Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) yesterday announced that the tax filings and payments for all federal income taxes (including self-employment tax) due on April 15, 2020, regardless of amount, will now be due on July 15, 2020. […]
Category Archives: U.S. Treasury
Treasury, IRS, and Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave
IR-2020-57 WASHINGTON – Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. […]
OCC Enforcement Actions
News Release 2020-37 | March 19, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. All Cease and Desist Orders, Civil Money Penalty Orders, and Removal/Prohibition Orders […]
Federal Bank Regulatory Agencies Issue Interim Final Rule for Money Market Liquidity Facility
News Release 2020-36 | March 19, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency To support the flow of credit to households and businesses, the federal bank regulatory agencies today announced an interim final rule to ensure that financial institutions will […]
Treasury Targets Companies Facilitating Iran’s Petroleum Sales
WASHINGTON – The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today took action against five United Arab Emirates (UAE)-based companies that facilitate the Iranian regime’s petroleum and petrochemical sales. In 2019, these five companies collectively purchased hundreds of thousands of metric tons of petroleum products from the National Iranian Oil Company […]
Statement from Secretary Steven T. Mnuchin on the Establishment of the Money Market Mutual Fund Liquidity Facility
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the establishment of the Money Market Mutual Fund Liquidity Facility (MMLF) by the Federal Reserve Board: “I have sent Federal Reserve Board Chairman Jerome Powell a letter approving the establishment of the MMLF to provide liquidity to the financial system under […]
Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July […]
Federal Banking Agencies Provide Banks Additional Flexibility to Support Households and Businesses
News Release 2020-34 | March 17, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banks to continue lending to households and businesses. They are: A […]
Readout from a Treasury Spokesperson of Secretary Mnuchin’s call with Australian Treasurer Josh Frydenberg
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin held a call with Australian Treasurer Josh Frydenberg on Monday, March 16, to discuss the economic impact of the global coronavirus outbreak. They shared updates and discussed policy measures to support the economy, and agreed to stay in regular contact, both on a bilateral basis and through […]
Statement from Secretary Steven T. Mnuchin on the Establishment of a Primary Dealer Credit Facility
WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin issued the following statement on the establishment of a primary dealer credit facility (PDCF) by the Federal Reserve Board: “I have just sent Chairman Jerome Powell a letter confirming that I approve the establishment of the PDCF to provide liquidity to the financial system pursuant to section […]