Janet Yellen

The Internal Revenue Service hopes to process all of the tax correspondence, notice responses and nontax forms it receives digitally in the next two years.

The Treasury Department is trying to modernize the badly outdated agency in a bid to improve customer service and ramp up enforcement.

The Treasury Secretary Janet Yellen underscored the urgency of the White House reaching a deal with Republicans to raise the debt limit.

Republicans rejected a Democratic proposal that would seek to raise revenue by altering a dozen tax provisions.

She advised Congress that the Treasury may exhaust its special accounting maneuvers to avoid running out of sufficient cash as soon as early June.

The government reached the statutory cap on borrowing in January and the Treasury has since been using special accounting measures to make cash available.

The Treasury Secretary said her department's ability to use special accounting maneuvers to stay within the federal debt limit could be exhausted soon.

"Our budget request provides steady-state operational funding," Yellen said. "It will complement the one-time, long-term investment in the IRS."

The Treasury Secretary defended the extra investment in the IRS, arguing it is already paying off and that taxpayers are getting "drastically improved customer service this year."

The department detailed the tax provisions in the Biden administration's newly released budget plans for fiscal year 2024 on Thursday.

The West Virginia senator said the administration has "cherry picked" which of the new rules for electric vehicle tax breaks it wants to follow.

Senator Joe Manchin is pressing Treasury Secretary Janet Yellen to stand firm on North American-based manufacturing requirements for lucrative electric-vehicle tax credits.

A former acting commissioner during the Obama administration is being nominated to fill Charles Rettig's spot.

Treasury Secretary Janet Yellen picked the agency veteran, who has been deputy commissioner for services and enforcement since last year, to head the service.

Treasury Secretary Janet Yellen is throwing cold water on expectations that the agency will provide relief to foreign automakers lobbying against stringent limits on a popular electric-vehicle tax credit.

Congressional Democrats are urging the Treasury Department to ignore appeals by lobbyists to weaken the 15% minimum levy on domestic corporations.

Treasury Secretary Janet Yellen unveiled some of the Biden administration's planned changes for the Internal Revenue Service.

The Treasury Secretary outlined some of the Biden administration's unfinished economic business in a speech.

Commissioner Rettig is promising not to use the nearly $80 billion his agency will be receiving to increase audits of small businesses or taxpayers who earn less than $400,000.

The strategic plan will provide a roadmap for what has been the largest dedicated funding stream provided to the IRS in decades.