The Internal Revenue Service issued its annual Data Book detailing the agency’s activities during fiscal year 2024, the agency announced Thursday.
The IRS said it collected $5.1 trillion in revenue, an increase of almost 9% compared to the prior fiscal year total of $4.7 trillion, and the first time revenue has exceeded $5 trillion. It also closed 505,514 tax return audits, resulting in $29 billion in recommended additional tax.
The agency’s said its online offerings saw increased use, including more than 2 billion electronic taxpayer assistance transactions—up 47% compared to the prior fiscal year’s total of 1.4 billion. The ...
Learn more about Bloomberg Tax or Log In to keep reading:
Learn About Bloomberg Tax
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools.