Search Results for keywords:"Treasury Department"

The Internal Revenue Service (IRS) published a notice announcing a petition to add sodium chlorite to the list of taxable substances. The petition was filed by Occidental Chemical Corporation and requests public comments on this potential addition, which is not yet confirmed. Sodium chlorite is primarily used in water purification, textile bleaching, and disinfecting meat processing facilities. Comments must be submitted by March 24, 2025, using the Federal eRulemaking Portal or by mail.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced new updates to their Specially Designated Nationals and Blocked Persons List (SDN List). This list includes names of individuals whose properties and financial interests that fall under U.S. jurisdiction are restricted, and it is generally unlawful for U.S. citizens to do business with them. In addition to adding new names, OFAC has also updated information on two individuals already on the list. Further details about the list and related sanctions are available on the OFAC website.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has introduced a final rule that changes some parts of the Code of Federal Regulations. This rule updates the way payments for legal services, originating from outside the United States, are handled. OFAC is now requiring recordkeeping instead of reporting requirements and has revised general licenses, so payments for certain legal services can be made from external funds. This rule is effective from December 19, 2024, and applies starting March 12, 2025.

The U.S. Department of the Treasury is inviting public comments on the Small Dollar Loan Program (SDL Program) Application. This program, managed by the Community Development Financial Institutions (CDFI) Fund, provides financial assistance to help institutions offer small, affordable loans and to promote financial inclusion. The Treasury seeks input on various aspects of the application process, including the appropriateness of grant sizes, transparency of required data, and adequacy of information requested to demonstrate the need for financial support. Comments must be submitted by February 4, 2025.

The Internal Revenue Service (IRS) is holding a public hearing on March 24, 2021, about proposed regulations concerning the average income test related to the low-income housing credit. Those who wish to speak at the hearing must submit an outline of their topics by March 5, 2021. The hearing will be conducted via teleconference, and anyone interested in attending or testifying must email the IRS in advance to receive the necessary access details. The public hearing is related to a previous notice of proposed rulemaking published on October 30, 2020.

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 Office of the Comptroller of the Currency (OCC) is seeking public comments on the renewal of an information collection related to leveraged lending, as part of its efforts to reduce paperwork and respondent burden under the Paperwork Reduction Act of 1995. This involves guidance to financial institutions on managing the credit risks associated with leveraged loans. Comments are requested on various aspects, such as the necessity and burden of the information collection, and they must be received by May 9, 2025. The OCC has outlined how comments can be submitted and assures that all comments will be publicly available.

The Internal Revenue Service (IRS) and the Treasury Department have issued proposed regulations concerning the base erosion and anti-abuse tax (BEAT), which targets certain payments that large corporations make to foreign-related parties. These regulations provide guidance on how to handle qualified derivative payments, specifically those related to cross-border securities lending transactions. A key element is excluding mark-to-market gains and losses from these transactions from reporting, emphasizing that only payments like substitute dividends will be considered under specific conditions. The proposed rules aim to clarify compliance without imposing extra burdens and are open for public comment before potentially being finalized.

The Internal Revenue Service (IRS) is seeking public comments on an information collection related to returned magazines, paperbacks, or records. This request is part of their ongoing efforts to reduce paperwork and determine the necessity and impact of these collections, as mandated by the Paperwork Reduction Act of 1995. The IRS wants feedback on whether this information is needed, its effectiveness, and suggestions for improving data collection processes. Comments must be submitted by March 22, 2021, to be considered.

The Treasury Department and the Internal Revenue Service have issued a correction to a rule originally published in December 2024. This correction changes a section number on a specific page to the correct format. The updated section should read "§ 1.1001-3" instead of the incorrect version. This notice was formally filed on January 8, 2025, and is documented under the number C1-2024-30267.