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Fatima HusseinThe Diplomat |
Some 140,000 taxpayers filed taxes for free via a pilot program.
A third of older adults with credit card debt carry a balance of more than $10,000 and 12% have a balance of $20,000 or more.
Rising tensions between Iran and Israel and what escalation could spell for the global economy are on the International Monetary Fund's agenda.
According to the latest IRS statistics, the average income tax refund so far this season is $3,011.
The Inflation Reduction Act initially included $80 billion for the IRS.
The Committee on Foreign Investment in the United States probes corporate deals for national security concerns.
It will be a "sluggish and disappointing decade,” IMF managing director Kristalina Georgieva said while announcing her economic projection and...
A top Weibo post praised Yellen's chopsticks skills but added, “as a U.S. official, Yellen needs to know more about China than just food."
She also said in Beijing they had “difficult conversations” about national security, including American concerns that Chinese companies are...
“I think the Chinese realize how concerned we are about the implications of their industrial strategy for the United States,” Yellen told...
Yellen called on China to address manufacturing overcapacity that she said could cause global economic dislocation.
Biden and Xi's call was meant to demonstrate a return to regular leader-to-leader dialogue and encompassed Taiwan, AI and security issues.
On Tuesday, China filed a WTO complaint against the U.S. over EV subsidies. The EU launched a probe into Chinese subsides last year.
The average median refund is $932 for 2020.
Danny Werfel is promising taxpayers better service this year as he works to repair the agency's image as an outdated and maligned tax collector.
The laundering Corporate Transparency Act is unconstitutional on the grounds that Congress exceeded its powers, the judge ruled.
The IRS in recent months has announced a slew of new campaigns aimed at targeting high-wealth individuals who misuse the tax system or fail to pay...
“It is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine’s continued...
There are more than 10,000 corporate jets in the US., according to the IRS, valued at tens of millions of dollars and many can be fully deducted.
Publicly held debt increasing from 99% to 116% of GDP, as the CBO predicts, would be the highest level ever recorded.
Treasury and the IRS say tax revenues will rise up to $561 billion by 2034 on increased enforcement, but the GOP is cutting the funding soon.
Biden is telling voters that the numbers point to a brighter future, while Trump says the gains are merely the fumes of his time in office.
The tax gap — which is the difference between taxes owed and taxes paid — has grown to more than $600 billion annually, according to the IRS.
It will happen when he addresses the union's political convention, according to a person familiar with the discussions.
"Today’s actions once again demonstrate that anyone who violates the price cap will face the consequences,” said Treasury Deputy Secretary Wally...
Officials are debating the legality of using the many billions of frozen Russian cash in western accounts.
As President Joe Biden seeks reelection, he is trying to convince voters who are gloomy about the economy that inflation is under control and the...
The announcement comes as the IRS braces for a more severe round of funding cuts.
Yellen visited Treasury's Financial Crimes Enforcement Network to discuss the launch of the database with the new year.
The national debt does not appear to be a weight on the U.S. economy right now, as investors are willing to lend the federal government money.
Agency leadership says the pause in automated reminders during the pandemic is a reason behind the decision to forgive the failure-to-pay penalties.
The report predicts weaker growth, lower unemployment, and higher interest rates in 2024 and 2025.
“It damaged our global standing and meant significant missed economic opportunities for American firms and workers," Yellen said.
IRS officials say one reason for the delay is taxpayer confusion over what sorts of transaction are reportable.
Also announced was a set of sanctions on Balkans figures including Bosnian politicians, accused gangsters from Montenegro and executives in North...
The White House doesn't expect the face-to-face meeting to result in major changes to U.S./China relations, says a person familiar with the planning.
The IRS has endured decades of underfunding and been overloaded with paper documents that prevented the agency from processing tax forms at a faster...
Warning of "uncharted waters," The World Bank's chief economist Indermit Gill says the global economy could face "a dual energy shock for the first...
If the chaos went unchecked, it could spread across a region that is vital for global oil supplies — with reverberations around the globe.
The IRS faces intense blowback from private tax preparation companies that have made billions from charging people to use their software.
Still, says Karla Abbott, “The increases will be helpful, certainly to those of us who are still doing the math on retirement."
They include charges against eight Chinese companies accused of advertising, manufacturing and distributing precursor chemicals for synthetic opioids...
The working groups will “establish a durable channel of communication between the world’s two largest economies," the Treasury Secretary said.
IRS Commissioner Daniel Werfel says A.I. tools are playing a big role in identifying wealthy tax dodgers.
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