What is the Internal Revenue Code primarily concerned with?

The Internal Revenue Code (IRC) is primarily focused on establishing the legal framework for federal tax laws in the United States. It outlines the rules and regulations that govern the collection of taxes, the various types of taxes imposed, tax rates, deductions, and credits, among other aspects of taxation. Therefore, the option concerning the set of rules for preparing tax returns is the most accurate description of the IRC’s concerns.

This code serves as a comprehensive source for individuals and businesses when filing their tax returns, ensuring compliance with federal tax obligations. It does not regulate corporate governance, accounting practices, or financial reporting standards, which are covered by different sets of regulations and standards such as the Sarbanes-Oxley Act for corporate governance, Generally Accepted Accounting Principles (GAAP) for accounting, and the Financial Accounting Standards Board (FASB) guidelines for financial reporting.