Search Results for agency_names:"Treasury Department"

The Department of the Treasury is submitting multiple information collection requests to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act of 1995. They are seeking public comments on these requests by March 31, 2025. One request involves proposals for public contracts for supplies and services, impacting businesses with an estimated 217,838 annual burden hours. Another is related to the Coronavirus Economic Relief for Transportation Services (CERTS) program, which provided $2 billion in grants to transportation service providers both impacted by COVID-19 and required to maintain expenditure records for three years, with an estimated burden of 365 annual hours.

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 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 Alcohol and Tobacco Tax and Trade Bureau (TTB) is proposing a new rule that would require all alcohol beverage labels to include a standardized "Alcohol Facts" statement. This label would disclose the per-serving alcohol content, calories, and nutritional information for wines, distilled spirits, and malt beverages. The proposal aims to help consumers make more informed decisions by providing them with vital product information on the label. TTB plans to allow five years for compliance, giving producers time to adjust their labels accordingly.

The Internal Revenue Service (IRS) has finalized new rules identifying certain micro-captive insurance arrangements as either listed transactions or transactions of interest. These rules aim to increase transparency in tax reporting and discourage abusive tax practices by requiring involved parties to disclose these transactions. If a micro-captive elects certain tax benefits but also participates in financing benefiting related parties, it may qualify as a listed transaction if specific criteria are met, such as low claim activity relative to premiums. The rules, set to take effect in January 2025, include exemptions and allow participants to avoid added reporting if they make certain changes, like revoking tax elections.

The U.S. Customs and Border Protection (CBP) is proposing changes to the regulations for low-value shipments, where the retail value does not exceed $800. Merchandise affected by specific trade or national security measures would no longer be eligible for an administrative exemption from duties and taxes. This proposal aims to protect U.S. revenue and ensure compliance with trade laws. Public comments are requested before March 24, 2025, and additional details can be submitted through the Federal eRulemaking Portal.

The IRS and Treasury Department have finalized regulations that extend the time individuals have to roll over qualified plan loan offset amounts from 60 days to their tax filing due date (including extensions) for the year the offset occurs. This extension was established under the Tax Cuts and Jobs Act to help participants in employer-sponsored retirement plans who have an outstanding loan balance when they either leave their job or when their employer plan terminates. These regulations are effective from January 1, 2021, but individuals can choose to apply them to offsets deemed distributed on or after August 20, 2020. The regulations aim to simplify the process for taxpayers and provide clearer guidelines for plan administrators.

The proposed regulations aim to amend the rules for practicing before the IRS, eliminating outdated provisions and updating standards for practitioners like tax return preparers, appraisers, and CPAs. Key changes include removing unenforceable rules related to registered tax return preparers, redefining the use of contingent fees as disreputable, and updating appraisal standards to align with modern practices. The new regulations also set forth procedures for appraiser disqualification and clarify the disciplinary process for practitioners who violate IRS guidelines. The draft regulations invite public comments and set the dates for submission and hearing.

The Department of the Treasury has announced that it will submit several information collection requests to the Office of Management and Budget for review under the Paperwork Reduction Act of 1995. These requests include forms for reporting income tax withholding on non-payroll payments, procedures for master and prototype plans, and rules for longevity annuity contracts. Public comments on these requests are invited until March 22, 2021. This notice provides detailed information on the purpose and requirements of each collection, along with estimates of the number of respondents and total annual burden hours.

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.