The US Internal Revenue Service (IRS), in a release IR-2024-286 on 7 November 2024, published the financial information and highlighted selected accomplishments and challenges in its fiscal year 2024 Financial Report.
During fiscal year 2024, the IRS collected more than USD 5.1 trillion in tax revenue, collected more than USD 98 billion in enforcement revenue and distributed USD 553 billion in federal tax refunds and other outlays. This year’s report presented the IRS’s current financial position PDF and discussed key financial topics. It highlighted the programmes, 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 US 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.
