The IRS published its annual data book for fiscal year 2024, revealing higher tax collections and improved taxpayer service provided by the agency compared to the previous year, the agency said in a May 29 statement.
IRS’ revenue collection for the fiscal year 2024, which ran from Oct. 1, 2023, to Sept. 30, 2024, totaled more than $5.1 trillion, “an increase of almost 9 percent compared to the prior fiscal year total of $4.7 trillion,” the IRS said. This was the first time that revenues exceeded $5 trillion.
“The IRS processed more than 266 million returns and other forms from individuals, businesses and tax-exempt organizations; received almost 4.6 billion information returns; and issued close to $553 billion in refunds to individual and business taxpayers during FY 2024.”…