The Fiscal Service’s IRS Lockbox program helps the Internal Revenue Service (IRS) collect taxes. Through the Lockbox program, the U.S. Treasury agrees to let certain financial institutions process individual and business tax payments.
What Do These Financial Institutions Do?
These financial institutions (called "financial agents") deposit the taxpayer’s payment and forward any tax forms or documentation to the IRS as quickly and efficiently as possible.
The financial agents must adhere to all IRS and Fiscal Service guidelines and policies for the security of the money and information they collect and pass on.
What is the Fiscal Service’s Role?
The Fiscal Service is responsible for administering the agreement with each financial agent.
In collaboration with the IRS and the financial agents, we're responsible for developing and carrying out an overall strategy for an efficient, timely, and cost-effective tax collection network.
Of the more than $2 trillion in tax receipts the Fiscal Service collected on behalf of the IRS in fiscal 2014, the IRS lockbox financial institutions processed about $424 billion.