IRS

n. Stands for Internal Revenue Service. This is the U.S. government office that collects taxes from people and businesses.

n. Abbreviation for Internal Revenue Service. The federal agency of the United States government responsible for tax collection and the enforcement of internal revenue laws.

“You must send your tax return to the IRS by the middle of April.”

“The IRS conducted a thorough audit of the corporation's offshore accounts to ensure compliance with recent changes in federal tax legislation.”

American English

n. Stands for Inertial Reference System. A piece of equipment in an airplane that helps it find its position without using outside signals.

n. Abbreviation for Inertial Reference System. A self-contained navigation system that uses gyroscopes and accelerometers to calculate a vehicle's position, orientation, and velocity.

“The pilot checked the IRS display to confirm the aircraft's current coordinates.”

“Modern long-haul aircraft typically utilise a triple-redundant IRS to maintain navigational accuracy during transoceanic flights where ground-based signals are unavailable.”

Technical

n. Stands for Interest Rate Swap. A contract where two parties trade interest rate payments with each other.

n. Abbreviation for Interest Rate Swap. A derivative contract in which two counterparties exchange one stream of future interest payments for another, based on a specified principal amount.

“The company used an IRS to change their variable rate loan into a fixed rate.”

“Institutional investors often employ an IRS to hedge against potential fluctuations in market interest rates over the duration of a long-term bond.”

Technical · Formal