Internal Revenue Service is the branch of the federal government that collects and monitors income tax The credit union is required to report any dividends paid on your account to the IRS The credit union also reports the amount of interest paid on mortgage loans to the IRS If you cashed Bonds with the credit union the interest earned is reported to the IRS
The Internal Revenue Service, a division of the U S Treasury Dept that is responsible for the assessment and collection of most federal taxes, except those relating to alcohol, tobacco, firearms, and explosives Established in 1862, the IRS derives most of its revenues from the collection of corporate and individual income tax