FATIMA HUSSEIN

Internal Revenue Service Commissioner Danny Werfel, testifies during a House Ways and Means Committee hearing on Capitol Hill, Thursday, Feb. 15, 2024, in Washington. (AP Photo/Mariam Zuhaib)
IRS launches crackdown on 125,000 wealthy ‘non-filers’
The IRS plans to go after 125,000 high-income earners who did not file tax returns going back to 2017. The agency says hundreds of millions of dollars of unpaid taxes are involved in these cases.
 
FILE - The Treasury Department is seen near sunset in Washington, Jan. 18, 2023. In a blow to President Joe Biden administration’s effort to increase corporate transparency, an Alabama federal district judge ruled Friday, March 1, 2024, that the Treasury Department cannot require small business owners to report details on their owners and others who benefit from the business. U.S. District Judge Liles C. Burke decided that the Corporate Transparency Act is unconstitutional on the grounds that Congress exceeded its powers in enacting the law. (AP Photo/Jon Elswick, File)
US and UK hit Iranian deputy commander and Houthi member with sanctions
The U.S. and United Kingdom sanctioned a deputy commander of Iran’s Islamic Revolutionary Guard Corps and a Houthi militant member, Tuesday.
 
FILE - Treasury Secretary Janet Yellen testifies before a House Financial Services Committee hearing on Capitol Hill, Feb. 6, 2024, in Washington. Yellen is offering her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine’s long-term reconstruction. The U.S. and its allies froze Russian foreign holdings in retaliation for Moscow’s invasion of Ukraine. (AP Photo/Manuel Balce Ceneta, File)
Yellen urges world leaders to ‘unlock’ frozen Russian Central Bank assets and send them to Ukraine
Treasury Secretary Janet Yellen is offering her strongest public support yet for the idea of liquidating roughly $300 billion in frozen Russian Central Bank assets and using them for Ukraine’s long-term reconstruction.
 
FILE - The Treasury Department is seen near sunset in Washington, Jan. 18, 2023. 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. (AP Photo/Jon Elswick, File)
So many sanctions on Russia. How much impact do they really have?
The United States, United Kingdom and European Union are once again hitting Russia with new waves of sanctions over Moscow’s invasion of Ukraine. This time, they also come in response to the death of noted Kremlin critic Alexei Navalny last week.
 
President Joe Biden speaks to the National Governors Association during an event in the East Room of the White House, Friday, Feb. 23, 2024, in Washington. (AP Photo/Evan Vucci)
US and EU pile new sanctions on Russia for the Ukraine war’s 2nd anniversary and Navalny’s death
The United States and the European Union are heaping hundreds of new sanctions on Russia on the eve of the second anniversary of its invasion of Ukraine and in retaliation for the death of Kremlin critic Alexei Navalny.
 
FILE - Russian President Vladimir Putin, left, listens to VTB Bank Chairman Andrei Kostin during their meeting in Moscow, Russia, July 11, 2023. The Justice Department announced Thursday, Feb. 22, 2024, a series of arrests and indictments against Russian businessmen and their facilitators in five separate federal cases meant to send a message to Russian President Vladimir Putin. Among those targeted are sanctioned Russian banker Kostin and two of his U.S.-based facilitators. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP, File)
US is imposing more than 500 new sanctions on Russia’s war machine, indicts Russian businessmen
The Treasury Department plans to impose more than 500 new sanctions on Russia and its war machine on Friday as the U.S. vows to keep up its financial pressure on Moscow with the war entering its third grueling year.
 
FILE - Private jets sit parked at Scottsdale Airport Jan. 27, 2015, in Scottsdale, Ariz. IRS leadership said Wednesday, Feb. 21, 2024, that the agency will start up dozens of audits on businesses' private jets and how they are used personally by executives and written off as a tax deduction — as part of the agency's ongoing mission of going after high-wealth tax cheats who game the tax system at the expense of American taxpayers. (AP Photo/Ross D. Franklin, File)
IRS to go after executives who use business jets for personal travel in new round of audits
First, there were trackers on Taylor Swift and other celebrities’ private jet usage. Now, there will be more scrutiny on executives’ personal use of business aircraft who write it off as a tax expense.
 
National Security Advisor Jake Sullivan speaks during a press briefing at the White House in Washington, Wednesday, Feb. 14, 2024. (AP Photo/Mark Schiefelbein)
White House promises ‘major sanctions’ on Russia in response to Alexei Navalny’s death
The White House says it is preparing additional “major sanctions” on Russia in response to opposition leader Alexei Navalny’s death last week in an Arctic penal colony.
 
FILE - The Treasury Department is seen near sunset in Washington, Jan. 18, 2023. 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. (AP Photo/Jon Elswick, File)
Treasury promoting new rules to stop money laundering ahead of Europe meetings
The Biden administration is stepping up efforts to stop dirty money from flowing through the U.S. financial system by crafting a slew of new rules aimed at increasing corporate transparency and regulating occupations that are exploited for money laundering.
 
FILE - The Treasury Department is seen near sunset in Washington, Jan. 18, 2023. The Treasury Department says it has sanctioned two individuals and a Greece-based commercial spyware company headed by a former Israeli military officer that developed and distributed technology used to target U.S. government officials, journalists, and policy experts. (AP Photo/Jon Elswick, File)
U.S. sanctions Iran Central Bank subsidiary for U.S. tech procurement and violating export rules
The U.S. has imposed sanctions on three people and four firms — across Iran, the United Arab Emirates and Turkey — for allegedly helping to export goods and technology purchased from U.S. companies to Iran and the nation’s central bank.
 
FILE - The Treasury Department is seen near sunset in Washington, Jan. 18, 2023. 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. (AP Photo/Jon Elswick, File)
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.
 
FILE - A sign for the Internal Revenue Service building in Washington, on May 4, 2021. 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.(AP Photo/Patrick Semansky, File)
IRS watchdog: Contractors who failed background checks maintained access to sensitive agency systems
A new IRS inspector general report says the agency continued to give 19 contractors access to sensitive systems despite failing background reports as recently as last July.
 
Treasury Secretary Janet Yellen testifies before a House Financial Services Committee hearing on 'the annual report of the Financial Stability Oversight Council' on Capitol Hill, Tuesday, Feb. 6, 2024, in Washington. (AP Photo/Manuel Balce Ceneta)
Treasury rolls out residential real estate transparency rules to combat money laundering
The Biden administration wants to make residential real estate transactions more transparent — by unmasking the owners of all-cash purchases as part of its ongoing effort to combat money laundering and the movement of dirty money through the American financial system.
 
FILE - The likeness of George Washington is seen on a U.S. one dollar bill, March 13, 2023, in Marple Township, Pa. The Congressional Budget Office says it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion. But it's likely to be a short-lived dip as the annual shortfall will likely rise over the next nine years. (AP Photo/Matt Slocum, File)
CBO projects a $188 billion decrease in this year’s federal budget deficit, but debt would then grow
The Congressional Budget Office says it expects the federal budget deficit to drop by $188 billion this fiscal year to $1.5 trillion. But it’s likely to be a short-lived dip as the annual shortfall will likely rise over the next nine years.
 
Arick Davis, owner of Last Mile Cafe, poses for a portrait outside of DeVos Place convention center during the annual State of Grand Rapids Business event on Jan. 31, 2024, in Grands Rapids, Mich. Davis says, “I will not vote for someone who could cause so much instability," but is well aware that consumers are feeling pressure on how much they can spend and the challenge that Black-owned businesses like his have with accessing lines of credit to expand. To the extent that the economy is doing well, there is little confidence that it is necessarily sustainable. He'll vote for Biden, he says, but unenthusiastically. (AP Photo/Kristen Norman)
It’s a mismatch on the economy. Even as inflation wanes, voters still worry about getting by
Bartender Catey Regis’s pricey misadventure of buying a used car recently speaks to why voters are worrying about the U.S. economy going into this year’s presidential election.
 
FILE - A sign for the Internal Revenue Service building in Washington, on May 4, 2021. 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.(AP Photo/Patrick Semansky, File)
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.
 
Venezuelan President Nicolas Maduro delivers his annual address at the National Assembly in Caracas, Venezuela, Monday, Jan. 15, 2024. (AP Photo/Ariana Cubillos)
US considering more measures against Venezuelan President Maduro after pulling some sanctions relief
 
FILE - A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. As tax filing season officially starts Monday, Jan. 29, 2024, a limited number of taxpayers in 12 states will soon be eligible for a program that will allow them to calculate and submit their returns directly to the IRS without having to pay for commercial tax preparation software. The Direct File pilot program is set to be rolled out in phases. (AP Photo/Patrick Semansky, File)
The IRS is launching a direct file pilot program for the 2024 tax season — here is how it will work
As tax filing season officially starts Monday, a limited number of taxpayers in 12 states will soon be eligible for a program that will allow them to calculate and submit their returns directly to the IRS without having to pay for commercial tax preparation software.
 
FILE - The exterior of the Internal Revenue Service (IRS) building is seen in Washington, on March 22, 2013. Congress is racing to wind down a tax break meant to encourage businesses to keep workers on the payroll during the COVID-19 pandemic. What was expected to cost the government $55 billion has instead cost it nearly five times that amount as of July. Meanwhile, new claims pour into the IRS each week. (AP Photo/Susan Walsh, File)
A COVID-era program is awash in fraud. Congress aims to wind it down and expand the child tax credit
Congress is racing to wind down a tax break meant to encourage businesses to keep workers on the payroll during the COVID-19 pandemic.
 
Yellen visits Midwest to showcase improving consumer sentiment, take aim at Trump tax cuts
Treasury Secretary Janet Yellen is visiting Illinois and electoral battleground Wisconsin this week to make a case for the Biden administration’s economic agenda and offer a reminder of the Trump administration tax cuts, which she says added to the deficit and did little to promote investment.
 
FILE - The Treasury Building in Washington, on May 4, 2021. The U.S. and U.K. on Thursday imposed sanctions on four leaders of Yemen’s Houthi rebel group who have supported the militant group’s recent attacks on vessels in the Red Sea and Gulf of Aden. (AP Photo/Patrick Semansky, File)
US and UK sanction four Yemeni Houthi leaders over Red Sea shipping attacks
The U.S. and U.K. on Thursday imposed sanctions on four leaders of Yemen’s Houthi rebel group who have supported the militant group’s recent attacks on vessels in the Red Sea and Gulf of Aden.
 
President Joe Biden speaks during a United Auto Workers' political convention, Wednesday, Jan. 24, 2024, in Washington. (AP Photo/Alex Brandon)
‘Honored to have your back, and you have mine': Biden endorsed by United Auto Workers in election
President Joe Biden has picked up the endorsement of the United Auto Workers. The Democratic president addressed the powerful union’s political convention in Washington on Wednesday.
 
FILE - A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. The IRS wants to rewrite its complicated letters to taxpayers and speak to people in plain English. The IRS is rewriting and sending out commonly received notices ahead of the 2024 tax filing season as part of its new "Simple Notice Initiative." Treasury Secretary Janet Yellen said Tuesday, Jan. 23, 2024, "Redesigned notices will be shorter, clearer and easier to understand." (AP Photo/Patrick Semansky, File)
IRS will start simplifying its notices to taxpayers as agency continues modernization push
The IRS wants to rewrite its complicated letters to taxpayers and speak to people in plain English. The federal tax collector is rewriting and sending out commonly received notices ahead of the 2024 tax filing season as part of its new “Simple Notice Initiative.”
 
FILE - The Treasury Building in Washington, on May 4, 2021. The U.S. and U.K. on Thursday imposed sanctions on four leaders of Yemen’s Houthi rebel group who have supported the militant group’s recent attacks on vessels in the Red Sea and Gulf of Aden. (AP Photo/Patrick Semansky, File)
US targets Iraqi airline Fly Baghdad, its CEO and Hamas cryptocurrency financiers for sanctions
Iraqi airline Fly Baghdad is denying U.S. allegations that have resulted in it being hit with sanctions from the Treasury Department.
 
FILE- The U.S. Treasury Department building is shown at dusk in Washington on June 6, 2019. The U.S. hit a United Arab Emirates shipping firm and its 18 vessels with sanctions after it transported Russian crude oil above the $60 per barrel price cap. U.S. firms and people can no longer conduct business with the firm. The U.S., EU, countries in the Group of Seven and Australia, imposed a $60 a barrel limit in 2022 on Russian oil. Any purchases above the cap violate the agreed-upon policy. (AP Photo/Patrick Semansky, File)
US sanctions a United Arab Emirates shipping firm for allegedly violating Russian oil price cap
The U.S. hit a United Arab Emirates shipping firm and its 18 vessels with sanctions after it transported Russian crude oil above the $60 per barrel price cap. U.S. firms and people can no longer conduct business with the firm.
 
Ukrainian President Volodymyr Zelenskyy gestures after his speech at the Annual Meeting of World Economic Forum in Davos, Switzerland, Tuesday, Jan. 16, 2024. The annual meeting of the World Economic Forum is taking place in Davos from Jan. 15 until Jan. 19, 2024.(AP Photo/Markus Schreiber)
Nearly two years after invasion, West still seeking a way to steer frozen Russian assets to Ukraine
The U.S. and its allies are looking for a legal way to unfreeze $300 billion in Russian Central Bank funds sitting mostly in Europe and use them for the benefit of Ukraine.
 
U.S. Treasury Secretary Janet Yellen speaks during a visit to the Financial Crimes Enforcement Network (FinCEN) in Vienna, Va., Monday, Jan. 8, 2024. Yellen announced that 100,000 businesses have joined a new database that collects "beneficial ownership" information on firms as part of a new government effort to unmask shell company owners. (AP Photo/Susan Walsh)
Yellen says current US economic growth ‘vindicates’ Biden’s COVID-19 pandemic stimulus spending
Treasury Secretary Janet Yellen is making an election-year pitch that the current state of the economy “vindicates” Democrats’ decision to pass a $1.9 trillion coronavirus pandemic response package back in 2021.
 
With the U.S Capitol in the background, demonstrators rally during the March on Washington for Gaza at Freedom Plaza in Washington, Saturday, Jan. 13, 2024. (AP Photo/Jose Luis Magana)
A global day of protests draws thousands in Washington and other cities in pro-Palestinian marches
Thousands of demonstrators have converged opposite the White House to call for an end to Israeli military action in Gaza, while children joined a pro-Palestinian march through central London.
 
FILE - The exterior of the Internal Revenue Service (IRS) building in Washington on March 22, 2013. The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires, as agency leadership tries to promote the latest work its done to modernize the agency with Inflation Reduction Act funding. (AP Photo/Susan Walsh, File)
IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again
The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires.
 
FILE - A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. The IRS is still too slow to process amended tax returns, answer taxpayer phone calls and resolve identity theft cases, according to an independent watchdog within the agency. The organization sent a report to Congress Wednesday that the backlog of unprocessed amended returns has quadrupled from 500,000 in 2019 to 1.9 million in October last year. (AP Photo/Patrick Semansky, File)
For IRS, backlogs and identity theft problems remain, but there is ‘cautious optimism’ watchdog says
The IRS is still too slow to process amended tax returns, answer taxpayer phone calls and resolve identity theft cases, according to an independent watchdog within the agency.
 
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