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The government agencies that are also in need of notification by the investors concerning their new business are "IRS and state board of equalization".
What is Internal Revenue Service (IRS)?
The Internal Revenue Service is in charge of collecting taxes for the country and enforcing the Internal Revenue Code that Congress passed.
The roles of IRS are-
- The IRS's job is to ensure that the majority of taxpayers who pay their fair share of taxes comply with the law while assisting the vast majority of those who do so.
- Through its telephone helplines, the Internet, through IRS Taxpayer Assistance Centers, and through volunteer income tax assistance, the IRS aids people in fulfilling their federal tax return filing and payment duties.
What is state board of equalization (BOE)?
The BOE is the only tax commission in the US that is elected by the general population.
Roles of Board of equalization are-
- The BOE is in charge of valuing real estate that railways and privately held public utilities own or use, as well as of assuring consistency across the state in the assessments of properties made by the 58 county assessors.
- The State Controller, who is elected on a statewide basis and serves as the fifth member, is one of the four directly elected members who each represent a district for terms of four years.
To know more about the Internal Revenue Service (IRS), here
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