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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 Internal Revenue Service (IRS) published a notice announcing a petition to add sodium chlorite to the list of taxable substances. The petition was filed by Occidental Chemical Corporation and requests public comments on this potential addition, which is not yet confirmed. Sodium chlorite is primarily used in water purification, textile bleaching, and disinfecting meat processing facilities. Comments must be submitted by March 24, 2025, using the Federal eRulemaking Portal or by mail.

The Treasury Department and IRS have issued final regulations that update the rules for classifying transactions involving digital content and cloud services. These updates help clarify how transactions like software downloads and streaming services are taxed, especially in international contexts. The new rules replace the previous "de minimis" standard with a "predominant character" rule to simplify determining the main purpose of such transactions. Examples in the regulations provide further guidance, and while the new rules are effective for tax years starting on or after January 14, 2025, businesses can also choose to apply them to earlier years.

The Internal Revenue Service (IRS) has announced that a petition has been filed to add potassium carbonate to the list of taxable substances. This substance, used in cattle feed, glass manufacturing, and as a food additive, is being proposed for taxation based on its production method and components. The petition, submitted by Occidental Chemical Corporation, suggests a tax rate of $0.36 per ton. The public is invited to comment on this proposal by March 24, 2025.

The Department of the Treasury and the Internal Revenue Service (IRS) have issued final regulations related to certain payments and losses that aren't typically recognized for U.S. tax purposes, especially when it comes to international tax scenarios. These rules aim to prevent tax avoidance strategies where companies could previously benefit from deductions in both the U.S. and foreign countries by clarifying how disregarded payments should be treated. They also introduce guidelines for businesses on how these transactions should be reported and monitored, ensuring that multinational companies pay a minimum level of taxes. The regulations will require companies that previously benefited from these strategies to include certain payments in their U.S. income, effectively closing a tax loophole.

The Treasury Department and the Internal Revenue Service (IRS) have issued final regulations concerning taxes imposed on gifts and bequests received by U.S. citizens or residents from individuals who were once U.S. citizens or residents but have given up their status, known as "covered expatriates." These new rules clarify how the tax is calculated, who is responsible for paying it, and which gifts or bequests are exempt. Trusts, both foreign and domestic, are specifically addressed, with detailed guidance on compliance and election procedures for foreign trusts wishing to be treated as domestic for tax purposes. Additionally, the regulations outline the recordkeeping and reporting requirements to ensure proper tax administration. These regulations take effect on January 14, 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 Department of the Treasury is seeking public comments on information collection requests related to U.S. business income tax return forms before submitting them to the Office of Management and Budget for approval. This notice outlines the forms used by business taxpayers and the proposed changes affecting the regulatory guidance for these forms. In 2021, it is estimated that 11.8 million respondents will spend 1.085 billion hours and $44.279 billion in out-of-pocket costs to comply with tax filing obligations. The notice also details how the burden and costs differ between partnerships, corporations, and pass-through corporations.

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.

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, is asking for public comments on their plan to renew a rule without changes. This rule requires U.S. banks to gather and report information about financial dealings with specific foreign banks that may do business with Iranian-linked institutions or people associated with the Islamic Revolutionary Guard Corps (IRGC). FinCEN's aim is to continue enforcing these information collections to help monitor and regulate financial activities, with the ultimate goal of preventing money laundering and terrorism financing. The request for comments is in line with efforts to reduce paperwork and examine the burden these regulations place on both U.S. and foreign banks.