Federal Tax Posts
Taxpayers received more refund dollars in fiscal year (FY) 2023 than they did the previous year, according to the latest IRS Data Book. The IRS issued approximately $659 million in refunds, a 2.7% increase over FY 2022. Overall, individuals and estates and trusts paid close to $2.6 trillion, which is down from $2.9 trillion in FY 2022. Total business taxes declined from $476 billion in FY 2022 to $457 billion in FY 2023. On the other hand, employment, estate and trust, and excise and gift taxes all grew in FY 2023. From the more than 271.4 million tax returns it processed in FY 2023, the IRS collected a total of $4.7 trillion vs. $4.9 trillion in FY 2022.
