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This document is a correction to a final regulation initially published in the Federal Register on December 11, 2024, under Treasury Decision 10016. These regulations pertain to how taxable income or loss and foreign currency gain or loss are determined for a qualified business unit. The document corrects specific portions of the published regulation and makes amendments to parts of the tax code under sections 861, 985 through 989, and 1502. These corrections are effective starting January 17, 2025.

The Internal Revenue Service (IRS) has announced a notice and request for public comments regarding the Gaming Industry Tip Rate Compliance Agreement (GITCA). This program is designed to improve compliance with tax regulations related to tip income in the gaming industry. Stakeholders are encouraged to provide feedback on various aspects, such as the necessity and efficiency of the information collection, by May 9, 2025. The current review is for extending an already approved collection, with no changes anticipated in the procedures or burden.

The Department of Justice (DOJ) plans to start a program with the Internal Revenue Service (IRS) called the Taxpayer Address Request (TAR), where the IRS will provide taxpayer mailing addresses to the DOJ. This information will help the DOJ locate people who owe debts to the United States to begin legal actions or collect the debts. The program is set to start on January 30, 2025, and will last for 18 months. The authority for this program comes from the Privacy Act of 1974, along with specific regulations that allow the IRS to share this information with the DOJ.

The Internal Revenue Service (IRS) has issued a notice inviting comments on the information collection process related to Form 8971, which concerns beneficiaries acquiring property from a decedent. This initiative is part of the IRS's efforts to reduce paperwork and respondent burden. The form is used for reporting estate tax values on inherited property, and beneficiaries are required to use these values as the initial basis for their property. Interested parties are encouraged to submit their comments by April 19, 2021, to help improve the process.

The Internal Revenue Service (IRS) is seeking public comments on the information collection needed when requesting a copy of exempt or political organization forms, applications, or letters from the IRS. This is part of their effort to reduce paperwork burden as required by the Paperwork Reduction Act of 1995. They estimate that 27,000 respondents will be involved, with each response taking about 58 minutes. Comments are welcomed until March 24, 2025, and should address the necessity, accuracy, and ways to improve data collection.

The Internal Revenue Service (IRS) is requesting public comments on certain information collections related to church plan clarifications under section 336 of the PATH Act. The IRS aims to reduce paperwork and the burden on respondents as part of the Paperwork Reduction Act of 1995. Interested parties should submit their comments by June 16, 2025. This request involves reporting requirements linked to the revocation of elections by church-related organizations to be treated as a single employer.

The Internal Revenue Service (IRS) is seeking public comments on the reporting requirements for widely held fixed investment trusts. This request is part of the IRS's effort to reduce paperwork, as dictated by the Paperwork Reduction Act of 1995. Those involved are encouraged to submit comments by May 27, 2025. The regulations require certain tax information to be shared between trustees, middlemen, and investors, ensuring compliance with tax laws.

The Internal Revenue Service (IRS) is seeking public comments on information collections related to Form 1099-A, which deals with the acquisition or abandonment of secured property. This initiative is part of the IRS's ongoing efforts to reduce paperwork and the burden on respondents in compliance with the Paperwork Reduction Act of 1995. The estimated number of responses has decreased to 466,000, and this change will reduce the total annual burden hours. Comments are welcome on the necessity, accuracy, and potential improvements in the information collection process.

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.

The Internal Revenue Service (IRS) will hold an open meeting of the Taxpayer Advocacy Panel's Notices and Correspondence Project Committee. This meeting is scheduled for Tuesday, February 9, 2021, and aims to gather public comments and suggestions on enhancing customer service at the IRS. Interested individuals can provide oral comments or submit written statements, but they need to notify the organizer, Robert Rosalia, due to the limited time and structured format of the meeting. More information can be obtained by contacting Robert Rosalia or visiting the website improveirs.org.