Search Results for keywords:"Treasury Department"

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Search Results: keywords:"Treasury Department"

  • Type:Notice
    Citation:90 FR 12635
    Reading Time:about a minute or two

    The Internal Revenue Service (IRS) is hosting an upcoming open meeting of the Taxpayer Advocacy Panel's Taxpayer Communications Project Committee. This meeting will take place via teleconference on Thursday, April 10, 2025. The purpose of the meeting is to gather public comments, ideas, and suggestions aimed at improving customer service at the IRS. Individuals interested in participating or making comments are encouraged to contact Jose Cintron-Santiago for more information.

    Simple Explanation

    The IRS is having a phone meeting to talk about how they can help people better, and they want to hear ideas from everyone. If anyone wants to join or share their thoughts, they should reach out to a person named Jose for more details.

  • Type:Notice
    Citation:86 FR 6416
    Reading Time:about a minute or two

    The Department of the Treasury's Office of Foreign Assets Control (OFAC) has added individuals to its Specially Designated Nationals and Blocked Persons List. This action blocks all property and property interests within U.S. jurisdiction of these individuals, prohibiting U.S. persons from transacting with them. Two individuals from Venezuela, Lorena Carolina Cornelies Ruiz and Ramon Antonio Torres Espinoza, have been specifically identified based on legal criteria. The list and additional information are available on OFAC's website.

    Simple Explanation

    The Treasury Department has put some people's names on a list that says U.S. people can't do business with them because they broke some rules. These people, Lorena and Ramon from Venezuela, had all their things in the U.S. stopped because of these rules.

  • Type:Rule
    Citation:86 FR 1256
    Reading Time:less than a minute

    In the Federal Register document 86 FR 1256, a correction was made to a previously published rule by the Treasury Department and the Internal Revenue Service. The correction involves the DATES section of the rule initially issued on January 6, 2021, where the date "December 31, 2021" should be corrected to "December 31, 2020". This change ensures the accurate representation of the document's originally intended deadline.

    Simple Explanation

    In a rule by the Treasury Department and IRS, they made a small but important fix to a date, changing "December 31, 2021" to "December 31, 2020", to make sure everything is correct.

  • Type:Notice
    Citation:90 FR 385
    Reading Time:less than a minute

    The Department of the Treasury has released a list of countries involved in, or potentially involved in, international boycotts as defined by section 999 of the Internal Revenue Code of 1986. These countries include Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. This publication is part of the department's responsibilities under the code to inform the public and other stakeholders about such matters. Lindsay Kitzinger, serving as the International Tax Counsel for Tax Policy, is the official associated with this document.

    Simple Explanation

    The government made a list of some countries like Iraq and Saudi Arabia that are involved in activities where they might not trade or work with some other countries, and they are telling people about this so everyone knows what's going on.

  • Type:Notice
    Citation:90 FR 12635
    Reading Time:about a minute or two

    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.

    Simple Explanation

    The IRS is having a private meeting where they talk about how much artwork is worth for taxes, and nobody else can join or listen because they talk about secret things.

  • Type:Notice
    Citation:90 FR 7247
    Reading Time:about 3 minutes

    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.

    Simple Explanation

    The notice is about a request to start charging money for using a chemical called sodium chlorite. People can send their thoughts about this idea by March 24, 2025.

  • Type:Notice
    Citation:90 FR 14322
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS) is asking for public comments regarding the continued use of Form 928, which concerns information collection under the Paperwork Reduction Act. This is part of an effort to reduce paperwork and respondent burden. The IRS wants feedback on the necessity and utility of the information collection, as well as how to minimize the burden on those who respond. Comments are welcome until May 30, 2025.

    Simple Explanation

    The IRS wants people to say if Form 928 is useful and easy to fill out so they can make it less confusing and quicker to do. They're eager to hear what you think until the end of May 2025!

  • Type:Notice
    Citation:90 FR 11207
    Reading Time:about 2 minutes

    The Internal Revenue Service (IRS) is requesting comments from the public and other federal agencies about continuing information collections related to the repeal of the bonding requirement for low-income housing tax credit recapture, as outlined by the Paperwork Reduction Act of 1995. The comment period is open until May 5, 2025, and inputs are sought on the necessity, burden, and potential improvements to these collections. This notice also clarifies that the IRS is not making any changes to the current paperwork burden for this collection. Kerry L. Dennis, a Tax Analyst at the IRS, approved this request.

    Simple Explanation

    The IRS is asking people to share their thoughts on some forms and rules they have, especially about changing a rule that usually makes sure people who get tax credits for helping build homes for low-income families have extra safety money saved just in case. They want to know if these forms are still needed, if they’re too hard to fill out, and how they might make them better.

  • Type:Notice
    Citation:86 FR 11381
    Reading Time:about 23 minutes

    The Department of the Treasury has proposed a new system of records titled "Health Screening and Contact Tracing Records" to track individuals who have been infected with or exposed to communicable diseases while at Treasury facilities or events. This system, established under the Privacy Act of 1974, aims to protect the health of Treasury personnel and visitors by collecting necessary information for health screening and contact tracing. Treasury will use these records to comply with health and safety regulations, respond to public health emergencies, and reduce the transmission of infectious diseases. Personal information, including health data, may be shared with relevant authorities for public health purposes while maintaining privacy safeguards.

    Simple Explanation

    The people who work at a place called the Treasury want to keep everyone safe from getting sick, so they're planning to keep track of people who might have caught or been near someone with a sickness when visiting. They promise to be careful with the information they collect and only share it when they really need to, but some people are curious about how they'll protect this info and how long they'll keep it.

  • Type:Notice
    Citation:90 FR 8097
    Reading Time:about a minute or two

    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.

    Simple Explanation

    The U.S. government has made a list of people who have been naughty with their money, and now Americans aren't allowed to do business with them. They also added more info about two people already on the list, but didn't say exactly what changed.