WASHINGTON – The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance today clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the […]
Category Archives: U.S. Treasury
Remarks by Deputy Secretary Justin G. Muzinich at the Second Annual Partnership to Combat Human Rights Abuse and Corruption
As prepared for delivery Welcome to the second annual Partnership to Combat Human Rights Abuse and Corruption event. In this unusual time of virtual events and social distancing it is wonderful to see a record number of people get together to discuss this important topic. We are excited to host this event to bring together […]
Statement on the President’s Intent to Nominate Brian P. Brooks to Serve as Comptroller of the Currency
News Release 2020-152 | November 17, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks released the following statement upon the announcement that President Donald J. Trump intends to nominate him to serve as the 32nd Comptroller of the Currency. It is a great honor to have President Donald J. Trump announce his […]
Acting Comptroller of the Currency Congratulates SEC Chairman on his Tenure
News Release 2020-151 | November 17, 2020 Share This Page: WASHINGTON, DC—Acting Comptroller of the Currency Brian P. Brooks issued the following statement upon learning that Securities and Exchange Commission Chairman Walter Joseph “Jay” Clayton III plans to resign at year’s end. I want to congratulate Jay on his tenure as Chairman of the SEC and […]
OCC Finalizes Rule to Eliminate Unnecessary Licensing Requirements
News Release 2020-150 | November 16, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a final rule updating and clarifying licensing policies and procedures. The final rule makes various changes to the OCC’s Rules, Policies, and Procedures for Corporate Activities, 12 CFR part 5, including eliminating unnecessary requirements consistent […]
Statement on ByteDance and TikTok by Treasury Spokesperson Monica Crowley
The President’s August 14 Order requires ByteDance and TikTok Inc. to undertake specific divestments and other measures to address the national security risk arising from ByteDance’s acquisition of Musical.ly. Consistent with the Order, the Committee on Foreign Investment in the United States (CFIUS) has granted ByteDance a 15-day extension of the original November 12, 2020 […]
Acting Comptroller of the Currency Testifies on Condition of the Federal Banking System and Regulatory Priorities
News Release 2020-149 | November 12, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today testified during a hearing held by the U.S. House Committee on Financial Services. The Acting Comptroller’s testimony discussed the agency’s efforts to ensure the federal banking system operates in a safe, sound, and fair manner, provides fair […]
Statement from Treasury Spokesperson Monica Crowley
“The Treasury Department remains focused on reaching a resolution of the national security risks arising from ByteDance’s acquisition of Musical.ly, in accordance with the August 14 order signed by the President, and we have been clear with ByteDance regarding the steps necessary to achieve that resolution. We refer questions regarding the pending litigation to the […]
Acting Comptroller of the Currency Discusses Condition of the Federal Banking System and Agency Priorities
News Release 2020-148 | November 10, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today testified during a hearing held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs. The Acting Comptroller’s testimony discussed the agency’s efforts to ensure the federal banking system is a source of strength, extends opportunities […]
Treasury Sanctions Procurement Network Supplying Iranian Military Firm
International network procured electronic components for sanctioned Iranian military firm WASHINGTON – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated a network of six companies and four individuals that facilitated the procurement of sensitive goods, including U.S.-origin electronic components, for Iran Communication Industries (ICI), an Iranian military firm designated […]