Search Results for agency_names:"Treasury Department"

The Internal Revenue Service (IRS) is organizing a public hearing about proposed rules for a federal income tax credit. This credit is under the Inflation Reduction Act of 2022 and is for costs related to alternative fuel vehicle refueling property, specifically in low-income or non-urban areas. The hearing is set for February 12, 2025, in Washington, DC, and participants can join in person or by phone. People interested in speaking at the hearing need to submit their discussion topics by January 10, 2025.

The final regulations in the Federal Register address the rules around Passive Foreign Investment Companies (PFICs) and the conditions under which a foreign corporation can be considered a Qualified Insurance Corporation (QIC). These regulations, which provide clarity on the treatment of income and assets for PFICs, introduce specific tests such as the 25% test for qualifying as a QIC. They emphasize that a corporation's insurance liabilities must exceed a certain percentage of its total assets to qualify for certain exceptions. The regulations also aim to prevent tax avoidance strategies and increase compliance by setting out guidelines for how passive income and insurance assets should be evaluated.

The Office of the Comptroller of the Currency (OCC) is proposing a new rule that would allow exemptions from certain requirements tied to Suspicious Activity Reports (SARs), which banks and savings associations must file. This rule aims to give national banks and federal savings associations some flexibility if they come up with new, more efficient ways to comply with anti-money laundering laws, while still being reviewed for safety and soundness. The proposal includes guidelines on how banks can apply for these exemptions and factors that will be considered in granting them, like consistency with the Bank Secrecy Act and any supervisory concerns. The OCC is inviting public comments on this proposed rule until February 22, 2021.

The Financial Crimes Enforcement Network (FinCEN) published a proposed rule on December 23, 2020, aimed at implementing new reporting and recordkeeping requirements for transactions involving convertible virtual currency (CVC) and legal tender digital assets (LTDA). These requirements are part of efforts to address illicit financial activities such as money laundering and the financing of terrorism. The proposal includes mandatory reporting for transactions over $10,000 involving these assets, as well as maintaining records for transactions over $3,000. In response to public feedback, FinCEN has reopened the comment period to gather more input on these proposals and their implications for financial institutions, technology, and regulatory compliance.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced a new action against certain individuals, adding them to the Specially Designated Nationals and Blocked Persons List. This action, effective from January 15, 2025, blocks all property and interests in property these individuals have within U.S. jurisdiction. Additionally, Americans are generally prohibited from conducting transactions with the listed individuals. More information and the updated list can be accessed on OFAC's website.

The Treasury Department and the Internal Revenue Service (IRS) have finalized rules for reporting digital asset transactions performed by brokers. These new regulations, effective January 1, 2027, require brokers who regularly facilitate digital asset sales, like those in decentralized finance (DeFi), to provide forms reporting gross proceeds from these transactions. The rules primarily apply to trading front-end service providers, who are best positioned to report on such transactions due to their close interaction with customers. The regulations aim to enhance tax compliance by ensuring digital asset transactions are reported similarly to traditional financial trades.

The Department of the Treasury has announced that they will be submitting various information collection requests to the Office of Management and Budget (OMB) for review. These requests are part of a routine process governed by the Paperwork Reduction Act of 1995. The public is encouraged to submit comments by January 21, 2025, for consideration. The notice includes details about different forms and applications used by the Internal Revenue Service (IRS) for purposes such as employee pensions and advisory council membership, along with estimated burdens associated with each.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced that it has added an individual's name to its Specially Designated Nationals and Blocked Persons List (SDN List). This action means the person's property and assets under U.S. jurisdiction are blocked, and U.S. citizens and businesses are not allowed to conduct transactions with them. This decision was made because the individual met certain legal criteria. More information and the full list can be found on OFAC's website.

The Internal Revenue Service (IRS), part of the Treasury Department, announced a public meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Lines Project Committee. The meeting is scheduled for Tuesday, March 9, 2021, and aims to gather public comments and ideas to enhance customer service at the IRS. Members of the public are encouraged to participate, either by sharing their thoughts during the meeting or by submitting written statements in advance. Those interested must notify Rosalind Matherne to express their intention to join.

The Internal Revenue Service (IRS), part of the Treasury Department, has announced a public hearing on proposed regulations related to a new rule that gives a 60-day delay on certain tax-related deadlines due to federally declared disasters. The hearing will take place on March 23, 2021, via teleconference, and individuals interested in speaking must submit their outlines by March 15, 2021. Anyone wishing to attend or testify at the hearing should send an email to the IRS to receive dial-in information. For more details on the hearing and participation, individuals can contact the IRS through the provided phone numbers or email.