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The United States Mint, part of the Treasury Department, announced new pricing for its numismatic clad products. These prices will become effective on January 2, 2025. The change is officially documented in the Federal Register under citation 89 FR 104613 and legal authority granted by specified sections of the U.S. Code. For further details or inquiries, Derrick Griffin at the United States Mint can be contacted.

The Treasury Department's Internal Revenue Service (IRS) is requesting public comments on forms used by business entities, as part of efforts to reduce paperwork and respondent burden. This request is in compliance with the Paperwork Reduction Act of 1995 and involves forms such as 1065, 1120, and others related to business income tax returns. The IRS estimates that 13.9 million respondents will spend an average of 67 hours and 25 minutes, with a total annual monetized time valued at $56,152,000,000, and total out-of-pocket costs at $71,617,000,000. Comments are to be received by January 21, 2025, to ensure consideration.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has published a general license known as GL 5A. This license, which was issued on November 6, 2024, allows certain activities related to pumps made or distributed by two companies, Kaldera and Elpring, for the treatment or distribution of drinking water. It replaces the previous General License No. 5 and aims to authorize transactions that were previously prohibited under the Western Balkans Stabilization Regulations. However, it does not permit transactions with blocked persons not specifically mentioned in the license.

The Treasury Department announced a meeting of the Treasury Borrowing Advisory Committee from the Securities Industry and Financial Markets Association, scheduled for February 2, 2021, via conference call. During this closed meeting, the Treasury will seek advice from the committee on issues related to the economy, financial markets, and debt management. The meeting is closed to the public to allow for open and frank discussions, and premature disclosure could lead to financial speculation. Fred Pietrangeli, the Director for the Office of Debt Management, can be contacted for more information.

The Department of the Treasury is seeking public comments on new information collection requests related to the revocation of Section 754 elections. These requests, which will be submitted to the Office of Management and Budget (OMB), involve the use of IRS Form 15254 by businesses to apply for the revocation. Interested parties have until February 3, 2020, to provide feedback on these proposals. The revocation requests have increased following changes in tax laws in 2017.

The Internal Revenue Service (IRS) is requesting comments from the public and other federal agencies regarding its information collections tied to the Amortization of Intangible Property. This initiative is part of their ongoing effort to reduce paperwork and respondent burden, in line with the Paperwork Reduction Act of 1995. People interested in providing their comments should do so by March 18, 2025, and these comments will help in the evaluation of the utility and necessity of the information collection as well as in exploring ways to enhance the quality and reduce the burden of such collections.

The U.S. Customs and Border Protection, under the Department of Homeland Security and the Department of the Treasury, has extended import restrictions on certain archaeological materials from Italy. These regulations, originally set to expire, have been extended until January 12, 2026, to prevent the illicit importation of cultural heritage items. This extension is part of a new Memorandum of Understanding with Italy, aimed at protecting historical artifacts from being looted or illegally sold. The import restrictions are part of efforts aligned with international agreements to safeguard cultural property.

The Office of Foreign Assets Control (OFAC) within the U.S. Department of the Treasury has removed specific names from its Specially Designated Nationals and Blocked Persons List. These individuals had their property and interests blocked under sanctions related to the West Bank. This change follows an Executive Order issued on January 20, 2025, which revoked a previous order from February 1, 2024, that had imposed the sanctions. As a result of this action, the affected individuals' assets are no longer blocked.

The Internal Revenue Service (IRS) is asking for public comments on the paperwork involved in obtaining advance pricing agreements. These agreements help determine pricing for transactions between related companies to ensure fair tax practices. The IRS is particularly interested in feedback about whether the information collected is necessary, how accurate their burden estimate is, and ways to reduce the burden on respondents. Comments need to be received by February 4, 2025, to be considered.

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.