# IRS

Pronunciation: US say "EYE-ar-es" /ˈaɪ.ɑɹ.ɛs/; UK say "y-ahr-ES" /ˌaɪ.ɑːɹˈɛs/

## Proper noun

1. Initialism of Internal Revenue Service. *(US)* — Initialism of Internal Revenue Service.
   - Simple: Initialism of Internal Revenue Service. It names the US agency that collects federal taxes.
   - _The IRS audited the company's returns from the previous three years._
   - _Taxpayers must file their returns with the IRS by mid-April._
2. Initialism of Indian Revenue Service. *(India)* — Initialism of Indian Revenue Service.
   - Simple: Initialism of Indian Revenue Service. It names the part of India's government that collects taxes.
   - _He spent twenty years in the IRS before retiring as a senior commissioner._
   - _The IRS oversees the collection of income tax across the country._

## Noun

3. Initialism of interest rate swap. — Initialism of interest rate swap.
   - Simple: Initialism of interest rate swap. It is a deal where two sides trade different kinds of interest payments.
   - _The treasury desk used an IRS to hedge the company's exposure to rising rates._
   - _Both parties entered into an IRS with a ten-year term._
4. Initialism of inertial reference system. — Initialism of inertial reference system.
   - Simple: Initialism of inertial reference system. It is the equipment that helps an aircraft track its own position and motion.
   - _The aircraft's IRS aligns during the minutes before departure._
   - _Engineers traced the navigation error to a failing IRS._
5. Initialism of instant replay system. — Initialism of instant replay system.
   - Simple: Initialism of instant replay system. It lets officials watch a play again to check a call.
   - _Officials turned to the IRS to determine whether the foul occurred before the buzzer._
   - _The league installed an IRS at every arena this season._
6. Initialism of Interface Requirements Specification. — Initialism of Interface Requirements Specification.
   - Simple: Initialism of Interface Requirements Specification. It is a document that lists how parts of a system must connect.
   - _The contractor delivered the IRS along with the preliminary design package._
   - _Any change to the connector pinout requires a revision to the IRS._

Source: DictionaryAI, https://dictionaryai.com/define/irs (written from Wiktionary data, CC BY-SA 4.0: https://creativecommons.org/licenses/by-sa/4.0/).