Search Results for agency_names:"Treasury Department"

The Internal Revenue Service (IRS) is inviting the public and other federal agencies to comment on the information collections related to the Electronic Federal Tax Payment System (EFTPS). This initiative aims to reduce paperwork and the burden on respondents. Comments are encouraged on various aspects, such as the necessity of the information collection, accuracy of burden estimates, and ways to enhance the process. Written comments should be submitted by March 24, 2025, to ensure consideration.

The Internal Revenue Service (IRS) announced a correction to its proposed regulations on the average income test related to the low-income housing credit. A public hearing on these regulations will be held via teleconference on March 24, 2021. Interested individuals must submit their speaking topics by March 5, 2021, or the hearing will be canceled. The error corrected involves a regulation identification number in a previous publication of the proposed rule.

The Internal Revenue Service (IRS) and Treasury Department issued a notice that corrects errors found in an earlier proposed rule for corporate separations, incorporations, and reorganizations. These corrections were originally published in the Federal Register on January 16, 2025, and they relate to specifics in the Internal Revenue Code like sections 355 and 361. The changes adjust language in multiple sections of the proposal to clarify terms such as "two taxable years" to "two consecutive taxable years" and correct various typographical errors. These corrections aim to ensure the accuracy and clarity of the proposed regulations.

The Department of the Treasury has proposed changes to its system of records notice under the Privacy Act of 1974 for the Committee on Foreign Investment in the United States (CFIUS) Case Management System. These changes will update the legal authorities and clarify regulations to help CFIUS assess and review foreign investments for national security risks. The amendments add new legal authorities and adjust existing ones, allowing CFIUS to better manage and store information related to foreign investments in the U.S. The modifications are set to take effect on March 8, 2021, unless further adjustments are necessary based on public comments received by that date.

The IRS and Treasury Department have proposed new regulations regarding the deduction limits on high employee salaries, specifically affecting public corporations. According to section 162(m) of the Internal Revenue Code, deductions for employee pay over $1,000,000 are limited, and this proposal incorporates amendments from the American Rescue Plan Act of 2021. The regulations now consider more employees, including those in affiliated corporate groups, as part of this deduction limit. Public feedback is being accepted until March 17, 2025, and organizations are encouraged to comment electronically.

The final regulations from the Treasury Department and Internal Revenue Service (IRS) implement changes to sections 263A, 448, 460, and 471 of the Internal Revenue Code, as amended by the Tax Cuts and Jobs Act. These changes simplify tax accounting rules for certain small businesses with average annual gross receipts not exceeding $25 million. The regulations allow eligible taxpayers to use different accounting methods that reduce complexity and lower compliance burdens. For instance, they can avoid detailed inventory accounting and use simpler procedures, reflecting tax law adjustments aimed at supporting small enterprises.

The Treasury Department and the Internal Revenue Service published a correction to a proposed rule, initially released on November 20, 2024, associated with partnership tax rules for certain unincorporated organizations. This rule outlines the administrative criteria for these organizations to elect exemption from partnership tax regulations. Public comments are welcome until January 21, 2025, and a public hearing is scheduled for February 7, 2025. Corrections include removal of specific language in the original publication.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that one person and one organization have been added to their Specially Designated Nationals and Blocked Persons List. This decision was made because they met certain legal criteria under U.S. sanctions programs. As a result, all assets these parties have in the U.S. are blocked, and Americans are generally not allowed to do business with them. This action was taken on March 5, 2025, and more details can be found on OFAC's website.

The Office of the Comptroller of the Currency (OCC) is proposing a new rule that would allow exemptions from certain requirements tied to Suspicious Activity Reports (SARs), which banks and savings associations must file. This rule aims to give national banks and federal savings associations some flexibility if they come up with new, more efficient ways to comply with anti-money laundering laws, while still being reviewed for safety and soundness. The proposal includes guidelines on how banks can apply for these exemptions and factors that will be considered in granting them, like consistency with the Bank Secrecy Act and any supervisory concerns. The OCC is inviting public comments on this proposed rule until February 22, 2021.

The Internal Revenue Service (IRS), part of the Treasury Department, announced a public meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Lines Project Committee. The meeting is scheduled for Tuesday, March 9, 2021, and aims to gather public comments and ideas to enhance customer service at the IRS. Members of the public are encouraged to participate, either by sharing their thoughts during the meeting or by submitting written statements in advance. Those interested must notify Rosalind Matherne to express their intention to join.