Tax

Treasury Secretary Scott Bessent said Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will step in to lead the IRS temporarily.

The announcement by Treasury and the IRS is a reversal from January regulations. Thursday’s notice provides immediate relief from penalties under Secs. 6707A(a), 6707(a), and 6708 for any failure by participants or material advisers to file disclosure statements required by the regulations.

The programs include one open to the workers with the most seniority and a renewal of the previous deferred resignation program.

“I’m just riding the government roller coaster,” says one worker, who lost her job in February, was placed on administrative leave in March, and plans to return to work later this month.