Author: Fatima Hussein
-
Treasury proposes new anti-money laundering regulations for investment advisers
The Biden administration is rolling out new recordkeeping rules for U.S. investment advisers in its continued effort to clamp down on money laundering, illicit finance and fraud in the American financial system
-
IRS expects to collect hundreds of billions more in overdue and unpaid taxes thanks to new funding
The IRS says it expects to collect hundreds of billions of dollars more in overdue and unpaid taxes than previously anticipated using funding provided to the agency by the Democrats’ Inflation Reduction Act
-
U.S. to max out on debt soon, setting up political fight
—
by
WASHINGTON • The federal government is on track to max out on its $31.4 trillion borrowing authority as soon as this month, starting the clock on an expected standoff between President Joe Biden and the new House Republican majority that will test both parties’ ability to navigate a divided Washington, with the fragile global economy…
-
Treasury making Trump taxes available to House committee
—
by
WASHINGTON • The Treasury Department said Wednesday it has complied with a court order to make former President Donald Trump’s tax returns available to a congressional committee. The Supreme Court last week rejected Trump’s request for an order that would have prevented the Treasury Department from giving six years of tax returns for Trump and…
-
Biden pledges new commitments, respect for tribal nations
—
by
WASHINGTON • President Joe Biden on Wednesday pledged to give Native Americans a stronger voice in federal affairs, promising at the first in-person summit on tribal affairs in six years that he will bolster tribal consultations, inclusion of Indigenous knowledge in decision-making and funding for communities struggling with the impacts of climate change. Biden spoke…
-
Social Security benefits to jump by 8.7% next year
—
by
WASHINGTON (AP) — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase but a gain that will be eaten up in part by the rising cost of everyday living. The cost-of living adjustment — the largest in more than 40 years — means the average recipient…
-
IRS asks Treasury watchdog to probe Comey, McCabe tax audits
—
by
WASHINGTON • The IRS commissioner has asked the Treasury Department’s internal watchdog to immediately review the circumstances surrounding intensive tax audits that targeted ex-FBI Director James Comey and former Deputy Director Andrew McCabe, frequent targets of Donald Trump’s ire during his presidency. IRS spokesperson Jodie Reynolds said Thursday the agency has officially referred the matter…
-
Crypto meltdown is wake-up call for many, including Congress
—
by
NEW YORK • Meltdowns in the cryptocurrency space are common, but the latest one really touched some nerves. Novice investors took to online forums to share tales of decimated fortunes and even suicidal despair. Experienced crypto supporters, including one prominent billionaire, were left feeling humbled. When the stablecoin TerraUSD imploded last month, an estimated $40…
-
Biden spins deficit progress in bid to counter critics
—
by
WASHINGTON • President Joe Biden on Wednesday highlighted new figures showing the government’s red ink will grow less than expected this year and the national debt will shrink this quarter as he tried to counter criticism of his economic leadership amid growing dismay over inflation going into midterm elections that will decide control of Congress.…
-
Biden, Putin children open targets in sanctions over Ukraine
—
by
WASHINGTON • In targeting Vladimir Putin’s adult daughters with sanctions over Russia’s invasion of Ukraine, the Biden administration ripped aside the privacy Putin has long maintained over his closest ties — avoiding mention of the two women’s full names in public, and most other references to them as well. The sanctions imposed on immediate family…