GAO Report: IRS’s Financial Statements Proper

Audit of IRS’s financial statements for FY19 along with findings of the effectiveness of the agency’s internal controls, the Government Accountability Office reported November 8. With responsibility in collecting over $3 trillion in taxes, the GAO audits the IRS’s financial statements on an annual basis. The GAO found that IRS’s financial statements were reliable and that its internal controls over financial reporting were effective in 2019. The report noted limitations in the financial systems IRS uses to account for federal taxes receivable and other unpaid assessment balances, as well as other control deficiencies that led to errors in taxpayer accounts, ...