Search Results for agency_names:"Treasury Department"

The Department of the Treasury has announced its plan to submit requests to the Office of Management and Budget (OMB) for approval of information collections related to U.S. Income Tax Return forms for individuals. This is in line with requirements of the Paperwork Reduction Act of 1995. The forms, such as Form 1040, are used by individuals to report their taxable income and calculate taxes owed. The Treasury Department invites the public to provide comments on these requests by February 10, 2021, to ensure they are considered. The document also includes estimated costs, time burdens, and details about changes to forms affecting taxpayers.

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, published a final rule to update civil monetary penalties (CMPs) to account for inflation as required by law. This update is in line with the Federal Civil Penalties Inflation Adjustment Act, which mandates annual adjustments to ensure the penalties maintain their deterrent effect. The rule applies to penalties assessed after its effective date, January 28, 2021, and does not require a public comment period because the adjustments are routine calculations.

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 Department of the Treasury is seeking public feedback on their information collection requests related to the sale of financial instruments like bank checks and money orders. These rules are part of efforts to comply with the Bank Secrecy Act, which requires record-keeping for transactions involving $3,000 or more to prevent illegal activities. The public is invited to provide comments by January 2, 2025. This collection primarily impacts businesses and aims to track large cash transactions more effectively.

The U.S. Department of the Treasury is seeking public comments on information collection requests related to the Community Development Financial Institutions (CDFI) Fund and Native American CDFI Assistance Program. These requests are under review by the Office of Management and Budget (OMB) as per the Paperwork Reduction Act. The CDFI Fund supports organizations that provide financial services to underserved communities, including Native American communities. The Department has also implemented the CDFI Equitable Recovery Program to address economic impacts from the COVID-19 pandemic, and they are making updates to reporting requirements to accommodate this program. Public comments are invited until February 26, 2025.

The Department of the Treasury has announced the insurance marketplace aggregate retention amount (IMARA) for 2025, which is a part of the Terrorism Risk Insurance Program. The IMARA for 2025 is set at $53,366,227,478 and is based on the average insurer deductibles from 2022 to 2024. This figure helps determine if the Treasury needs to recoup any payments made under the program. The IMARA calculation relies on direct earned premiums reported by insurers to the Treasury for the previous three years.

The IRS has issued final regulations detailing how tax disputes are resolved by their Independent Office of Appeals, under the Taxpayer First Act of 2019. Generally, all taxpayers can use Appeals to settle tax disputes without court involvement, but there are exceptions, such as frivolous cases or disputes involving constitutional issues. These regulations also outline the procedural requirements, highlighting that disputes must be handled by the originating IRS office first, and clarifying that there is typically one chance for a case to be reviewed by Appeals. Additionally, special rules for certain situations, like cases with criminal implications, are defined, and specific procedural guidance is provided for requesting Appeals consideration.

A petition has been filed requesting the addition of cyanuric acid to the list of taxable substances, as stated by the Internal Revenue Service (IRS). This notice invites public comments on the petition and clarifies that this is not yet a decision to modify the list. The petition was submitted by Occidental Chemical Corporation, which asserts that cyanuric acid is composed of 27.90% taxable chemicals by weight and calculates a proposed tax rate of $2.11 per ton. Public feedback must be submitted by March 24, 2025, through the Federal eRulemaking Portal or via mail.

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 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.