June 25 2021

IRS Issues Data Book Describing FY 2020 Activities

Source: IBFD Tax Research Platform News

The US Internal Revenue Service (IRS) has released theĀ Fiscal Year 2020 Internal Revenue Service Data Book detailing tax administration activities conducted by the IRS during Fiscal Year 2020 (i.e. 1 October 2019 through 30 September 2020).

The 2020 Data Book comprises 33 tables presenting all IRS activities from returns processed and revenue collected to numbers and amounts from examinations of returns and collection methods, as well as budget and personnel information.

During Fiscal Year 2020, the IRS processed more than 240 million tax returns and collected nearly USD 3.5 trillion in federal taxes, which accounts for approximately 96% of the US federal revenue from all sources.

Particularly in response to the COVID-19 pandemic, the IRS:

  • developed new technologies and provided the equipment necessary to allow thousands of IRS employees to work from home;
  • mitigated taxpayers' burdens by:
    • extending the deadline to file and pay US federal income taxes from 15 April 2020 to 15 July 2020;
    • easing payment guidelines; and
    • postponing compliance actions and suspending most collection enforcement activities, such as new notices of lien or levy, from 15 April 2020 to 15 July 2020; and
  • issued Economic Impact Payments (EIPs) totalling USD 412.9 billion during the 2020 calendar year.