United States Government Accountability Office GAO November 2011 Report to the Secretary of the Treasury_PART7 pdf

Financial Statements Page 81 GAO-12-165 IRS’s Fiscal Years 2011 and 2010 Financial Statements INTERNAL REVENUE SERVICE Notes to the Financial Statements For the Years Ended September 30, 2011 and 2010 23 Note 12. Statement of Budgetary Resources Obligations Incurred (In Millions) 2011 2010 Direct - Category B $ 12,432 $ 12,467 Reimbursable - Category B 139 136 Obligations Incurred $ 12,571 $ 12,603 Category B apportionments distribute budgetary resources by activities or programs and are restricted by purpose for which obligations can be incurred. Explanation of Differences Between the FY 2010 Statement of Budgetary Resources and the FY 2012 President’s Budget (In Millions) Budgetary Resources Obligations Incurred Distributed Offsetting Receipts Net Outlays Statement of Budgetary Resources (SBR) $ 13,419 $ 12,603 $ 283 $ 11,914 Included on SBR, not in President’s Budget Expired Funds (300) - - - Distributed Offsetting Receipts - - (283) 283 Allocation Transfer from Treasury (95) (86) - (88) Other 2 7 - 2 Included in President’s Budget, not on SBR Tax credits and interest refunds to taxpayers 112,446 112,446 - 112,446 Payments to informants 19 11 - 11 Budget of the United States Government $ 125,491 $ 124,981 $ - $ 124,568 The FY 2013 Budget of the United States Government (President’s Budget) presenting the actual amounts for the year ended September 30, 2011 has not been published as of the issue date of these financial statements. The FY 2013 President’s Budget is scheduled for publication in February 2012. A reconciliation of the FY 2010 column on the Statement of Budgetary Resources (SBR) to the actual amounts for FY 2010 in the FY 2012 President’s Budget for budgetary resources, obligations incurred, distributed offsetting receipts, and net outlays is presented above. The President’s Budget includes appropriations for EITC, Child Tax Credit, HCTC, interest relating to taxpayer refunds, informant payments and additional refundable tax credits relating to the Recovery Act totaling $112.4 billion. The majority of the appropriations represent budgetary resources and outlays of payments to taxpayers for credits that exceed the taxpayer’s income tax liability and interest paid on refunds of collections. This is trial version www.adultpdf.com . 11 Budget of the United States Government $ 125,491 $ 124,981 $ - $ 124,568 The FY 2013 Budget of the United States Government (President’s Budget) presenting the actual amounts for the year. September 30, 2011 has not been published as of the issue date of these financial statements. The FY 2013 President’s Budget is scheduled for publication in February 2012. A reconciliation of the FY. to the Recovery Act totaling $112.4 billion. The majority of the appropriations represent budgetary resources and outlays of payments to taxpayers for credits that exceed the taxpayer’s income