US Treasury News

Acting IRS Commissioner Steve Miller testifies on Capitol Hill at a hearing on Internal Revenue Service targeting conservative groups, May 17, 2013 in Washington, DC.

Set to testify are the same two witnesses who testified before the House last week - former acting IRS commissioner Steven Miller and J. Russell George, the Treasury Department inspector general for tax administration - along with a much-anticipated new witness: former IRS commissioner Douglas Shulman, who was in charge when the targeting began in ... (more)

In the wake of the Internal Revenue Service's admission that it gave special scrutiny to tax-exemption applications from "tea party" groups, Rep.

The White House chief of staff and other senior presidential advisers knew in late April that an upcoming report was likely to find that employees of the U.S. tax agency had inappropriately targeted conservative political groups - but they didn't tell President Barack Obama.

Barack Obama, speaking to a crowd in Baltimore on Friday, said , "I know it can seem frustrating sometimes when it seems like Washington's priorities aren't the same as your priorities.

Premier of Nevis Vance Amory welcomed a four-member group who was on Nevis and was involved in the awareness of Alexander Hamilton who was born in Nevis and later became the first Secretary in the United States Treasury.

President Barack Obama and White House Senior Advisor Dan Pfeiffer, right, react to a reporter's question as they leave the Treasury Department in Washington, Jan.

The nation's tax agency has admitted to inappropriately scrutinizing smaller tea party organizations that applied for tax-exempt status, and senior Treasury Department officials were notified in the midst of the 2012 presidential election season that an internal investigation was underway.

Treasury officials were made aware in June 2012 that the IRS inspector general was reviewing the office that handles tax-exempt applications, but a letter from October shows that the inspector general did not highlight the audit as a top concern for the agency.

Republicans stepped up demands for action against the IRS for targeting conservative political groups, the day after the Treasury Department released a report saying the IRS used inappropriate criteria in assessing tax-exempt status.

The United States says it has allowed an Iraqi bank to again conduct business with the U.S. financial system "following the bank's significant and demonstrated change in behavior," according to a statement from the Treasury Department.

The outgoing head of the U.S. Internal Revenue Service angered Republican lawmakers on Friday by resisting their demands that he identify who at the tax-collection agency had inappropriately targeted conservative groups for extra scrutiny.

Nashville's News 2 has learned that top Tennessee Valley Authority executives will head to Washington on Tuesday to begin "initial talks" on the federal budget issue that prompted rumors the giant utility might be sold.

PETA said it's been targeted, too. Politico reported that Jeffrey Kerr , the general counsel for the animal rights group, sent a letter on Thursday to the Treasury Department alleging that PETA was unfairly audited on three separate occasions: Between 1990 and 1992, from 2003 to 2005 and in 2009.

During a hearing before the House Ways & Means Committee on Friday regarding the news that the Internal Revenue Service had singled out conservative groups for undue scrutiny, one official with the Treasury Department clarified whether the IRS views that behavior as being illegal.

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The U.S. Treasury on Wednesday announced the first of a potential series of emergency cash measures to allow the government to keep paying the nation's bills once a temporary suspension of the debt ceiling lapses this weekend.

President Barack Obama broke into local news coverage Wednesday evening to announce the Treasury Department has accepted the resignation of acting IRS Commissioner Steven Miller.

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Moving to quell a growing scandal, President Obama on Wednesday fired the acting chief of the IRS and vowed to work closely with Congress in determining who ordered lower-level employees to target tea party groups and other conservative organizations.