Search Results for agency_names:"Treasury Department"

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, issued a final rule to adjust certain civil monetary penalties based on inflation, as required by the Federal Civil Penalties Inflation Adjustment Act of 1990. These adjustments are calculated using a specific formula that considers changes in consumer prices, and the updated penalties will apply to violations occurring after the adjustments take effect. This rule does not require public notice or comments, as the changes are mandated by law and involve no new administrative procedures.

The Office of the Comptroller of the Currency (OCC) is inviting comments on the proposed renewal of an information collection, as required by the Paperwork Reduction Act. This involves a revision of their annual stress test reporting template for financial institutions with assets of $250 billion or more, under the Dodd-Frank Act. The proposed updates aim to align with existing Federal Reserve reporting forms and exclude outdated or unnecessary components. Public comments are encouraged and can be submitted by various methods outlined in the notice until March 7, 2025.

The United States Mint has announced a public meeting of the Citizens Coinage Advisory Committee (CCAC) to be held on February 18, 2025. The meeting will take place remotely via video-conference from 11 a.m. to 4:45 p.m. Eastern Time and will review designs for upcoming coin programs, including the 2026 American Innovation $1 Coin Program and the 2025 Sacagawea 25th Anniversary Coins. The public can watch the meeting live on the United States Mint's YouTube Channel, and members of the public can submit topics for consideration by emailing info@ccac.gov. For those needing accommodations, requests should be made by February 13, 2025, through specified contact details.

The Department of the Treasury has submitted several information collection requests to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995. The public can submit comments on these requests by March 31, 2025. The collections involve various activities related to alcohol and tobacco production, importation, and distribution, including brewer reports, permits for shipping Puerto Rican liquors, basic permits for alcohol businesses, and excise tax refund requests for nonbeverage products. The Treasury Department aims to ensure the correct application of tax laws and to safeguard revenue through these information collections.

The document is a final rule published by the Internal Revenue Service (IRS) and the Treasury Department that identifies certain related-party transactions involving partnerships as transactions of interest due to potential tax avoidance. These transactions, involving adjustments to the basis of partnership property, must be disclosed to the IRS by material advisors and certain participants. The rule includes specific requirements and thresholds for which transactions must be reported and aims to gather additional information to prevent tax avoidance, while accommodating concerns about administrative burdens and compliance costs for smaller businesses. This rule will take effect on January 14, 2025, with extensions provided for some disclosures.

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 proposed rule requires banking organizations to notify their primary federal regulator within 36 hours of determining in good faith that a "computer-security incident" has occurred that could cause significant disruptions to operations. A "notification incident" is an incident deemed serious enough to impact banking services or financial stability. Additionally, bank service providers must alert at least two individuals at affected banking organization customers immediately upon experiencing a significant disruption lasting four or more hours. This rule aims to ensure timely and effective responses to potential cybersecurity threats impacting the banking sector.

The Department of the Treasury is seeking public comments on their information collection requests, which will be reviewed by the Office of Management and Budget (OMB). These requests relate to the reporting and recordkeeping requirements under the Bank Secrecy Act (BSA) for U.S. persons with foreign financial accounts. The BSA helps combat money laundering and terrorism by requiring financial institutions to keep records and file reports helpful in various matters. The key form related to this is the FinCEN Report 114, also known as the FBAR, which must be filed annually if foreign accounts exceed $10,000 in the previous calendar year. The deadline for public feedback is February 25, 2021.

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 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.