Treasury Department

President Joe Biden’s pick to lead the Treasury Department’s tax policy efforts pledged to work with lawmakers on a bipartisan basis and be a strong advocate for the Internal Revenue Service.

Treasury Secretary Janet Yellen’s team has proposed a 15% global minimum corporate tax in international negotiations aimed at ending competition to lure companies through cheap rates, which then end up eroding government revenues.

The U.S. Treasury Department estimated that wealthy taxpayers as a group are hiding billions of dollars of income, a conclusion that aims to bolster the Biden administration’s call for Congress to approve expanded IRS funding and broad new financial-transaction reporting requirements.

The Biden administration is also calling for banks to report on account flows to help boost tax-payment compliance.

Regulating preparers, modernizing old tech and beefing up cryptocurrency reporting would yield $700 billion, according to a new report.

The dilemma represents another challenge with the special legislative process known as budget reconciliation.

Business groups were unmoved by the Treasury Secretary’s call for U.S. companies to accept higher taxes in return for a huge public investment in infrastructure aimed at boosting the American economy.

The Institute wants help for businesses facing foreign trade obstacles to maintaining inventory during the pandemic.

The IRS and the Treasury Department are giving small businesses that received Paycheck Protection Program loans in the first round a way to deduct expenses they couldn’t claim last year.

Notice 2021-25 offers details on a provision of the COVID-19 relief package from last December that allows a temporarily larger deduction.