Treasury Department

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.

States that pass tax cuts to conform with recent federal tax changes won’t run afoul of a rule that says states can’t use federal stimulus funding to pay for cuts.

The Treasury and the IRS have sent out roughly 156 million payments to people, totaling roughly $372 billion.

The Internal Revenue Service plans to begin issuing Economic Impact Payments to Social Security recipients and other federal beneficiaries this weekend after weeks of delay.

President Joe Biden’s Treasury Department is calling for a “more robust minimum tax” on profits earned by American corporations overseas to remove incentives for companies to shift earnings outside U.S. borders.

The government has so far sent about 127 million stimulus payments to individuals and households.

The Biden administration said in a response to concerns raised by Republicans that state governments accepting pandemic-relief money from Washington are allowed to cut taxes, but only if they don’t use the federal aid to offset those reductions.

The Treasury Department and Internal Revenue Service have distributed more than half of the $410 billion in stimulus payments to individuals that Congress approved earlier this month.

Estate planners are keeping a close eye on the department’s agenda, anticipating the possible revival of several regulatory projects shelved by the Trump administration.

In a court filing Wednesday, the Treasury Department and the Justice Department said they were still weighing how to respond to a subpoena by House Democrats.

Treasury Secretary Janet Yellen added an international tax policy expert to her staff as the U.S. reverses a Trump-era stance over digital taxation of technology companies.

Republicans are asking the Biden administration to assist taxpayers who are receiving tax forms for unemployment benefits claimed by identity thieves.

The Treasury Department says it needs more time to decide whether to fight House Democrats in their effort to get former President Donald Trump’s personal and business tax returns.

U.S. Treasury Secretary Janet Yellen on Wednesday talked with her U.K. and German counterparts about resolving mushrooming disputes over the taxation of internet giants such as Facebook Inc., highlighting the issue as a priority in her initial bilateral calls.

Janet Yellen won confirmation to become U.S. Treasury secretary, building out President Joe Biden’s team as the administration struggles to win bipartisan support for a $1.9 trillion COVID-19 relief plan for shoring up a weakening economic recovery.

The Treasury Department said Friday it plans to launch an all-out effort to deliver Economic Impact Payments to people who haven’t yet received the two rounds of stimulus payments that they should have received last year or this month.

The Treasury Secretary-designate said she would work with lawmakers to fast-track a series of tax increases on corporations and wealthy Americans.

The U.S. Small Business Administration plans to reopen the Paycheck Protection Program to small lenders on Friday and to all lenders next Tuesday.

The U.S. Small Business Administration and the Treasury Department relaunched the Paycheck Protection Program on Monday to new borrowers, prioritizing loans from community lenders.