Search Results for agency_names:"Treasury Department"

The Alcohol and Tobacco Tax and Trade Bureau (TTB) has amended regulations to add 13 new standards of fill for wine and 15 for distilled spirits, aiming to offer more flexibility in container sizes. The TTB considered eliminating standards of fill altogether but decided against it to prevent consumer confusion and market disruption. Instead, the additional sizes are expected to support domestic and international trade and provide more options for consumers. Moreover, the TTB has removed the distinction between canned and other containers for distilled spirits, allowing the same standards to apply across all types. These changes take effect on January 10, 2025.

The Internal Revenue Service (IRS) is seeking public comments on the information collection needed when requesting a copy of exempt or political organization forms, applications, or letters from the IRS. This is part of their effort to reduce paperwork burden as required by the Paperwork Reduction Act of 1995. They estimate that 27,000 respondents will be involved, with each response taking about 58 minutes. Comments are welcomed until March 24, 2025, and should address the necessity, accuracy, and ways to improve data collection.

The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule to change the reporting requirements for beneficial ownership information under the Corporate Transparency Act. Previously, both domestic and foreign companies had to report information about their owners. Now, domestic companies are exempt from these requirements, and foreign companies are only required to report information about non-U.S. owners. This change is intended to reduce the burden on U.S. businesses, and FinCEN is asking for public comments before finalizing the rule.

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.

The Treasury Department and the Internal Revenue Service published a correction to a proposed rule, initially released on November 20, 2024, associated with partnership tax rules for certain unincorporated organizations. This rule outlines the administrative criteria for these organizations to elect exemption from partnership tax regulations. Public comments are welcome until January 21, 2025, and a public hearing is scheduled for February 7, 2025. Corrections include removal of specific language in the original publication.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has released a notice listing individuals added to the Specially Designated Nationals and Blocked Persons List (SDN List) as of January 17, 2025. These individuals have been identified based on meeting specific legal criteria, resulting in their properties and interests within U.S. jurisdiction being blocked. This means that people in the United States generally cannot legally engage in transactions with the individuals listed. More information about the sanctions and the SDN List is available on OFAC's website.

The Internal Revenue Service (IRS) is seeking comments from the public and other federal agencies on the information collection requirements related to the Passive Activity Loss Limitations under the Paperwork Reduction Act of 1995. This request concerns Form 8582, which helps taxpayers calculate deductible passive activity losses. The IRS estimates that 250,000 respondents will spend about 3 hours and 30 minutes each on this form, with the total annual burden estimated at 875,000 hours. Comments on this matter are invited by April 19, 2021, and all responses will be considered public record.

The Department of the Treasury is seeking public comments on various information collection requests before submitting them to the Office of Management and Budget (OMB) for review. These collections are related to the renewal of certificates for surety companies, waivers from electronic fund transfer requirements for specific individuals, claims for lost or destroyed U.S. savings bonds, and requests by fiduciaries for distribution of Treasury securities. The public is invited to provide feedback by March 31, 2025, to ensure their considerations are included.

The Internal Revenue Service (IRS) is requesting public comments on certain information collections related to church plan clarifications under section 336 of the PATH Act. The IRS aims to reduce paperwork and the burden on respondents as part of the Paperwork Reduction Act of 1995. Interested parties should submit their comments by June 16, 2025. This request involves reporting requirements linked to the revocation of elections by church-related organizations to be treated as a single employer.

The Internal Revenue Service (IRS) is seeking public comments on the reporting requirements for widely held fixed investment trusts. This request is part of the IRS's effort to reduce paperwork, as dictated by the Paperwork Reduction Act of 1995. Those involved are encouraged to submit comments by May 27, 2025. The regulations require certain tax information to be shared between trustees, middlemen, and investors, ensuring compliance with tax laws.