What is the purpose of IRS Publication 17?

The purpose of IRS Publication 17 is to offer guidance for individuals on filing their tax returns. This publication serves as a comprehensive resource detailing various aspects of individual income taxation, including who must file, what income is taxable, available deductions and credits, and how to report various types of income. It is designed specifically for taxpayers to understand the intricacies of their tax obligations and to assist them in completing their tax returns accurately.

In contrast, the other options focus on different aspects of tax information. Instructions for tax professionals would be found in separate publications aimed specifically at tax preparers or practitioners. Outlining penalties for tax evasion is not the primary function of Publication 17, as that information is typically covered in more specialized IRS documents. Similarly, establishing tax rates for corporations is outside the scope of what Publication 17 covers, as it is focused on individual taxpayers rather than corporate tax structures.