Search Results for agency_names:"Treasury Department"

The Office of the Comptroller of the Currency (OCC), part of the Treasury Department, is seeking public comments on an information collection titled "Covered Savings Associations Notice," in line with the Paperwork Reduction Act (PRA). This notice aims to reduce paperwork and ensure efficiency by renewing procedures that allow certain Federal savings associations to operate with the same rights as national banks. Comments on the proposal should be submitted by April 14, 2025, and will be considered in the final decision process. The OCC is particularly interested in feedback on the necessity, clarity, and burden of the information collection.

The final regulations from the Internal Revenue Service under the Treasury Department focus on implementing credits for producing clean hydrogen as part of the 2022 Inflation Reduction Act. These regulations cover how to assess greenhouse gas emissions, verify clean hydrogen production, and apply energy credits for hydrogen production facilities. They impact all taxpayers who either produce qualified clean hydrogen or use renewable energy sources to make it, aiming to encourage cleaner hydrogen production processes. The rules are effective from January 10, 2025.

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 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's Internal Revenue Service (IRS) has issued final regulations for a program that offers bonus credits for clean electricity projects in low-income communities, under the Inflation Reduction Act of 2022. Starting in 2025, these regulations outline how eligible projects can receive increased tax credits by meeting specific energy and environmental criteria, including generating electricity without combustion. Various categories, like projects sited in low-income areas or benefiting low-income households, are eligible for different levels of increased credits. The regulations also detail rules for applying, calculating financial benefits, and maintaining eligibility over time.

The Department of the Treasury has announced its plan to submit requests to the Office of Management and Budget (OMB) for approval of information collections related to U.S. Income Tax Return forms for individuals. This is in line with requirements of the Paperwork Reduction Act of 1995. The forms, such as Form 1040, are used by individuals to report their taxable income and calculate taxes owed. The Treasury Department invites the public to provide comments on these requests by February 10, 2021, to ensure they are considered. The document also includes estimated costs, time burdens, and details about changes to forms affecting taxpayers.

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.

The Department of the Treasury announced that information about the Emergency Rental Assistance Program is available on their website. This program provides $25 billion to help states, U.S. territories, local governments, and tribal communities with rental payments and utilities for those in need. At least 90% of the funds must be used for rent, utilities, and related expenses, while up to 10% can be used for housing stability services and administrative costs. More details and a payment information form can be found online.

The interim final rule from the U.S. Small Business Administration (SBA) and the Department of the Treasury outlines updates to the Paycheck Protection Program (PPP) loan forgiveness and review procedures, incorporating changes mandated by the Economic Aid Act. This includes guidelines for forgiving loans from both the first and second draw of PPP loans and addressing necessary documentation and processes for loan forgiveness. Key updates include the extension of the program, new rules regarding nonpayroll costs, and exemptions for certain borrowers. The rule aims to provide immediate relief to small businesses impacted by the COVID-19 pandemic and allows the SBA to continue remitting forgiveness payments promptly.

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.