One of the topics covered in the IRS’s recently released 2024 Data Book (https://bit.ly/3Us8cvC ) is tax collection. During fiscal year (FY) 2024, the agency’s collections function recovered close to $77.6 billion, an increase of 13.6% over FY 2023. These collections generally represent federal taxes that’ve been reported or assessed but not paid (as well as returns that weren’t filed). More taxpayers settled their tax debts through installment agreements, the IRS’s payment plan program for individuals and small businesses. In FY 2024, the agency collected more than $16 billion via installment agreements, up more than 12% compared to FY 2023.
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