On September 6, 2024, U.S. Secretary of the Treasury Janet L. Yellen and Commissioner of the Internal Revenue Service Danny Werfel announced significant milestones under the Inflation Reduction Act initiatives at the IRS campus in Austin, Texas. These initiatives aim to ensure that wealthy individuals pay their owed taxes, improve taxpayer services through digital advancements, and modernize foundational technology.

Secretary of the Treasury Janet L. Yellen delivered remarks in Raleigh, North Carolina, emphasizing the Biden-Harris Administration's economic agenda and the progress made through the Inflation Reduction Act (IRA). Speaking at Wake Tech Community College alongside Governor Cooper, Congresswoman Ross, and Congressman Nickel, Yellen highlighted North Carolina's leadership in clean energy education and its utilization of federal funds for training in electric vehicle industries and advanced building technologies.

The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced that Maryland will join IRS Direct File for Filing Season 2025. This initiative, enabled by President Biden’s Inflation Reduction Act, aims to enhance customer service and ensure taxpayers claim eligible benefits and deductions.

The United States takes action to defend and protect U.S. election institutions and processes from Moscow’s attempts to influence the 2024 Presidential Election.

Jeanette Quick, Deputy Assistant Secretary for Financial Institutions Policy at the U.S. Department of the Treasury, addressed attendees at the 2024 AAPISTRONG Annual Conference on September 4, 2024. In her remarks, she expressed gratitude to National ACE President and CEO Chiling Tong for her leadership and partnership as a member of the Treasury Advisory Council on Racial Equity.

The U.S. Department of the Treasury has released a new analysis highlighting significant growth in small business and entrepreneurship during the Biden-Harris Administration. The report indicates that small businesses have been responsible for over 70 percent of net new jobs since 2019, with an average of 430,000 new business applications per month in 2024, marking a 50 percent increase from 2019.

The U.S. Department of the Treasury has released a report detailing the impact of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program for the 2023 program year. The report highlights $3.5 billion in investments aimed at reducing energy costs for low-income communities and promoting clean energy.

Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2023 were released today and posted on the Treasury website. The final survey report, which will include additional detail as well as possible revisions to the data, will be released on October 31, 2024.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking (NPRM) for the Clean Electricity Low-Income Communities Bonus Credit Program, known as 48E(h), created by the Inflation Reduction Act. The program aims to promote cost-saving clean energy investments in low-income communities, Indian lands, affordable housing, or directly benefiting low-income households.

U.S. Treasurer Chief Lynn Malerba visited Alaska this week to meet with Alaska Native Tribal leaders, marking her first official visit to an Alaska Native Tribe.

The U.S. Department of the Treasury and Internal Revenue Service (IRS) announced today that Maine will join IRS Direct File for Filing Season 2025. This initiative, enabled by President Biden’s Inflation Reduction Act, aims to improve customer service and ensure taxpayers claim eligible benefits and deductions.

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced today that Wisconsin will join IRS Direct File for Filing Season 2025. This development, enabled by President Biden’s Inflation Reduction Act, will allow more than 600,000 Wisconsinites to utilize a free online tax filing tool next year.

WASHINGTON — The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned former Haitian President Michel Joseph Martelly under Executive Order 14059, "Imposing Sanctions on Foreign Persons Involved in the Global Illicit Drug Trade."

U.S. Deputy Secretary of the Treasury Wally Adeyemo engaged in a virtual call with Ukrainian Minister of Finance Sergii Marchenko on August 20, 2024. During the discussion, Deputy Secretary Adeyemo reaffirmed the Administration’s unwavering support for Ukraine amid its defense against Russia's ongoing conflict. He praised Ukraine’s efforts to boost domestic revenues and assured that the international community would continue its support.

The United States and the People’s Republic of China convened the fifth meeting of the Financial Working Group (FWG) in Shanghai on August 15-16, 2024. Senior officials from the U.S. Department of the Treasury and the People’s Bank of China led the two-day discussions, which included participants from various agencies.

North Carolina to offer free tax filing option next year made possible by President Biden’s Inflation Reduction Act

On August 15, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned several companies, individuals, and vessels for their involvement in the shipment of Iranian commodities to Yemen and the United Arab Emirates (UAE). These actions are linked to Iran-based Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial official Sa’id al-Jamal. The Specially Designated Nationals and Blocked Persons List (SDN List) entry for the vessel ARTURA has been updated to reflect its new name, OHAR.

Washington – The U.S. Department of the Treasury released Treasury International Capital (TIC) data for June 2024 today. The next release, which will report on data for July 2024, is scheduled for September 18, 2024.

The Treasury Department has unveiled a new enforcement website for the Committee on Foreign Investment in the United States (CFIUS), aimed at enhancing transparency and providing detailed guidance regarding CFIUS penalties and other enforcement actions. This update is part of an ongoing effort to strengthen CFIUS as a national security tool.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions targeting 19 individuals, 14 entities, and one aircraft under Belarus-related Executive Order (E.O.) 14038. These measures are aimed at those involved in supporting Russia’s war in Ukraine through military resource production, transshipment of goods to Russia, sanctions evasion on behalf of Belarusian defense entities, and revenue generation for Belarusian oligarchs within Alyaksandr Lukashenka’s inner circle. Additionally, five targets—three individuals and two...