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Treasury Department Profile picture
@USTreasury
Sep 4, 2024 • 2 tweets • 1 min read • Read on X
Today, @USTreasury’s Office of Foreign Assets Control (OFAC) sanctioned 10 individuals and 2 entities in response to Russian influence targeting the 2024 presidential election. home.treasury.gov/news/press-rel…
Russian state-sponsored actors used AI, deepfakes, and disinformation to undermine confidence in the United States’ election processes.

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More from @USTreasury

Treasury Department Profile picture
Mar 2
The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines…
…but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.
The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
Read 5 tweets
Treasury Department Profile picture
Feb 19
Alongside @DOGE, we have been working to identify waste, fraud & abuse. In connection to the effort, the IRS rescinded a previously planned $1.9 Billion contract & has committed itself to be focused & intentional with taxpayer dollars.
We’ve included the project SoW and FPDS entry for full transparency. We look forward to our continued work with the @DOGE team on this critical effort to cut waste! Image
SoW: “Enterprise Program Project Integration Services requirement.” The IRS Information Technology (IT) Enterprise Program Management Office (EPMO) offers services to manage & provide IT operations support, provide oversight of program implementations, & ensure compliance.
Read 5 tweets
Treasury Department Profile picture
Dec 18, 2024
.@USTreasury’s Office of Foreign Assets Control is designating three individuals and four entities in Bosnia & Herzegovina that form part of U.S.-designated Republika Srpska Pres. Milorad Dodik’s financial network & enable the Dodik family’s continued attempts to evade sanctions.
For years, Dodik has used his official position to accumulate personal wealth through companies linked to himself and his son, U.S.-designated Igor Dodik.
Dodik and his family continue to rely on trusted associates to obfuscate their involvement in new business ventures, enriching themselves and their cronies while trying to circumvent U.S. sanctions.
Read 4 tweets
Treasury Department Profile picture
Sep 12, 2024
.@USTreasury and @IRSNews are committed to increasing tax fairness by addressing significant tax avoidance from the largest and most profitable companies in the country. home.treasury.gov/news/press-rel…
The Corporate Alternative Minimum Tax released is expected to generate $250 billion over the next decade and $20 billion next year alone by ensuring all billion dollar corporations pay their fair share.
Treasury estimates that 100 of the largest and most profitable companies will pay this tax. These companies would have otherwise paid an average effective federal tax rate of 2.6%.
Read 5 tweets
Treasury Department Profile picture
Sep 8, 2021
NEW from the Treasury policy team: The Case for Attacking the Tax Gap.
home.treasury.gov/news/featured-…

The “tax gap”— the difference between taxes that are owed and collected — totals about $600 billion annually and is a major source of inequity.
A thread/
Today’s tax code operates by 2 sets of rules:
One for regular wage & salary workers who report virtually all income they earn,
another for the wealthy who often avoid a large share of owed taxes.
Academic estimates suggest +$160B lost/yr from taxes the top 1% choose not to pay.
Why does misreporting rise w/ income?
In part, higher-income taxpayers have ability to use highly-paid experts to shield income from its true tax liability.
But also because of the info that the IRS has access to...
Read 9 tweets
Treasury Department Profile picture
May 17, 2021
NEW: The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15.
Roughly 39 million households—covering 88% of children in the US—are slated to begin receiving monthly payments automatically.
The ARP increased the max Child Tax Credit in 2021 to $3,600 for children under the age of 6 and to $3,000 per child for children between ages 6 and 17.
ARP is projected to lift more than 5 million children out of poverty this year, cutting child poverty by more than half!
Payments will be made on the 15th of each month, unless the 15th falls on a weekend or holiday, allowing families who receive the credit by direct deposit to plan their budgets around receipt of the benefit.
Read 5 tweets

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