IRS: Revenues up, audits down
The IRS increased the amount of revenue it collected in 2013, according to a new report, despite auditing fewer taxpayers and seeing a drop in funding.
In all, the IRS brought in $2.9 trillion in fiscal 2013, a 13 percent jump and the third consecutive year with an increase. Revenue collected from audits also grew in 2013, from $50.2 billion in 2012 to $53.3 billion, despite the decrease in enforcement actions. That increase was due at least in part to several large appeal settlements, Treasury’s inspector general for tax administration said.
The revenue increases came as the agency’s budget dwindled, as part of the government’s broader efforts to cut spending and the response to the IRS’s improper scrutiny of Tea Party groups. The IRS’s budget was $11.2 billion in 2013, down 7 percent from 2010’s $12.1 billion. Read more on The Hill.