Search Results for keywords:"Department of the Treasury"

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Search Results: keywords:"Department of the Treasury"

  • Type:Notice
    Citation:89 FR 95358
    Reading Time:about 3 minutes

    The U.S. Department of the Treasury has announced plans to submit information collection requests to the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995. These requests involve the Alcohol and Tobacco Tax and Trade Bureau (TTB) managing collections related to volatile fruit-flavor concentrate plants. Manufacturers of these concentrates must register with TTB and provide annual reports accounting for their production and use. The goal is to ensure compliance with tax regulations, and the public is invited to comment on these requests by January 2, 2025.

    Simple Explanation

    The Treasury Department wants to check how companies that make fruity flavors are keeping up with certain rules, and they asked people to tell them if the way they’re doing it is okay or if it’s too complicated. They want to hear everyone’s thoughts by January 2, 2025, to make sure everything is fair and not too hard to understand.

  • Type:Notice
    Citation:86 FR 7335
    Reading Time:about 2 minutes

    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.

    Simple Explanation

    The Department of the Treasury wants to hear from people about some forms that charities and similar groups have to fill out to keep their tax benefits. They want to make sure the forms aren't too hard or expensive for these groups.

  • Type:Notice
    Citation:89 FR 104239
    Reading Time:about 5 minutes

    The U.S. Nuclear Regulatory Commission (NRC) is inviting public comments on renewing the Office of Management and Budget (OMB) approval for collecting information through NRC Form 531, titled "Request for Taxpayer Identification Number." This process involves gathering taxpayer identification numbers from individuals and entities doing business with the government, including those holding licenses and permits from the NRC. Public comments are requested by February 18, 2025, to help ensure the proposed information collection is necessary and effective. The NRC is particularly interested in feedback on the necessity, burden, and potential improvements related to the data collection process.

    Simple Explanation

    The government wants to make sure they have people's special number, called a taxpayer identification number, so they can keep track if someone owes them money. They are asking people to say if they think collecting these numbers is important and if it is too much work to send them in.

  • Type:Notice
    Citation:90 FR 10995
    Reading Time:about 2 minutes

    The Department of the Treasury is submitting multiple information collection requests to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act of 1995. They are seeking public comments on these requests by March 31, 2025. One request involves proposals for public contracts for supplies and services, impacting businesses with an estimated 217,838 annual burden hours. Another is related to the Coronavirus Economic Relief for Transportation Services (CERTS) program, which provided $2 billion in grants to transportation service providers both impacted by COVID-19 and required to maintain expenditure records for three years, with an estimated burden of 365 annual hours.

    Simple Explanation

    The Department of the Treasury is asking people to give their opinions on some forms they use, which will help figure out how long it takes for businesses to fill these out and why keeping track of some things is important, even after they've finished using certain programs.

  • Type:Notice
    Citation:90 FR 10996
    Reading Time:about 9 minutes

    The Department of the Treasury is set to submit several information collection requests to the Office of Management and Budget (OMB) as per the Paperwork Reduction Act of 1995. The requests cover various IRS forms, including forms related to voluntary disclosures, information returns, distributions from retirement plans, foreign tax credits, international boycott reports, and IRA contributions. The Treasury Department invites public comments on these requests within a 30-day period referenced in the notice. The estimated burden hours and respondent numbers vary across different forms and information collections.

    Simple Explanation

    The Treasury Department is asking for permission to collect information using different IRS forms like tax returns and retirement plans, and they want people to tell them what they think about it. They're trying to make sure this paperwork isn't too hard on anyone but it's a bit like figuring out a big puzzle.

  • Type:Notice
    Citation:90 FR 16592
    Reading Time:about 4 minutes

    The Department of the Treasury is seeking feedback on proposed information collections related to community financial programs, as part of its effort to lessen paperwork and reporting burdens. This includes the Capital Magnet Fund (CMF), which supports affordable housing, and the Small Dollar Loan Program (SDL), which provides financial assistance to improve access to financial services. Public comments are invited until May 19, 2025. Additional details can be found on reginfo.gov.

    Simple Explanation

    The Treasury Department is asking people to share their thoughts on some plans to help with money and housing, to make sure everything works better and needs less paperwork. They want everyone to say what they think by May 19, 2025.

  • Type:Notice
    Citation:86 FR 7183
    Reading Time:about 2 minutes

    The Department of the Treasury is planning to submit information collection requests to the Office of Management and Budget (OMB) for review. This action is part of a routine process governed by the Paperwork Reduction Act of 1995. The public is encouraged to send their comments on these requests by February 25, 2021. The requests relate to importers' records and reports, particularly focused on ensuring the correct permits and taxes for importing alcohol and tobacco products, and ensuring compliance with federal regulations.

    Simple Explanation

    The Treasury Department wants to check how importers keep track of their alcohol and tobacco products to make sure everything is legal and taxes are paid. They are asking people to share their thoughts on this by the end of February.

  • Type:Notice
    Citation:89 FR 105688
    Reading Time:about 5 minutes

    The Department of the Treasury has announced the insurance marketplace aggregate retention amount (IMARA) for 2025, which is a part of the Terrorism Risk Insurance Program. The IMARA for 2025 is set at $53,366,227,478 and is based on the average insurer deductibles from 2022 to 2024. This figure helps determine if the Treasury needs to recoup any payments made under the program. The IMARA calculation relies on direct earned premiums reported by insurers to the Treasury for the previous three years.

    Simple Explanation

    The Treasury Department is informing people that for the year 2025, they have set a big number ($53 billion) that insurance companies together need to cover for events like big accidents or scary things happening before the government helps out. They figured out this number by looking at what the insurance companies have covered in recent years.

  • Type:Rule
    Citation:90 FR 3687
    Reading Time:about 22 minutes

    The Office of Foreign Assets Control (OFAC) under the Department of the Treasury has issued a final rule to adjust civil monetary penalties for inflation, as required by law. This adjustment aims to maintain the deterrent effect of these penalties by reflecting changes in the cost of living. The updated penalties apply across various statutes like the Trading With the Enemy Act, the International Emergency Economic Powers Act, and others. The rule will be effective beginning January 15, 2025, and does not require prior public notice or comment.

    Simple Explanation

    The government has decided to update some penalty fees so they stay effective and continue to discourage rule-breaking, just like how your allowance might increase to keep up with prices going up for candy. These new penalty amounts will start from January 15, 2025.

  • Type:Notice
    Citation:89 FR 100595
    Reading Time:about 3 minutes

    The Department of the Treasury has issued a notice requiring U.S. residents to participate in a mandatory survey of their ownership of foreign securities as of December 31, 2024. This survey is part of an effort to collect detailed information on the holdings of foreign securities, including stocks and both long-term and short-term debt, by U.S. residents. Entities required to report will be contacted by the Federal Reserve Bank of New York, and the data is due by March 7, 2025. Survey forms and instructions are available online, and inquiries can be made via email or phone to designated contacts.

    Simple Explanation

    The U.S. government is asking people who live in the U.S. and own money-related things from other countries, like foreign stocks and bonds, to fill out a special form by March 7th, 2025, so they can keep track of who owns what. They promised to send everything they need to fill out the form, but if you didn’t hear from them, you don’t have to worry about it.

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