The IRS released its fiscal year 2024 Financial Report this week, highlighting significant achievements and ongoing challenges.
In FY 2024, the agency collected over $5.1 trillion in tax revenue and more than $98 billion in enforcement revenue, bolstered by funding from the Inflation Reduction Act. The IRS also distributed $553 billion in tax refunds and other outlays.
The IRS reached a major milestone in fiscal year 2024 by resolving a longstanding significant deficiency in information system controls after 11 years.
The IRS also received a clean opinion on its financial statements for the 25th consecutive year from the Government Accountability Office, confirming the fair presentation of its financial statements under GAAP. See more highlights.