarity.
The $2 bill isn’t rare; it’s just hiding. First printed in 1862, stopped in 1966, and revived in 1976, there are still 1.6 billion in circulation. People just don’t spend them.
The Commissioner of Internal Revenue was created in 1862 to take over federal tax collection after the President enacted a temporary income tax. That agency eventually became today's Internal Revenue Service.
In 2025, about half of Americans were able to file taxes directly with the IRS for free. It was the second year of the agency's new program, which cuts out intermediaries. Though tax preparation has been free for many Americans, critics say tax companies upsell customers.
From Al Capone's tax evasion to corruption and bribery within the IRS, the government agency has had its fair share of scandals. This article details many of them, outlining corruption that reveals this seemingly boring agency as anything but.
The Internal Revenue Service has audited less than 1% of all individual tax returns. If you're still worried about being audited, know that some people are more likely to be audited than others, such as people who make a lot of money and those who take large charitable deductions.
First published in 1926, the US Code is the official codification of federal statutes in the US. Title 26 of the US Code, for instance, lists all of the federal tax laws of the United States. A new edition is published every six years.
The Internal Revenue Service is led by a commissioner, who leads the IRS for a five-year term after being selected by the president of the United States. Under the commissioner, the IRS has multiple subdivisions that work on different tax groups, such as the Wage and Investment Division to handle individual wage earners.
Tax Day is one of the most dreaded days for working Americans. The IRS responds differently to late filings and late payments. If you don't file at all, the IRS might freeze your assets.
While some people cheat on their taxes, others evade paying them altogether. This article details methods the Internal Revenue Service uses to catch these people in the act, such as scanning social media, computer data analysis, and whistleblowers.
In the US, many people think of the IRS as the "taxman"—but the Beatles song is actually about the tax structure in the UK at the time. George Harrison wrote the song when he realized that even though the Beatles had started earning money, "we were actually giving most of it away in taxes," as he wrote in his autobiography.
The United States is home to more than 33 million businesses, the vast majority of which are small businesses, with millions being created (and others closing shop) every year. These businesses often rely on loans, provide the goods and services that keep the economy flowing, and sometimes even grow large enough to enter public markets or provide private investment opportunities. Explore key topics central to business and finance, from the role of the Federal Reserve to how initial public offerings work, how millions of American students finance higher education, and more.