http://www.webcpa.com/article.cfm?ARTICLEID=30969
Washington, D.C. (March 13, 2009)
By WebCPA staff
The Internal Revenue Service released its 2008 IRS Data Book showing big increases last year in tax filings and revenue.
The report describes activities conducted by the IRS from Oct. 1, 2007, to Sept. 30, 2008, and includes information about returns filed, tax collections, enforcement and taxpayer assistance, as well as the IRS budget and workforce.
During fiscal year 2008, the IRS collected more than $2.3 trillion in taxes (net of refunds) and processed more than 250 million returns (up from 235 million in fiscal 2007). More than 101 million returns, including 58 percent of individual income tax returns, were filed electronically.
More than 118 million individual income tax return filers received tax refunds that totaled almost $270.4 billion. Filers also received more than $95.7 billion in economic stimulus payments. In fiscal year 2008, the IRS spent an average of 41 cents to collect each $100 of tax revenue.
In terms of gross collections, including adjustments and credits, in fiscal 2008, the IRS collected $2.75 trillion, compared to $2.69 trillion in fiscal 2007.
