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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 U.S. Department of the Treasury announced its plan to submit various information collection requests to the Office of Management and Budget (OMB) for review, following the Paperwork Reduction Act of 1995. The public is encouraged to comment on these requests before February 6, 2025. The Internal Revenue Service (IRS) is revising its collections, introducing new forms such as Form 709-NA for nonresident gift tax transfers and expanding e-filing authorization forms like Forms 8453-EG and 8879-EG. These changes aim to streamline tax reporting and electronic filing processes.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has updated its Specially Designated Nationals and Blocked Persons List. This update includes individuals and entities that have met specific legal criteria under Executive Order 13818, related to human rights abuses or corruption. As a result, any property and interests in property they have within U.S. jurisdiction are frozen, and U.S. persons are generally not allowed to engage in financial transactions with them. The details of the designated individuals and entities, including reasons for their designation, are available on the OFAC website.

The U.S. Department of the Treasury is asking for public comments on the information collections related to the Community Development Financial Institutions (CDFI) Bond Guarantee Program. This is part of their ongoing effort to decrease paperwork and streamline processes, as required by the Paperwork Reduction Act of 1995. They invite comments on the necessity and usefulness of the information collected, the accuracy of their estimates, and ways to improve the quality and minimize the burden of this data collection. Interested parties can submit their comments through the regulations.gov website by February 7, 2025.

The final regulations from the Treasury Department and Internal Revenue Service (IRS) implement changes to sections 263A, 448, 460, and 471 of the Internal Revenue Code, as amended by the Tax Cuts and Jobs Act. These changes simplify tax accounting rules for certain small businesses with average annual gross receipts not exceeding $25 million. The regulations allow eligible taxpayers to use different accounting methods that reduce complexity and lower compliance burdens. For instance, they can avoid detailed inventory accounting and use simpler procedures, reflecting tax law adjustments aimed at supporting small enterprises.

The Internal Revenue Service, part of the Treasury Department, will hold a closed meeting for the Art Advisory Panel on April 17, 2025, at 10:30 a.m. Eastern time. This meeting, taking place in New York City or virtually via Microsoft Teams, will focus on reviewing and evaluating fair market value appraisals of artworks for federal tax purposes. The meeting will be closed to the public because it involves confidential tax return information. Elizabeth P. Askey from the Independent Office of Appeals filed the notice, citing legal provisions to justify the closure.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced that it has added one entity to its Specially Designated Nationals and Blocked Persons List (SDN List). This means that all properties and interests owned by this entity within U.S. jurisdiction are blocked, and U.S. citizens are generally not allowed to do business with them. This action follows OFAC's determination that certain legal criteria have been met, and it was officially issued on January 3, 2025. For more details, people can visit OFAC's official website.

The United States Mint announced a public teleconference meeting of the Citizens Coinage Advisory Committee (CCAC) scheduled for January 19, 2021. The meeting will run from 10:30 a.m. to 12:00 p.m. and will be accessible by dialing a specified number. The focus will be on evaluating designs for the 2021 “Morgan” and “Peace” silver dollars. The CCAC provides advice to the Treasury Secretary on coins, medals, and designs.

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), under the Treasury Department, is issuing corrections to the final regulations related to unrelated business taxable income for exempt organizations, which were initially published on December 2, 2020. These amendments are intended to correct errors in the original text, ensuring accurate guidance for organizations in determining and calculating their unrelated business income. The corrections, effective on February 12, 2021, involve small textual edits within the tax regulations.