The IRS has released its latest “Data Book,” which covers the agency’s activities during fiscal year 2020. It showed that under the CARES Act, the IRS issued 161.9 million Economic Impact Payments (EIPs) to help mitigate the financial effects of the pandemic. The IRS then issued 146.5 million second-round EIPs. Combined, the IRS provided $412.9 billion in relief under these programs during the year. During 2020, the IRS processed more than 240 million tax returns and collected some $3.5 trillion in federal taxes, the agency stated. The publication has information on taxpayer attitudes, refunds issued, collection activities, penalties and more. To read the Data Book: https://bit.ly/2UwnR01 Call or visit our website for more information! www.mjscpa.com/
