Search Results for agency_names:"Treasury Department"

The Financial Crimes Enforcement Network (FinCEN) published a proposed rule on December 23, 2020, aimed at implementing new reporting and recordkeeping requirements for transactions involving convertible virtual currency (CVC) and legal tender digital assets (LTDA). These requirements are part of efforts to address illicit financial activities such as money laundering and the financing of terrorism. The proposal includes mandatory reporting for transactions over $10,000 involving these assets, as well as maintaining records for transactions over $3,000. In response to public feedback, FinCEN has reopened the comment period to gather more input on these proposals and their implications for financial institutions, technology, and regulatory compliance.

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 Financial Crimes Enforcement Network (FinCEN) is seeking public comments on the renewal of information collection requirements under the Bank Secrecy Act (BSA). The regulations require dealers in foreign exchange and brokers or dealers in securities to maintain records of taxpayer identification numbers and transaction documents. Though there are no proposed changes to these requirements, FinCEN is considering expanding the scope of the annual burden estimates associated with these regulations. The request for comments is part of an effort to reduce paperwork and evaluate the effectiveness and efficiency of the current process, in compliance with the Paperwork Reduction Act.

A petition has been filed requesting the addition of cyanuric acid to the list of taxable substances, as stated by the Internal Revenue Service (IRS). This notice invites public comments on the petition and clarifies that this is not yet a decision to modify the list. The petition was submitted by Occidental Chemical Corporation, which asserts that cyanuric acid is composed of 27.90% taxable chemicals by weight and calculates a proposed tax rate of $2.11 per ton. Public feedback must be submitted by March 24, 2025, through the Federal eRulemaking Portal or via mail.

The Treasury Department and the Internal Revenue Service (IRS) have issued proposed regulations regarding the method of accounting for certain disregarded transactions between a qualified business unit (QBU) and its owner. These regulations allow for a new election option intended to reduce the compliance burden for taxpayers by using a yearly average exchange rate for translating assets involved in frequently recurring transactions in the ordinary course of business. Additionally, the document invites comments on several topics, including the treatment of partnerships and controlled foreign corporations under sections 987 and 989 of the Internal Revenue Code. The regulations aim to provide clarity and simplify the compliance process for affected taxpayers.

The Department of the Treasury is seeking public comments on information collection requests it plans to submit to the Office of Management and Budget (OMB). These collections are related to tax-exempt organizations, which file various forms to maintain their exempt status under the Internal Revenue Code. The forms help ensure that these organizations meet the requirements of their tax-exempt status and are also used for statistical purposes. Comments from the public are invited and should be submitted by February 26, 2021.

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively known as "the agencies") are reviewing regulations affecting insured depository institutions. This review, under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, aims to identify rules that are outdated, unnecessary, or too burdensome. The agencies are seeking public comments on specific categories of regulations, including Rules of Procedure, Safety and Soundness, and Securities, in hopes of reducing the regulatory impact, especially on community banks. Public comments are invited until March 11, 2025, and the agencies will use these to help decide if any regulations should be adjusted or removed.

The Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a report to Congress. As of September 30, 2024, they found no major differences in the accounting and capital standards for the banks they oversee. While there are some minor differences concerning definitions and rules, these do not significantly affect the institutions. The report highlights how certain rules apply differently to specific banking groups due to legal and regulatory requirements.

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 Bureau of the Fiscal Service in the Department of the Treasury announced new and increased fees for surety and reinsuring companies. These fees apply to various certifications and renewals, including those for Complementary, Alien, and Admitted Reinsurers. The changes, justified by the costs of analyzing company applications and financials, are set to become effective on January 1, 2025. This fee adjustment is supported by laws allowing the government to charge for specific services that benefit companies.