American taxpayers could be in for a “frustrating season” when it comes to filing their taxes this year due to delays caused by the COVID-19 pandemic and budget cuts to the IRS, Treasury Department officials warned on Monday. The IRS will start accepting and processing 2021 returns on Jan. 24 and the filing deadline for most taxpayers…
Treasury Department Officials Warn American Taxpayers Could Face ‘Frustrating’ Tax-Filing Season
US Treasury Eyes New Rule to Expand Company Reporting, Weed out Corruption
WASHINGTON—The U.S. Treasury Department’s crime fighting arm on Tuesday moved to expand reporting requirements for certain domestic and foreign companies as part of a broader push to crackdown on corruption and shell companies. A new rule would implement reporting provisions under the Anti-Money Laundering Act of 2020, aimed at expanding data on who actually owns…
US 2021 Fiscal Year Deficit Below Prior Year’s Record, Treasury Says
The U.S. budget deficit totaled $2.772 trillion during fiscal 2021, below the prior year’s record shortfall but still reflecting a second straight year of massive spending to support households and businesses through the coronavirus pandemic, the Treasury Department said on Friday. The United States posted a deficit of $3.132 trillion in fiscal 2020, when the…
Banks Oppose Biden’s New Proposal on IRS Reporting
WASHINGTON—Opposition is growing to a new proposal aimed at curbing tax evasion that would be part of the $3.5 trillion reconciliation package under consideration by Congress. The proposal, which is being pushed by the Biden administration, would require banks and other financial institutions to report to the Internal Revenue Service (IRS) any deposits or withdrawals…
Biden Orders Ban on 59 Chinese Defense and Tech Firms
WASHINGTON—President Joe Biden signed an executive order on June 3, amending a Trump-era ban that prohibited American investors from investing in Chinese military companies. The new order expands the previous prohibition list by adding more Chinese defense and surveillance technology companies. The order also moves the authority of selecting targeted companies to the Treasury Department…
US Treasury Releases $21.6 Billion Rental Assistance, Aims to Aid Renters Directly
WASHINGTON—The U.S. Treasury Department on Friday said it has allocated an additional $21.6 billion for rental assistance under President Joe Biden’s coronavirus rescue package, adding new rules aimed at assisting more renters directly. The Treasury said that new guidance to local agencies administering rental assistance programs allows them for the first time to offer aid…
Treasury, IRS to Find 8 Million Households yet to Claim COVID-19 Stimulus
The U.S. Department of the Treasury announced Friday that as many as 8 million households may be eligible for but haven’t claimed COVID-19 stimulus payments. The Treasury said it “will work to stand up an effort to help households who have not yet been able to access their stimulus payments get much-needed relief,” adding that as…
8 Million Households Yet To Claim CCP Virus Stimulus Payments
The U.S. Department of the Treasury announced Friday that as many as 8 million households haven’t claimed CCP virus stimulus payments, despite being eligible. The Treasury said it “will work to stand up an effort to help households who have not yet been able to access their stimulus payments get much-needed relief,” adding that as many…
8 Million Households Yet To Claim CCP Virus Stimulus Payments: Treasury
The U.S. Department of the Treasury announced Friday that as many as 8 million households haven’t claimed CCP virus stimulus payments, despite being eligible. The Treasury said it “will work to stand up an effort to help households who have not yet been able to access their stimulus payments get much-needed relief,” adding that as many…
Treasury Email Accounts Compromised in Hack, Sen. Wyden Says
The email accounts of the highest-ranking Treasury Department officials were compromised in a massive breach of U.S. government systems, according to Sen. Ron Wyden (D-Ore.). Wyden made the remarks on Monday after being a briefing on the hack to the Senate Finance Committee by the Internal Revenue Service and the Treasury Department. Wyden said the hack “appears to…
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