Department of the Treasury (111 - 120 of 2,766 items)
Electricity Generation Projects: Additional Data Could Improve Understanding of the Effectiveness of Tax Expenditures
GAO-15-302: Published: Apr 28, 2015. Publicly Released: May 28, 2015.
Key state supports, in the form of state policies, aided the development of utility-scale electricity generation projects—particularly renewable ones—in most states, for fiscal years 2004 through 2013. For example, most states have a renewable portfolio standard (RPS) mandating that retail service providers obtain a specific amount of the electricity they sell from renewable energy sources, wh...
Community Development Capital Initiative: Status of the Program Investments and Participants
GAO-15-542: Published: May 5, 2015. Publicly Released: May 5, 2015.
As of March 31, 2015, 64 of the 84 participating banks and credit unions remained in the Community Development Capital Initiative (CDCI), and 80 percent of the Department of the Treasury's (Treasury) $570 million total investment remained outstanding. Treasury's most recent estimated lifetime cost of the program—the present value of all program outflows and inflows—was $100 million, an amount...
Management Report: Areas for Improvement in the Federal Reserve Banks' Information Systems Controls
GAO-15-413R: Published: Apr 6, 2015. Publicly Released: Apr 6, 2015.
During GAO's audit of the Schedules of Federal Debt Managed by the Department of the Treasury's (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2014, and 2013, GAO identified and communicated to the Federal Reserve Banks' (FRB) management certain new deficiencies in information systems controls over key financial systems maintained and operated by...
Private Health Insurance: Early Evidence Finds Premium Tax Credit Likely Contributed to Expanded Coverage, but Some Lack Access to Affordable Plans
GAO-15-312: Published: Mar 23, 2015. Publicly Released: Mar 23, 2015.
Early evidence suggests that the advance premium tax credit (APTC)—the refundable tax credit that can be paid on an advance basis—likely contributed to an expansion of health insurance coverage in 2014 because it significantly reduced the cost of exchange plans' premiums for those eligible. Although there are limitations to measuring the effects of the APTC using currently available data, surv...
Financial Company Bankruptcies: Information on Legislative Proposals and International Coordination
GAO-15-299: Published: Mar 19, 2015. Publicly Released: Mar 19, 2015.
The U.S. Bankruptcy Code (Code) chapters dealing with the liquidation or reorganization of a financial company have not been changed since GAO last reported on financial company bankruptcies in July 2013. However, bills introduced in the previous Congress would, if re-introduced and passed, make broad changes to the Code relevant to financial company bankruptcies. The Financial Institution Bankrup...
Information Security: IRS Needs to Continue Improving Controls over Financial and Taxpayer Data
GAO-15-337: Published: Mar 19, 2015. Publicly Released: Mar 19, 2015.
The Internal Revenue Service (IRS) made progress in implementing information security controls; however, weaknesses limit their effectiveness in protecting the confidentiality, integrity and availability of financial and sensitive taxpayer data. During fiscal year 2014, IRS continued to devote attention to securing its information systems that process sensitive taxpayer and financial information....
Improper Payments: Government-Wide Estimates and Use of Death Data to Help Prevent Payments to Deceased Individuals
GAO-15-482T: Published: Mar 16, 2015. Publicly Released: Mar 16, 2015.
Government-wide, improper payment estimates totaled $124.7 billion in fiscal year 2014, a significant increase of approximately $19 billion from the prior year's estimate of $105.8 billion. The estimated improper payments for fiscal year 2014 were attributable to 124 programs spread among 22 agencies. The reported government-wide error rate was 4.5 percent of program outlays in fiscal year 2014 co...
Troubled Asset Relief Program: Winding Down the Capital Purchase Program
GAO-15-367R: Published: Mar 6, 2015. Publicly Released: Mar 6, 2015.
The Department of the Treasury (Treasury) continues to make progress in winding down the Capital Purchase Program (CPP), and returns have surpassed original CPP investments. As of December 31, 2014, Treasury had received $226.4 billion in repayments, sales, dividends, and interest from its CPP investments, exceeding the amount originally disbursed by $21.5 billion. After accounting for write-offs...
Internal Revenue Service: Observations on IRS's Operations, Planning, and Resources
GAO-15-420R: Published: Feb 27, 2015. Publicly Released: Mar 3, 2015.
The Internal Revenue Service’s (IRS) fiscal year 2015 appropriation ($10.9 billion) and staffing levels (81,279 full-time equivalents, or FTE) continue a decline that has occurred over several years and are now below fiscal year 2009 levels. Since fiscal year 2010, IRS’s annual appropriation has declined by $1.2 billion, and staffing has fallen by about 11,000 FTEs since fiscal year 2009 while...
Financial Audit: U.S. Government's Fiscal Years 2014 and 2013 Consolidated Financial Statements
GAO-15-341R: Published: Feb 26, 2015. Publicly Released: Feb 26, 2015.
To operate as effectively and efficiently as possible and to make difficult decisions to address the federal government’s fiscal challenges, Congress, the administration, and federal managers must have ready access to reliable and complete financial and performance information—both for individual federal entities and for the federal government as a whole. Further, when fully and effectively im...