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.

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.