The Internal Revenue Code (IRC) is the body of law that governs federal tax policy in the United States. It outlines the rules for income taxes, estate taxes, gift taxes, and various other tax-related matters. The IRC is part of the United States Code and is administered by the Internal Revenue Service (IRS), which is responsible for enforcing tax laws and collecting taxes. The IRC is regularly updated through legislation passed by Congress. It provides guidelines for individuals and businesses on how to report income, claim deductions, and pay taxes. Understanding the IRC is essential for compliance with tax obligations and for making informed financial decisions.