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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 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 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 Treasury Department and the IRS are proposing new rules that would define certain unmarked vehicles used by firefighters, rescue squads, and ambulance crews as "qualified nonpersonal use vehicles." This change is intended to exempt these vehicles from substantiation requirements usually needed to justify business-related vehicle expenses for tax purposes. The rules aim to provide similar tax treatment for emergency responders as currently granted to law enforcement using unmarked vehicles, considering the vehicles are minimally used for personal purposes. The proposed regulations welcome public comments and will apply to tax years beginning after the final rules are published.

The Alcohol and Tobacco Tax and Trade Bureau (TTB) is proposing a rule that would require alcohol beverage labels to disclose the presence of major food allergens such as milk, eggs, fish, shellfish, tree nuts, wheat, peanuts, soybeans, and sesame. This initiative aims to give consumers who are allergic to these foods essential information to make informed choices about alcohol consumption. The proposal is part of a broader push to standardize labeling with other food products, and TTB is considering an extended compliance period to reduce the impact on the industry, particularly small businesses. Comments on the proposal are being sought until April 17, 2025.

The Treasury Department's Internal Revenue Service (IRS) is requesting public comments on forms used by business entities, as part of efforts to reduce paperwork and respondent burden. This request is in compliance with the Paperwork Reduction Act of 1995 and involves forms such as 1065, 1120, and others related to business income tax returns. The IRS estimates that 13.9 million respondents will spend an average of 67 hours and 25 minutes, with a total annual monetized time valued at $56,152,000,000, and total out-of-pocket costs at $71,617,000,000. Comments are to be received by January 21, 2025, to ensure consideration.

The document details final regulations that implement clean electricity production and investment credits established by the Inflation Reduction Act of 2022. These regulations provide guidelines for determining greenhouse gas emissions from electricity production, setting provisional emissions rates, and determining eligibility for the tax credits. The rules impact taxpayers who claim these credits for qualified facilities or energy storage technology activated after 2024. The IRS and Treasury Department consulted with experts across government agencies to address public comments and ensure comprehensive regulations.