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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 Commerce Department's Bureau of Industry and Security (BIS) implemented new export control rules to manage the global distribution of advanced artificial intelligence (AI) models and computing technologies. These rules introduce tighter controls on exporting certain AI model weights and advanced computing chips to protect national security. The measures include new licensing requirements, exceptions, and procedures for companies to follow when exporting these technologies. Additionally, BIS aims to balance securing these technologies with allowing their beneficial uses, ensuring that they are shared responsibly and securely.

The Federal Energy Regulatory Commission (FERC) is inviting public comments on extending the information collection requirements for four types of applications and reports, without changes to current requirements. This includes FERC-519 for public utility mergers and acquisitions, FERC-520 for interlocking directorates, FERC-546 for gas pipeline rates, and FERC-580 for fuel and energy purchases. Comments are due by April 4, 2025, and can be submitted online or by mail. The Commission emphasizes the importance of these collections for fulfilling its regulatory duties under the Federal Power Act and Natural Gas Act.

The Federal Energy Regulatory Commission (FERC) issued a notice requesting public comments on its information collection activities related to several forms and applications, including FERC-519, FERC-520, FERC-546, and FERC-580. These collections involve applications for utility mergers, holding interlocking positions, gas pipeline rate filings, and fuel and energy purchase practices. The purpose of these collections is to ensure compliance with the Federal Power Act and monitor activities within the natural gas and electric utility industries. Comments on these information collection activities are due by February 3, 2025.

The Federal Energy Regulatory Commission has issued a final rule to update the maximum civil monetary penalties for violating laws and regulations under its authority. This adjustment is required by the Federal Civil Penalties Inflation Adjustment Act, which mandates annual updates to account for inflation. The rule comes into effect on January 14, 2025, and is being implemented without the usual notice and comment process due to legal requirements. The updated penalties apply to acts governed by the Federal Power Act, Natural Gas Policy Act, Natural Gas Act, and Interstate Commerce Act, among others.

The Federal Energy Regulatory Commission is releasing a final rule to update regulations on the maximum civil monetary penalties for breaking laws under its control. This change is in line with the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which requires annual inflation adjustments. The rule outlines how to calculate the new adjusted penalties, which will take effect immediately upon publication in the Federal Register. The Commission asserts that public notice and comment were not needed due to legal obligations dictating both the method and amount of these adjustments.

The Federal Communications Commission (FCC) is seeking public input on proposed updates to its rules for broadcast radio and TV stations. These updates aim to align current application processing requirements, remove outdated references to older filing systems, and make rules clearer to reduce confusion. Key proposals include changing rules about electronic filing, updating guidelines for certain stations to increase power, and introducing new notification requirements for applicants. The changes are intended to make the process more efficient and accessible to station operators, especially small business owners.

The Federal Aviation Administration (FAA) has issued a new airworthiness directive (AD) for certain Pilatus Aircraft Ltd. Model PC-24 airplanes. This directive is a response to information about electrical harness installations that do not meet approved designs, which could cause issues like wire chafing, arcing, or failure. These problems might lead to loss of system redundancy or other safety hazards. To address this, the AD requires modifications to the electrical harness installations, which will cost about $1,775 per aircraft to implement.

The Federal Energy Regulatory Commission (FERC) is requesting public comments on an information collection known as FERC-725F, which involves the coordination of nuclear plant interface requirements. This request is in line with the Paperwork Reduction Act, and comments are due by April 19, 2021. The collection ensures safe operation and shutdown of nuclear power plants by maintaining agreements between nuclear operators and transmission entities. FERC is seeking feedback on several aspects, including the necessity of the information, accuracy of burden estimates, and potential improvements to the data collection process.

The Environmental Protection Agency (EPA) is proposing to approve revisions submitted by the State of Alaska aimed at meeting Clean Air Act requirements. These revisions address air quality standards for the Fairbanks North Star Borough, targeting fine particulate matter pollution. The plan includes inventories of emissions, control measures for pollutants, and an attainment timeline set for the year 2027. Public comments on the proposal are being accepted until February 7, 2025.