Search Results for agency_names:"Treasury Department"

The final regulations clarify the application of excise taxes on payments made for air transportation services. Specifically, they address the exemption for payments made for certain aircraft management services, including maintenance and support of an aircraft owner's plane, ensuring that the tax does not apply to amounts paid for these services. The regulations also discuss rules related to aircraft charters and the responsibilities of various parties in collecting the air transportation taxes. These changes aim to incorporate statutory updates and simplify compliance for taxpayers and IRS examiners.

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 Treasury Department and the Internal Revenue Service (IRS) have introduced proposed regulations impacting corporations that consolidate their federal income tax returns. These changes aim to provide clarity on how the transfer of liabilities between members of a consolidated group affects the basis in stock during such transfers. Comments on these proposals must be received by March 31, 2025, and a public hearing will be held if requested. The document outlines that the proposed regulations will not impose significant burdens on small businesses and do not include any federal mandates that would lead to substantial costs.

The Community Development Financial Institutions (CDFI) Fund under the Treasury Department has announced the availability of grants for the Native American CDFI Assistance (NACA) Program for the fiscal year 2025. These grants, which include Financial Assistance (FA) and Technical Assistance (TA), are aimed at aiding financial institutions that serve Native American, Alaska Native, and Native Hawaiian populations to enhance their lending capacity. The program aims to strengthen both for-profit and non-profit community-based organizations to support various markets, and the awards are contingent on funding availability. Applicants must meet specific eligibility criteria and complete their submissions through designated platforms by the stated deadlines.