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The Internal Revenue Service, part of the Treasury Department, announced a notice requesting public comments on a petition to add potassium bicarbonate to the list of substances subject to a Superfund tax. The petition, submitted by the Occidental Chemical Corporation, proposes adding potassium bicarbonate, used in cattle feed, glass manufacturing, as a food additive, and a pharmaceutic ingredient, to the taxable list under the Internal Revenue Code. The petition details its classification numbers, composition, and the production process. The public is invited to provide feedback by March 24, 2025, either online or by mail, as outlined in the notice.

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.

This document is a correction to a final regulation initially published in the Federal Register on December 11, 2024, under Treasury Decision 10016. These regulations pertain to how taxable income or loss and foreign currency gain or loss are determined for a qualified business unit. The document corrects specific portions of the published regulation and makes amendments to parts of the tax code under sections 861, 985 through 989, and 1502. These corrections are effective starting January 17, 2025.

The Department of the Treasury has issued a notice listing countries that may require participation in, or cooperation with, an international boycott. According to the information available, these countries are Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. This list is set forth under section 999 of the Internal Revenue Code of 1986. Lindsay Kitzinger, the International Tax Counsel for Tax Policy, was involved in the publication of this list.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has added individuals to its Specially Designated Nationals and Blocked Persons List. This action blocks all property and property interests within U.S. jurisdiction of these individuals, prohibiting U.S. persons from transacting with them. Two individuals from Venezuela, Lorena Carolina Cornelies Ruiz and Ramon Antonio Torres Espinoza, have been specifically identified based on legal criteria. The list and additional information are available on OFAC's website.

The Internal Revenue Service (IRS) is seeking public comments on information collections related to Form 1099-A, which deals with the acquisition or abandonment of secured property. This initiative is part of the IRS's ongoing efforts to reduce paperwork and the burden on respondents in compliance with the Paperwork Reduction Act of 1995. The estimated number of responses has decreased to 466,000, and this change will reduce the total annual burden hours. Comments are welcome on the necessity, accuracy, and potential improvements in the information collection process.

The Internal Revenue Service (IRS) is hosting an upcoming open meeting of the Taxpayer Advocacy Panel's Taxpayer Communications Project Committee. This meeting will take place via teleconference on Thursday, April 10, 2025. The purpose of the meeting is to gather public comments, ideas, and suggestions aimed at improving customer service at the IRS. Individuals interested in participating or making comments are encouraged to contact Jose Cintron-Santiago for more information.

The Office of the Comptroller of the Currency (OCC) is seeking public comments on the renewal of an information collection effort titled, “Interagency Statement on Complex Structured Finance Transactions.” This initiative, required by the Paperwork Reduction Act of 1995, aims to reduce paperwork and burden on respondents by soliciting public feedback on the necessity and practicality of the information collected. The OCC invites comments by May 12, 2025, on aspects such as the collection’s utility, accuracy of burden estimates, ways to enhance the information quality, and methods to minimize respondent burden, including the use of technology. This notice marks the start of a 60-day comment period before the OCC will submit the collection for approval.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has released the names of individuals placed on a list known as the Specially Designated Nationals and Blocked Persons List. This designation means their property and interests in property within the U.S. are blocked, and U.S. citizens are generally restricted from conducting transactions with them. The document specifically mentions Shanghai Saint Logistics Limited and describes its involvement and linkage to MAHAN AIR, which has been designated under U.S. sanctions aimed at counter-terrorism efforts. The information can be found on the OFAC website.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has published a notice listing individuals or entities added to the Specially Designated Nationals and Blocked Persons List (SDN List). This means their assets under U.S. jurisdiction are blocked, and American individuals and companies are generally banned from engaging in transactions with them. The notice fulfills applicable legal criteria for sanctions. More information is available on the OFAC website.