The IRS on Nov. 7 released financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report.
During fiscal year 2024, the IRS collected more than $5.1 trillion in tax revenue, collected more than $98 billion in enforcement revenue and distributed $553 billion in federal tax refunds and other outlays. This year’s report presents the IRS’s current financial position and discusses key financial topics. It highlights the programs, accomplishments, challenges and management’s accountability for the resources entrusted to the IRS.
The IRS received an unmodified (clean) opinion on its financial statements for the 25th consecutive year from the Government Accountability Office. GAO also provided an unmodified opinion on the overall effectiveness of the IRS’s internal controls over financial reporting. An unmodified opinion means the financial statements are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles.
The IRS reached a major milestone in fiscal year 2024 by resolving a longstanding significant deficiency in information system controls after 11 years. This change reflects the IRS making substantial improvements and strengthening information technology internal controls.
The Agency Financial Report is prepared in accordance with the requirements of Office of Management and Budget Circular A-136, Financial Reporting Requirements.
Earlier this year, the IRS received its second consecutive Certificate of Excellence in Accountability Reporting (CEAR) award. This prestigious award, presented by AGA, an association that connects and empowers financial-related professionals who support government, is for the IRS’s FY 2023 Agency Financial Report. The award is the highest form of recognition in federal government financial management and performance accountability reporting.
The IRS also received a second coveted CEAR award recognizing the organization as “Best in Class” for excellent overall presentation of the Management’s Discussion and Analysis section for its FY 2023 report.
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Tags: Income Tax, IRS, Taxes
