Mnuchin added that his department had formed a working group to address its concerns about cryptocurrency usage by nefarious individuals and organizations.
Treasury and Internal Revenue Service officials made the predictions while releasing new tax withholding tables, which USA employers must begin using by February 15 to determine how much federal tax gets subtracted from employee wages under the new tax law.
Trump and the Republicans are counting on the tax-cut law, the first significant legislative achievement of his presidency, to ensure the GOP retains its majorities in Congress in this year's elections.
Officials have given employers a deadline of February 15 to implement the new withholding tablesresulting from the passage of the president's Tax Cuts and Jobs Act.
The major changes affecting individuals include new tax brackets, (mostly) lower income tax rates, a near-doubling of the standard deduction and the elimination of both personal exemptions as well as many itemized deductions.
"The IRS appreciates the help from the payroll community working with us on these important changes", said Acting IRS Commissioner David Kautter. Treasury would achieve that, the lawmakers surmised in the letter, by pushing the IRS to change its formula for withholdings.
Mnuchin said the United States authorities, including the Federal Reserve, were studying the advantages and disadvantages of issuing digital dollars instead of hard cash, but "the Fed and we don't think there's any need for that at this point".
In the meantime, he urged filers who have complicated tax situations - i.e., anyone who is not single, childless and holding down just one job - to review the number of allowances they now take on their W4s once the IRS puts out its new withholding calculator by the end of February. "Despite many false claims regarding the effects of our efforts, hardworking Americans are already seeing the immediate benefits of this new, pro-growth tax code".
"We would encourage every taxpayer to go to IRS.gov and run their financial information through that calculator so that they understand what their situation is", said a senior IRS official, who spoke at a briefing with reporters on the condition he was not named. However, the situation has changed in recent times, with Swiss authorities showing greater willingness to cooperate with the IRS.
In their letter, Wyden and Neal said the IRS lacks independent and nonpolitical leadership. "We expect based upon the new tables there will be no material change in this number", he said.
The UK Based startup called Redux is involved in developing technology that would integrate the speakers directly into the phone. The acquisition could prove useful to Google, and could change the way it designed its future Pixel smartphones.
This is significant in that one previous report suggested Cable was in line to replace Bevell as the team's offensive coordinator. Offensively, that's what we've seen countless time and time again that we do not execute the way we should.
ExxonMobil asked the Tarrant County District Court in Fort Worth to allow it to depose several California officials and others. New York Mayor Bill de Blasio announces a lawsuit against five oil companies at a press conference on January 10, 2018.
The remains of those killed in the crash were so badly burned, they had to be identified by their dental records, SBS reported. Home And Away actress Jessica Falkholt has died in hospital, just one day after the funeral of her parents and sister.
One of the most significant and most prominent Tech conventions in the world started from coming Sunday in Las Vegas. The technology show is covering 2.7 million square feet in Las Vegas and is scheduled to run until Friday.
More recently, the group spearheaded a call for a Congressional investigation into sexual misconduct allegations against Trump. Democratic aides predicted other lawmakers will bring guests with perspectives relevant to the harassment debate.
Talking about the benefits of the Jio 4G 149 plan, the plan offers unlimited calls including all local, STD and roaming calls. This is a promotional offer from BSNL which will offer its customers 2GB of free 3G data with a validity of 30 days.
Fullback Zach Line scored on a one-yard plunge the next play to put the Saints up 21-6 with 43 seconds left before the break. That pass put the Saints in front of the Panthers , 7-0, in the first quarter and they never trailed in the game.
The Raiders will host the Seahawks in the first NFL game at the new London stadium of English Premier League club Tottenham. Fritz Pollard Alliance chairman John Wooten sang a different tune last week when talking to ESPN .
Sainsbury's did not break down the separate like-for-like sales performances of its supermarket and Argos businesses. Mike Coupe , Sainsbury's chief executive , said: "We're pleased with our performance across the group this quarter".
I-80/94 Reopens in Indiana After Power Lines Down
ISP said they have yet to determine what if any charges will be brought against the driver that caused the crash Wednesday. A crash involving multiple semis caused a massive fire on a major interstate in Indiana, The Indy Channel reports.
Kenya open sales for NY flight
It will arrive at JKF at 6.30am, while the return flight will depart at 1.30pm and arrive at JKIA at around 10.30am the next day. Kenya Airways chief executive Sebastian Mikosz (centre) speaks during the launch of non-stop flight between Nairobi and NY .
Dropbox confidentially files for IPO
JPMorgan Chase & Co. and Goldman Sachs Group Inc. were named as the possible institutions that will lead in the future listing. For many years now, many have wondered why Dropbox was constantly holding out on going public, but better late than never.
US House passes crucial spying law
Another major loophole of Section 702 of FISA is that the government collects broad information "about" a target . The House has passed a bill to reauthorize a key foreign intelligence collection program with an important tweak.
State Department makes changes to travel warning system
State Department is warning tourists to "completely avoid" five states in Mexico because of rampant criminal and gang activity. Colima, Guerrero , Michoacán, Sinaloa and Tamaulipas have all been classified as a level 4 risk, the highest on the scale.
Julian Assange Received a Civilian ID in Ecuador
What could happen to Julian Assange now? A United Nations panel had concluded in 2016 that Assange was under arbitrary detention. A statement by Mr Assange's legal team said: 'The UN ruling, issued nearly two years ago, is crystal clear in its language.