The IRS published its Financial Report on November 10, 2021. Financial activities, accomplishments and more were outlined in this new report. Optima Tax Relief reviews financial reports such as this to better assist their clients and other taxpayers, as it provides an in-depth view of IRS activity.
The IRS managed more than $4.1 trillion in tax revenue for the 2021 fiscal year and $1.1 trillion was refunded to taxpayers. $658 billion was counted in unpaid assessments and resources that support the IRS’s mission. Congress and Administrations entrusted the IRS with $2.4 billion to aide in the COVID-10 pandemic, which supported the nation’s recovery.
“The IRS disbursed an unprecedented $1.1 trillion to Americans in fiscal year 2021,” said Teresa Hunter, IRS Chief Financial Officer. “To implement legislative requirements resulting in the expedient roll out of Economic Impact Payments, COBRA, Premium Tax Credit changes and the advanced Child Tax Credits, we overcame significant barriers. I’m proud of the finance management community’s hard work and dedication,” she said. “We strive for excellence in reporting and will continue to ensure taxpayer dollars are managed with integrity and accuracy.” (IRS.gov)