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The Internal Revenue Service (IRS) is asking for public feedback on the ongoing collection of information related to sales of business property, as outlined by the Paperwork Reduction Act of 1995. This involves the use of Form 4797 to report sales, exchanges, or involuntary conversions of business assets. The IRS seeks comments on various aspects of this information gathering, including its necessity, accuracy, and ways to improve efficiency and reduce respondent burden. Comments should be submitted by March 16, 2021, to ensure consideration.

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, published a final rule to update civil monetary penalties (CMPs) to account for inflation as required by law. This update is in line with the Federal Civil Penalties Inflation Adjustment Act, which mandates annual adjustments to ensure the penalties maintain their deterrent effect. The rule applies to penalties assessed after its effective date, January 28, 2021, and does not require a public comment period because the adjustments are routine calculations.

The U.S. Department of the Treasury has announced agreements for six social impact partnership projects under the Social Impact Partnerships to Pay for Results Act (SIPPRA), amounting to $46.9 million. These projects, located in cities like Boise, Jacksonville, and New York City, as well as counties in Delaware and South Carolina, aim to address various social challenges such as homelessness, healthcare costs, and early childhood development. Each project outlines specific outcome goals, including healthcare and housing improvements, and defines metrics to evaluate success, with savings estimated for federal, state, and local governments if targets are met. The interventions span various timelines, with detailed methodologies planned for assessing their impact.

The Internal Revenue Service (IRS) is inviting the public and other federal agencies to provide comments on two specific forms: Form 8717 and Form 8717-A. These forms are used by organizations for paying user fees required by the IRS when they request certain official letters related to employee plans. The IRS aims to gather feedback to help reduce paperwork and improve the process, as mandated by the Paperwork Reduction Act of 1995. Comments are being accepted until June 17, 2025.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has released a notice listing individuals, companies, and vessels that have been added to the OFAC's Specially Designated Nationals and Blocked Persons List (SDN List). This designation is based on various legal criteria, primarily relating to activities in the Russian Federation's energy and financial services sectors. The properties and interests of these entities, under the U.S. jurisdiction, are blocked, and American citizens and companies are generally restricted from conducting transactions with them. The notice includes detailed information, including dates, contact details, and online resources for further information on these sanctions.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added several individuals from Venezuela to its Specially Designated Nationals and Blocked Persons List. These individuals are blocked from having any of their property or interests in property under U.S. jurisdiction accessed, and U.S. citizens are generally forbidden from doing business with them. This action aligns with Executive Orders aimed at addressing the situation in Venezuela, specifically blocking the property of those identified as current or former officials of the Venezuelan government. The changes to the list were made official on January 10, 2025.

The Internal Revenue Service (IRS), part of the Treasury Department, announced an open meeting for the Taxpayer Advocacy Panel's Special Projects Committee. This meeting will be held by teleconference on April 10, 2025. The panel invites the public to share comments and ideas about improving IRS customer service. Interested participants should contact Kelvin Johnson for more details or to express interest in participating.

The Internal Revenue Service (IRS), Treasury has announced a change in the meeting time for the Taxpayer Advocacy Panel's Tax Forms and Publications Project Committee. Originally scheduled for 11:00 a.m. Eastern Time, the meeting will now take place at 1:30 p.m. Eastern Time on Wednesday, February 10, 2021. Although the time has changed, all other details of the meeting remain the same. Interested members of the public can make comments or submit written statements by contacting Fred Smith.

The Department of the Treasury and the Internal Revenue Service (IRS) have issued final regulations related to certain payments and losses that aren't typically recognized for U.S. tax purposes, especially when it comes to international tax scenarios. These rules aim to prevent tax avoidance strategies where companies could previously benefit from deductions in both the U.S. and foreign countries by clarifying how disregarded payments should be treated. They also introduce guidelines for businesses on how these transactions should be reported and monitored, ensuring that multinational companies pay a minimum level of taxes. The regulations will require companies that previously benefited from these strategies to include certain payments in their U.S. income, effectively closing a tax loophole.

The Treasury Department is seeking public comments on several information collection requests related to alcohol and tobacco regulations, which will be reviewed by the Office of Management and Budget. These requests involve activities such as claiming refunds on exported spirits, shipping Puerto Rican spirits without tax, and record-keeping for the production and sale of spirits and tobacco. The agency aims to ensure proper tax collection and prevent fraud through these procedures. Comments must be submitted by January 29, 2025.