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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 Department of the Treasury has submitted several information collection requests to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995. The public can submit comments on these requests by March 31, 2025. The collections involve various activities related to alcohol and tobacco production, importation, and distribution, including brewer reports, permits for shipping Puerto Rican liquors, basic permits for alcohol businesses, and excise tax refund requests for nonbeverage products. The Treasury Department aims to ensure the correct application of tax laws and to safeguard revenue through these information collections.

The Alcohol and Tobacco Tax and Trade Bureau has announced an increase in the maximum penalty for violations of the Alcoholic Beverage Labeling Act (ABLA) from $25,561 to $26,225 due to inflation. This adjustment is part of a regular update required by the Federal Civil Penalties Inflation Adjustment Act, aiming to keep penalties effective and properly reflect their deterrent impact. The new penalty amount takes effect on January 16, 2025, and applies to any violations assessed after that date. For more details, readers can visit the Bureau's updated web page.

The Treasury Department and the Internal Revenue Service (IRS) have issued new regulations clarifying when tax-exempt bonds are considered retired for federal tax purposes. These rules aim to unify previous guidelines and are important for state and local governments that issue such bonds. The regulations detail specific situations where bonds can be seen as retired, including significant modifications to bond terms or certain transactions like purchases by the issuer. These changes will take effect on December 30, 2025, but issuers have the option to apply the new rules starting December 30, 2024.

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 U.S. Department of the Treasury has announced its submission of several information collection requests to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act of 1995. Public comments on these requests are welcome until March 22, 2021. These collections pertain to various permits and reporting requirements for alcohol and tobacco businesses, such as the application for amended basic permits, the reporting of tobacco products, and records for excise tax claims related to non-beverage products and exports. The goal is to ensure compliance with federal laws and proper tax accounting.

The U.S. Department of the Treasury has announced agreements for six social impact partnership projects under the Social Impact Partnerships to Pay for Results Act (SIPPRA), amounting to $46.9 million. These projects, located in cities like Boise, Jacksonville, and New York City, as well as counties in Delaware and South Carolina, aim to address various social challenges such as homelessness, healthcare costs, and early childhood development. Each project outlines specific outcome goals, including healthcare and housing improvements, and defines metrics to evaluate success, with savings estimated for federal, state, and local governments if targets are met. The interventions span various timelines, with detailed methodologies planned for assessing their impact.

The Treasury Department and the Internal Revenue Service (IRS) have issued final regulations to update the rules for corporations that file consolidated federal income tax returns. These new regulations aim to bring the language up to date, clarify the existing rules, and reflect recent legal changes. They also remove outdated regulations and adjust tax rules, such as how losses are carried back or forward, considering a corporation's at-risk amount. These changes will mainly affect larger corporations that often file these types of consolidated returns.

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. Department of the Treasury's Internal Revenue Service (IRS) is seeking public comments on proposed information collection related to U.S. Employment Tax Returns and various related forms. This request, part of the IRS's effort to lessen the paperwork burden on taxpayers, falls under the Paperwork Reduction Act of 1995. The IRS aims to gather feedback by February 24, 2025, and the information collected is used to ensure the accuracy of reported employment tax-related activities. The forms are essential for employers to report tax activities, with an estimated 7.4 million respondents spending approximately 63 hours each on compliance.