Treasury Department

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US Cracks Down on Companies Moving Overseas

Treasury Dept tries to curb tax inversions

(Newser) - The Obama administration cracked down today on so-called tax inversions, aiming to curb a spate of American companies shifting overseas in an attempt to shirk paying US taxes. New regulations from the Treasury Department will make inversions less lucrative by barring creative techniques that companies use to lower their tax... More »

Feds Say They'll Stop Seizing Some Tax Refunds

Social Security puts halt on collecting more than decade-old debts

(Newser) - No longer will a single sentence make tax day even more miserable for hundreds of thousands of Americans—for now, at least. Late last week, the Washington Post reported on a recent Treasury Department practice made possible by a single sentence lurking in the 2008 farm bill: seizing tax refunds... More »

Feds Swiping Tax Refunds to Pay Parents' Debts

Many are told there aren't even records proving the debt exists

(Newser) - The Treasury Department has been seizing tax refunds or demanding payment from hundreds of thousands of Americans on some very old debts—some of which aren't exactly theirs in the first place. Many taxpayers are being forced to repay debts their parents allegedly racked up, the Washington Post reports.... More »

Federal Deficit Has Biggest Drop Since WWII

$680B deficit is lowest since 2008

(Newser) - The federal budget deficit for fiscal 2013 has plunged by more than $400 billion, the biggest drop since the end of World War II, the Treasury Department says. It comes in at $680 billion—not exactly pocket change, but a lot better than the trillion-plus deficits of the last five... More »

Rodman in Snag Over Kim's Fancy Birthday Gifts

He's being investigated for breaking US law banning luxury imports to North Korea

(Newser) - Apparently being buddy-buddy with Dennis Rodman has its perks. On his recent trip to Pyongyang, the ex-NBA star is said to have showered Kim Jong Un with more than $10,000 in luxury gifts—including a fur coat, an Italian suit, European crystal, hundreds of dollars worth of Irish Jameson... More »

Feds ID Major al-Qaeda Funder

Abd al-Rahman al-Nu'aymi is a sort of Dr. Jekyll and Mr. Hyde

(Newser) - According to US officials, Abd al-Rahman al-Nu'aymi is a sort of Dr. Jekyll and Mr. Hyde: The 59-year-old Qatar-based professor is the onetime president of the Qatar Football Association and, more prominently, well-regarded for his deep experience in raising funds for human rights causes, a role that his seen... More »

IRS Targets Secret Campaign Cash

Administration looks to limit big-spending groups' political activity

(Newser) - The IRS and Treasury Department are looking to crack down on 501(c)4 groups—tax-exempt organizations that spent a reported $309 million in last year's election without having to reveal their donors. The groups (which the IRS code defines as promoting "the common good and general welfare") are... More »

Geithner Headed to Wall Street

Named president of private equity firm

(Newser) - Former Treasury Secretary Timothy Geithner, who played a central role in the government's response to the financial crisis of 2008-2009, is joining private equity firm Warburg Pincus LLC. The New York-based firm announced today that Geithner will serve as its president and managing director starting March 1. The company... More »

Obama Picks TARP Honcho to Run Futures Regulator

He'll use speech to advocate for CFTC

(Newser) - President Obama is nominating a top Treasury Department official to run the independent agency that regulates the futures and options market. The White House says Obama will announce the nomination of Timothy Massad to head the Commodity Futures Trading Commission today. For the past three years, Massad has overseen the... More »

US Picks New Fight With Germany— on Economics

Merkel's camp fires back at Treasury report

(Newser) - As if US-German relations weren't fraught enough already, the US Treasury savaged the eurozone powerhouse in its semiannual currency report yesterday, complaining that "Germany's anemic pace of domestic demand growth and dependence on exports" have hurt the EU's struggling members, and created "a deflationary bias... More »

IRS Gives Its Blessing to Married Gay Couples

Same-sex spouses get same treatment as hetero couples

(Newser) - It's another milestone for gay marriage, this one involving joint tax returns. The IRS says it will recognize all legally married gay couples, even if they no longer live in states that allow same-sex marriage, reports LGBTQ Nation . They can move wherever they want, and their federal tax status... More »

Lew: US Will Hit Debt Ceiling in October

Warns Congress it must act 'as soon as possible' to raise limit

(Newser) - Treasury Secretary Jacob Lew has given Congress until mid-October to raise the debt ceiling. That's when he predicts the Treasury will run out of "extraordinary measures" to avoid going over the $16.7 trillion borrowing limit. In a letter to lawmakers today, Lew urged them to act "... More »

We're Having Big Trouble Printing $100 Bills

30M of the bills didn't cut the mustard

(Newser) - The US is less than two months away from getting its new $100 bills —hopefully. The Oct. 8 release date is already more than two years behind schedule, a delay caused by production problems that apparently have not abated. Writing for the New Yorker , David Wolman reports that the... More »

Latest IRS Sin: $50M Spent on Conferences in 3 Years

'Inappropriate' outlay included line-dancing lessons

(Newser) - Sympathy might be in short supply for the IRS, which has been hit by an audit at a very inconvenient time. A government watchdog's look at the scandal-hit agency's books found that it spent around $50 million on more than 200 conferences for employees between 2010 and 2012,... More »

Treasury Pays Down Debt for First Time Since Dubya

Taxes, cuts give Treasury unexpected $35B

(Newser) - Spending cuts and tax hikes have boosted the federal government's finances enough to actually pay off some debt for the first time since George W. Bush was president. The Treasury Department, which predicted earlier this year that it would end the second quarter another $103 billion deeper in debt,... More »

Rubio Joins Brouhaha Over Beyonce, Jay-Z Cuba Trip

US Treasury authorized 'people-to-people' visit: report

(Newser) - Now Marco Rubio is questioning Beyonce and Jay-Z's recent anniversary trip to Havana , a trip which an insider tells Reuters was licensed by the US Treasury department. Traveling to Cuba is normally forbidden for US citizens, with a potential punishment of 10 years in prison and $250,000 in... More »

Senate Panel OKs Jack Lew

Treasury nominee now heads to full Senate

(Newser) - The Senate Finance Committee has given Jack Lew its stamp of approval, pushing forward his semi-contentious nomination as secretary of the Treasury by a 19-5 vote, reports Politico . Max Baucus, the panel's Democrat chairman, said ahead of the vote that Lew had answered all questions "in a thorough... More »

Treasury: Forget About That $1T Platinum Coin

Treasury won't make it and Fed won't accept it

(Newser) - The $1 trillion platinum coin being touted as a bizarre solution to the debt ceiling debate will only ever exist as an illustration of just how dysfunctional Washington has become. A Treasury official tells the Washington Post that the department has no intention of minting such a coin to get... More »

Hurry, Mint That Platinum Coin

Paul Krugman: It's kind of a joke, but so is the current predicament

(Newser) - Despite facing plenty of blowback from wags, wonks, and politicos over the past week—such as Ezra Klein in the Washington Post —Paul Krugman is continuing his push for the $1 trillion platinum coin option to bypass the looming debt ceiling debate. ( Here's a summary of how... More »

How Iran Is Working Around Sanctions

Sticks to couriers, trading firms in other countries: US Treasury

(Newser) - Iran is managing to sneak around heavy economic sanctions using other countries' private trading houses, fake identities, and something called hawala, the US Treasury tells reporters. The sanctions have left the country "almost without recourse through ordinary banking channels," says a spokesman. So Iranian officials are in some... More »

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