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The Treasury Department and the Internal Revenue Service (IRS) have issued final regulations concerning taxes imposed on gifts and bequests received by U.S. citizens or residents from individuals who were once U.S. citizens or residents but have given up their status, known as "covered expatriates." These new rules clarify how the tax is calculated, who is responsible for paying it, and which gifts or bequests are exempt. Trusts, both foreign and domestic, are specifically addressed, with detailed guidance on compliance and election procedures for foreign trusts wishing to be treated as domestic for tax purposes. Additionally, the regulations outline the recordkeeping and reporting requirements to ensure proper tax administration. These regulations take effect on January 14, 2025.

The Financial Crimes Enforcement Network (FinCEN) published a proposed rule on December 23, 2020, aimed at implementing new reporting and recordkeeping requirements for transactions involving convertible virtual currency (CVC) and legal tender digital assets (LTDA). These requirements are part of efforts to address illicit financial activities such as money laundering and the financing of terrorism. The proposal includes mandatory reporting for transactions over $10,000 involving these assets, as well as maintaining records for transactions over $3,000. In response to public feedback, FinCEN has reopened the comment period to gather more input on these proposals and their implications for financial institutions, technology, and regulatory compliance.

The Treasury Department and the Internal Revenue Service (IRS) have finalized rules for reporting digital asset transactions performed by brokers. These new regulations, effective January 1, 2027, require brokers who regularly facilitate digital asset sales, like those in decentralized finance (DeFi), to provide forms reporting gross proceeds from these transactions. The rules primarily apply to trading front-end service providers, who are best positioned to report on such transactions due to their close interaction with customers. The regulations aim to enhance tax compliance by ensuring digital asset transactions are reported similarly to traditional financial trades.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced that they are adding one or more persons to their Specially Designated Nationals and Blocked Persons List (SDN List). This action means that any property or interests these individuals have within the United States are now blocked. As a result, people in the U.S. are generally not allowed to conduct transactions with these individuals. The decision was effective as of December 17, 2024.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added several individuals from Uzbekistan to its Specially Designated Nationals and Blocked Persons List. These individuals have been identified as being involved in serious human rights abuses. As a result, all their properties and interests in property within U.S. jurisdiction are blocked, and U.S. citizens are generally barred from conducting transactions with them. The publication of this information ensures compliance and raises awareness about these sanctions.

The Department of the Treasury is inviting public comments on its plan to collect information related to the CARES Act Loan and Payroll Support Programs for air carriers and other eligible businesses. This request is part of an effort to reduce paperwork and ensure compliance with existing financial assistance agreements under the CARES Act and subsequent laws. The Treasury Department needs to gather feedback on several aspects, including the necessity and practicality of the information collection and ways to reduce the burden on respondents. Comments about this process are accepted until March 31, 2025.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced that certain individuals have been added to its Specially Designated Nationals and Blocked Persons List. This action means that all property and interests in property within U.S. jurisdiction belonging to these individuals are blocked. U.S. persons are generally prohibited from conducting transactions with these individuals. More details, including the list and additional information about OFAC's sanctions programs, can be found on their website.

The Financial Crimes Enforcement Network (FinCEN) is working to renew a rule that lets banks designate certain customers as "exempt persons" so they don’t have to report large cash transactions over $10,000 with them. The rule aims to help banks reduce paperwork and make it easier to manage these accounts. FinCEN is asking for public comments on the process and its impact on banks' workload to ensure it is effective and not unnecessarily burdensome. This is part of a broader effort to comply with the Paperwork Reduction Act of 1995, which seeks to minimize paperwork burdens on the public.

The Internal Revenue Service (IRS) and the Treasury Department have announced a change in the time for an upcoming meeting of the Taxpayer Advocacy Panel's Special Projects Committee. Originally set for 1:30 p.m. Eastern Time, the meeting will now take place at 11:00 a.m. Eastern Time on Wednesday, February 10, 2021. The meeting is open to the public, who may offer comments or submit written statements but must notify Antoinette Ross beforehand to participate. All other details of the meeting remain unchanged.

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.