The Office of the Comptroller of the Currency announced on Aug. 11 that it will prioritize new bank charter applications as part of a “community bank comeback” initiative. The effort seeks to reverse a steep decline in new bank formation that has left many communities without local banking options. De

Treasury and the Internal Revenue Service jointly issued proposed regulations on Aug. 11 guiding employers on how to make contributions to the new Trump Accounts savings vehicle created under the Working Families Tax Cuts legislation. The proposed rules govern employer contribution mechanics, eligibility requirements, vesting schedules and the tax treatment

The Treasury Department’s Office of Foreign Assets Control designated multiple cryptocurrency exchanges on Aug. 7 for enabling financial transactions that supported Iran’s Islamic Revolutionary Guard Corps, a designated foreign terrorist organization. The sanctions freeze any U.S.-based assets held by the designated entities and prohibit American individuals and businesses from transacting

The Treasury Department’s Financial Crimes Enforcement Network permanently eliminated the Beneficial Ownership Information reporting requirement on Aug. 11, relieving millions of small businesses nationwide of a federal compliance obligation that had drawn fierce opposition since its implementation. The BOI rule, enacted under the Corporate Transparency Act, had required small businesses

The IRS released updated guidance on Aug. 6 clarifying eligibility and calculation rules for the qualified overtime deduction enacted under the One Big Beautiful Bill Act, providing critical details for millions of hourly workers and their employers. The updated frequently asked questions address which workers qualify for the deduction, how

The Treasury Department announced Aug. 7 a set of designations targeting Iran’s clandestine global currency networks, dismantling financial channels the regime uses to evade U.S. and international sanctions and fund its military operations. The action is part of a coordinated pressure package issued the same day that also included sanctions

The Treasury Department sanctioned cryptocurrency exchanges that facilitated transactions for Iran’s Islamic Revolutionary Guard Corps on Aug. 7, marking a significant expansion of sanctions enforcement into the digital asset space. The designations, issued by the Office of Foreign Assets Control, target entities that enabled illicit finance for a U.S.-designated foreign

The Internal Revenue Service issued Notice 2026-48 announcing its intent to propose regulations for the federal Saver’s Match program, which launches in January 2027, on Aug. 7. The Saver’s Match is a refundable tax credit that, for the first time, will be deposited directly into an eligible taxpayer’s retirement account

The Internal Revenue Service issued guidance for the employer tax credit for paid family and medical leave, which was permanently expanded under the One Big Beautiful Bill Act’s Working Families Tax Cuts provisions, on Aug. 5. Notice 2026-28 clarifies how employers calculate and claim the credit, which had previously been