The world’s most widely followed stock-market benchmark slid into a correction on Thursday, a drop that underscores how the two-year-long bull market is running out of steam in the early days of the Trump administration. The move stems from investors’ growing pessimism about the whipsawing policy pronouncements from Washington over the past few weeks. On-again,
The Treasury and the Internal Revenue Service issued final regulations Friday on reporting by brokers on dispositions of digital assets such as cryptocurrency for customers in certain sale or exchange transactions. The reporting will need to be made on the soon-to-be released Form 1099-DA beginning with transactions on or after Jan. 1, 2025. The IRS
The Treasury Department is seeking comments from the public about the use of artificial intelligence (AI) in the financial services sector. The agency released a request for information on Thursday (June 6) and said it encourages the submission of comments within 60 days, according to a Thursday press release. The request for information encompasses “uses,
The Department of the Treasury has outlined the priorities it will pursue this year to step up the fight against illicit finance. The agency aims to increase transparency, leverage partnerships and support responsible technological innovation, it said in a Thursday (May 16) press release announcing the publication of its “2024 National Strategy for Combating Terrorist and Other Illicit Financing.” One
New rules from the Treasury Department will make it harder for vehicles to qualify for the full federal electric vehicle tax credit of $7,500, though automakers were also granted a reprieve. Currently, the Inflation Reduction Act’s (IRA) federal EV credit requires that manufacturers ramp up sourcing of battery “critical materials” such as nickel and cobalt