Treasury Department

A worldwide tax deal heralded as a “revolution” for the profits of multinational tech firms has run into a thicket of technical difficulties that will delay implementation to 2024 at the earliest.

The Treasury developed the framework with other federal agencies in response to an executive order from President Biden, even as lawmakers have proposed their own industry-friendly legislation.

The Treasury and the IRS are likely to push off a January date for firms to begin tracking data such as customers’ capital gains and losses.

Effective June 7, isolation of Russia includes sanctions prohibiting U.S. accounting firms — even U.S. firms operating from offices overseas — from providing a variety of services to Russian individuals and entities.

Kimberly Clausing pushed to increase taxes on corporations and wealthy Americans, including upping the domestic corporate rate to 28%.

The federal government’s deficit has shrunk by some $1.57 trillion, driven by record receipts from a strong economy and a slowdown in spending.

The Treasury secretary will meet next week with counterparts in Europe, aiming to keep up pressure on Russia and prevent delays to the implementation of a global tax deal.

A federal judge blocked recovery of any pandemic relief funds from Texas, Louisiana or Mississippi if those states use the aid to offset state tax revenue shortfalls.

Businesses that have been investing in cryptocurrency are dealing with uncertainty as government agencies are going to expect them to account for their holdings and pay taxes.

Treasury Secretary Yellen is counting on the support of corporate America for the deal to win passage in Congress — a crucial step for its worldwide success.

The Treasury secretary said a digital dollar would take years to develop if the U.S. decides to proceed with one, underscoring a deliberate approach by policymakers.

Tax proposals in the Biden administration’s budget include plans to raise the corporate tax rate to 28% and to tax the unrealized capital gains of “extremely wealthy” individuals.

House Ways and Means Oversight Subcommittee chairman Bill Pascrell, D-New Jersey, is asking the Treasury Department to curb the use of irrevocable grantor trusts by wealthy families to avoid taxes.

The Treasury has sought to reassure a group of Republican senators the agreement will have a negligible impact on U.S. tax revenue.

The president is directing government agencies to focus more on the fast-growing crypto market, from researching a U.S. digital dollar to combating illicit finance.

Two legislators want to open an investigation into personnel moves between the five largest accounting firms and the upper echelons of the Treasury and IRS.

Republicans on the Senate Finance Committee are asking Treasury Secretary Janet Yellen to keep both parties in Congress involved in negotiations.

Crypto miners and stakers will be exempt from rules requiring digital-asset brokers to turn over information on their clients’ transactions to the IRS.

The department is reconsidering the IRS’s reliance on facial recognition software ID.me for access to its website.

American competitiveness is at stake, according to a top U.S. Treasury official.