The U.S. Department of the Treasury and the IRS on Thursday announced what they called a “major milestone” of collecting more than $1 billion in tax debt from high-income individuals over the past year.

With tens of billions in new funding, the IRS announced plans in September to expand its scrutiny of those making above $1 million annually with more than $250,000 in recognized tax debt.  

Crypto platforms will need to report transactions to the Internal Revenue Service, starting in 2026. However, decentralized platforms that don’t hold assets themselves will be exempt.

Those are the main takeaways from new regulations that the IRS and U.S. Department of Treasury finalized Friday — essentially implementing a provision of the Biden Administration’s Infrastructure Investment and Jobs Act, which was passed in 2021.

US Treasury Chief Janet Yellen called on Friday for a "level playing field" between American and Chinese companies, telling officials during a visit to southern China that Beijing's industrial subsidies threatened that balance.

Yellen arrived in the city of Guangzhou on Thursday for four days of talks with Chinese officials on what is her second visit to the world's number two economy in less than a year.

U.S. Treasury Secretary Janet Yellen on Wednesday appeared to walk back comments from President Biden that U.S. taxpayers would foot the bill for the Francis Scott Key Bridge collapse in Baltimore.

Appearing on MSNBC, Yellen said money from the bipartisan infrastructure law could "potentially be helpful." 

"My expectation would be that ultimately there will be insurance payments, in part, to cover this. But we don’t want to allow worrying about where the financing will come from to hold up reconstruction," Yellen said. 

HARRISBURG — An obscure policy issue is getting new attention in this year’s race for Pennsylvania treasurer as Democratic state Rep. Ryan Bizzarro of Erie seeks to draw a contrast with Republican incumbent Stacy Garrity.

Bizzarro is attacking Garrity’s track record on the issue she says is one of her top priorities as state treasurer: reuniting Pennsylvanians with their misplaced money.

Auctions of government debt, normally routine events for the Treasury Department, have suddenly become very important to financial markets.

With debt, deficits and bond yields all surging, investors are watching closely how the government will go to market with its borrowing needs.

Both bond and stock markets have been volatile amid fears of oversupply at a time when the Federal Reserve is keeping monetary policy tight, and as investors are demanding a premium for interest rate risk and geopolitics is posing various wild cards.

The yield on the 10-year Treasury note briefly eclipsed 5% this week amid signs that the Federal Reserve might end up keeping interest rates high for longer, portending higher borrowing costs for the federal government and for households.

Benchmark 10-year Treasury yields briefly reached as high as 5.029% this week, up about 1.2 percentage points from July alone. That is the highest the yield has been since 2007, just before the onset of the Great Recession.

President Biden's administration announced sanctions against roughly1,000 entities and individuals that Iran uses to support terrorism Wednesday morning.

The sanctions include 10 senior members and "financial facilitators" of the Hamas terrorist group, as well as roughly 1,000 individuals and entities connected to Iranian terror financing. The sanctions struck Hamas, Hezbollah and other terror organizations in the Middle East that a senior Treasury official said were part of "a massive financial network."