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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 Internal Revenue Service (IRS) and the Treasury Department have released final rules on determining taxable income and foreign currency gains or losses for businesses operating with a currency other than the U.S. dollar. These regulations clarify how businesses can elect to manage currency gains or losses annually and introduce a transition rule to make compliance easier. The rules apply broadly, including to specified entities like insurance companies, but do not currently extend to partnerships without additional guidance. These updates are aimed at providing clear and consistent guidelines for businesses dealing with multiple currencies.

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.

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, issued a final rule to adjust certain civil monetary penalties based on inflation, as required by the Federal Civil Penalties Inflation Adjustment Act of 1990. These adjustments are calculated using a specific formula that considers changes in consumer prices, and the updated penalties will apply to violations occurring after the adjustments take effect. This rule does not require public notice or comments, as the changes are mandated by law and involve no new administrative procedures.

The Department of the Treasury has issued a notice through the Internal Revenue Service (IRS) to request public comments on the forms used by tax-exempt organizations. This request is part of an ongoing effort to minimize paperwork and reduce the burden on respondents, in accordance with the Paperwork Reduction Act of 1995. The IRS has reported changes in regulatory guidance over the past year and is looking to renew the approval package for these forms. Individuals and agencies can submit their feedback on the proposed information collections by January 21, 2025.

The Treasury Department and Internal Revenue Service have issued final regulations addressing how certain taxpayers should report income and advance payments under an accrual method of accounting. These regulations, influenced by the Tax Cuts and Jobs Act, require that income be reported no later than when it is recorded in a taxpayer’s financial statement. The regulations also allow some taxpayers to defer reporting income from advance payments to the next taxable year, provided it matches the company's financial statement treatment. These rules aim to ensure consistency between tax reporting and financial accounting.

The Community Development Financial Institutions Fund (CDFI Fund), part of the U.S. Department of Treasury, has announced the availability of up to $500 million in guarantees for fiscal year 2025 under the CDFI Bond Guarantee Program. This program is designed to help Community Development Financial Institutions (CDFIs) by offering bond guarantees that support lending for economic development projects. Interested parties need to submit their applications by specified deadlines in early 2025. The rules and detailed requirements for the application and qualification processes are explained in the notice, which also includes guidance on compliance with regulations and statutes.

The document outlines the final regulations under section 4960 of the Internal Revenue Code, which impose a tax on tax-exempt organizations that pay over $1,000,000 in compensation to certain executives, or "excess parachute payments," to covered employees. These regulations give guidelines on how to calculate and allocate the tax, define terms like “applicable tax-exempt organization” and “covered employee,” and provide exceptions to specific employee definitions to avoid discouraging beneficial services. They also clarify rules for determining when compensation is paid and for coordinating these rules with existing laws, aiming to ensure fair application and prevent tax avoidance while providing necessary flexibility for tax-exempt organizations.

The U.S. Department of the Treasury is conducting the 2025 Terrorism Risk Insurance Program (TRIP) Data Call. Insurance companies participating in TRIP must submit specific information covering 2024, using forms approved by the Office of Management and Budget. This data, due by May 15, 2025, aids in assessing the availability and affordability of terrorism risk insurance. There are training sessions and a website provided to assist insurers in the data submission process, ensuring compliance with a statutory deadline for a related study due to Congress.

The United States Mint has announced a public meeting of the Citizens Coinage Advisory Committee (CCAC) to be held on February 18, 2025. The meeting will take place remotely via video-conference from 11 a.m. to 4:45 p.m. Eastern Time and will review designs for upcoming coin programs, including the 2026 American Innovation $1 Coin Program and the 2025 Sacagawea 25th Anniversary Coins. The public can watch the meeting live on the United States Mint's YouTube Channel, and members of the public can submit topics for consideration by emailing info@ccac.gov. For those needing accommodations, requests should be made by February 13, 2025, through specified contact details.