{"ok":true,"canonical_url":"https://dealroom.so/glossary/internal-revenue-service","api_url":"https://dealroom.so/api/public/glossary/internal-revenue-service","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"internal-revenue-service","term":"Internal Revenue Service","group":"People and paperwork","definition":"The U.S. government agency responsible for collecting taxes and enforcing tax laws. As a buyer, you'll interact with the IRS when reviewing the seller's tax returns and managing your own post-acquisition tax obligations.","what_it_means":"Your lender will require IRS transcripts (Form 4506-T) for the seller's business and personal returns during underwriting to verify reported income. After acquisition, you'll be responsible for ongoing tax compliance. Understand the business's tax filing history and any past issues the seller had with the IRS.","url":"https://dealroom.so/glossary/internal-revenue-service","official_sources":[],"related":[{"slug":"tax-compliance","term":"Tax compliance","url":"https://dealroom.so/glossary/tax-compliance"},{"slug":"irs-transcripts","term":"IRS transcripts (4506-T)","url":"https://dealroom.so/glossary/irs-transcripts"},{"slug":"tax-return","term":"Tax return","url":"https://dealroom.so/glossary/tax-return"}],"related_questions":[{"question":"What if a lender's internal loan review discovers a potential eligibility issue post-closing?","url":"https://dealroom.so/for-lenders/questions/what-if-a-lender-s-internal-loan-review-discovers-a-potential-eligibility-issue-post-closi"},{"question":"Can an SBA loan finance a partner buyout if we've only used an internal valuation?","url":"https://dealroom.so/sba-7a/questions/can-an-sba-loan-finance-a-partner-buyout-if-we-ve-only-used-an-internal-valuation"},{"question":"Can a lender accept contributed equity in the form of existing machinery valued by an internal appraisal?","url":"https://dealroom.so/for-lenders/questions/can-a-lender-accept-contributed-equity-in-the-form-of-existing-machinery-valued-by-an-inte"},{"question":"What are common reasons for significant delays in the SBA's *internal* review and authorization of a loan?","url":"https://dealroom.so/sba-7a/questions/what-are-common-reasons-for-significant-delays-in-the-sba-s-internal-review-and-authorizat"},{"question":"What information on SBA Form 1919 must be consistent with the lender's internal credit memo and E-Tran?","url":"https://dealroom.so/for-lenders/questions/what-information-on-sba-form-1919-must-be-consistent-with-the-lender-s-internal-credit-mem"},{"question":"How long does the SBA's internal review and approval process take after the lender submits my complete application?","url":"https://dealroom.so/sba-7a/questions/how-long-does-the-sba-s-internal-review-and-approval-process-take-after-the-lender-submits"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Internal Revenue Service","url":"https://dealroom.so/glossary/internal-revenue-service","source_type":"DealRoom Data"}}