Search Results for agency_names:"Treasury Department"

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 Community Development Financial Institutions Fund (CDFI Fund) under the Treasury Department has announced the availability of funds through its CDFI Program for the 2025 fiscal year. The program offers Financial Assistance (FA) and Technical Assistance (TA) awards to eligible community-based financial institutions. These awards aim to enhance the capacity of these institutions to serve low-income markets and underserved communities. The availability of funding and any specific conditions depend on congressional appropriations and other federal guidelines.

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 United States Mint announced a public teleconference meeting of the Citizens Coinage Advisory Committee (CCAC) scheduled for January 19, 2021. The meeting will run from 10:30 a.m. to 12:00 p.m. and will be accessible by dialing a specified number. The focus will be on evaluating designs for the 2021 “Morgan” and “Peace” silver dollars. The CCAC provides advice to the Treasury Secretary on coins, medals, and designs.

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.

The final rule from the Department of Health and Human Services (HHS) and the Treasury Department provides new guidelines for implementing the Patient Protection and Affordable Care Act (PPACA). It includes plans for reducing user fees for issuers using federal platforms in 2022 and introduces a new direct enrollment option allowing states more flexibility in how they facilitate health insurance plans through private entities. Additionally, the rule seeks to ensure that State Innovation Waivers can be more predictable by codifying policies into regulations, offering states more room for innovation while ensuring the availability of affordable health coverage. The rule clarifies that plans without provider networks are exempt from network adequacy certification while maintaining their other requirements.

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 Treasury Department and the IRS have proposed new rules to guide automatic enrollment in certain retirement plans, reflecting changes from the SECURE 2.0 Act of 2022. These regulations will apply to specific retirement plans with automatic contributions, ensuring that they align with the new requirements. Exceptions exist for government, church, and small or new business plans. Public comments are requested, and a hearing is scheduled to discuss these regulations further.

The Office of the Comptroller of the Currency (OCC) adopted a final rule to codify the Interagency Statement Clarifying the Role of Supervisory Guidance issued in 2018 along with the Federal Reserve, FDIC, NCUA, and the Bureau of Consumer Financial Protection. This rule emphasizes that supervisory guidance, unlike laws or regulations, does not have legal force and doesn't create legally binding obligations for the public. The rule aims to ensure that the OCC will follow the principles of administrative law and use guidance to support transparency and consistency in the supervision of banks. The final rule takes effect on March 15, 2021, and assures that supervisory guidance will continue to be a valuable tool without being enforceable like laws.

The Financial Crimes Enforcement Network (FinCEN) is working to renew a rule that lets banks designate certain customers as "exempt persons" so they don’t have to report large cash transactions over $10,000 with them. The rule aims to help banks reduce paperwork and make it easier to manage these accounts. FinCEN is asking for public comments on the process and its impact on banks' workload to ensure it is effective and not unnecessarily burdensome. This is part of a broader effort to comply with the Paperwork Reduction Act of 1995, which seeks to minimize paperwork burdens on the public.