Search Results for agency_names:"Treasury Department"

The Community Development Financial Institutions Fund (CDFI Fund) under the Treasury Department has announced the availability of funds through its CDFI Program for the 2025 fiscal year. The program offers Financial Assistance (FA) and Technical Assistance (TA) awards to eligible community-based financial institutions. These awards aim to enhance the capacity of these institutions to serve low-income markets and underserved communities. The availability of funding and any specific conditions depend on congressional appropriations and other federal guidelines.

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 regulations issued by the IRS and Treasury Department relate to changes in energy credits, specifically around defining energy property and determining eligibility for tax credits. These changes are largely driven by amendments from the Inflation Reduction Act of 2022, aiming to spur investments in renewable energy projects. The rules set performance and quality standards for different types of energy properties, introduce provisions for energy storage technology, and adjust eligibility criteria based on new construction, usage, and ownership rules. The regulations also highlight how various projects can qualify for increased credit amounts if they meet certain requirements, like prevailing wage and apprenticeship standards.

The Community Development Financial Institutions Fund (CDFI Fund) of the Treasury Department is inviting applications for financial assistance and technical assistance grants under the CDFI Program for the fiscal year 2021. The program offers Financial Assistance (FA) awards up to $1 million and Technical Assistance (TA) grants up to $125,000 to eligible Community Development Financial Institutions to enhance their financial and organizational capacities. These awards prioritize low-income communities lacking access to affordable financial services. The application process requires compliance with specific federal regulations and submission deadlines via Grants.gov and the AMIS portal.

The final regulations in the Federal Register address the rules around Passive Foreign Investment Companies (PFICs) and the conditions under which a foreign corporation can be considered a Qualified Insurance Corporation (QIC). These regulations, which provide clarity on the treatment of income and assets for PFICs, introduce specific tests such as the 25% test for qualifying as a QIC. They emphasize that a corporation's insurance liabilities must exceed a certain percentage of its total assets to qualify for certain exceptions. The regulations also aim to prevent tax avoidance strategies and increase compliance by setting out guidelines for how passive income and insurance assets should be evaluated.

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 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 Department of the Treasury has announced that they will be submitting various information collection requests to the Office of Management and Budget (OMB) for review. These requests are part of a routine process governed by the Paperwork Reduction Act of 1995. The public is encouraged to submit comments by January 21, 2025, for consideration. The notice includes details about different forms and applications used by the Internal Revenue Service (IRS) for purposes such as employee pensions and advisory council membership, along with estimated burdens associated with each.

The U.S. Customs and Border Protection (CBP) is proposing changes to the regulations for low-value shipments, where the retail value does not exceed $800. Merchandise affected by specific trade or national security measures would no longer be eligible for an administrative exemption from duties and taxes. This proposal aims to protect U.S. revenue and ensure compliance with trade laws. Public comments are requested before March 24, 2025, and additional details can be submitted through the Federal eRulemaking Portal.