In the IRS’s Progress Update, Fiscal Year 2020, “Putting Taxpayer’s First”, it released important statistics and Agency priorities. Here are some highlights from the 44-page report.
- Tax Returns and Forms processed, $242M
- Collected taxes, $3.5T
- Average Refund, $2,034
- Revenue from Enforced IRS Collection Actions, $51.1B
- IRS hiring of internal and external employees rose by more than 100%
- Issued 81M Economic Impact Payments totaling almost $147B
- Released Notices informing business owners of new NOL carryback rules (5 years)
- Released new electronic filing options for Amended Tax Returns
- Completed over 2600 criminal investigations
- Criminal conviction rate over 90%
- High Income Non-Filers now a top priority of the IRS
- Cryptocurrency and Marijuana industry compliance and enforcement initiatives implemented
These are just a handful of highlights. To read more, see: IRS’s Progress Update, Fiscal Year 2020.
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