Search Results for agency_names:"Treasury Department"

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added several individuals from Venezuela to its Specially Designated Nationals and Blocked Persons List. These individuals are blocked from having any of their property or interests in property under U.S. jurisdiction accessed, and U.S. citizens are generally forbidden from doing business with them. This action aligns with Executive Orders aimed at addressing the situation in Venezuela, specifically blocking the property of those identified as current or former officials of the Venezuelan government. The changes to the list were made official on January 10, 2025.

The Community Development Financial Institutions (CDFI) Fund is inviting applications for financial assistance or technical assistance grants through the Native American CDFI Assistance (NACA) Program for fiscal year 2021. FA awards of up to $1 million are available for CDFIs serving Native American, Alaska Native, or Native Hawaiian populations to enhance their lending operations, while TA grants of up to $150,000 aim to build CDFIs’ organizational capabilities. The funding is contingent on availability, and applicants must adhere to various application and eligibility guidelines outlined by the Treasury Department's CDFI Fund.

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, published a final rule to update civil monetary penalties (CMPs) to account for inflation as required by law. This update is in line with the Federal Civil Penalties Inflation Adjustment Act, which mandates annual adjustments to ensure the penalties maintain their deterrent effect. The rule applies to penalties assessed after its effective date, January 28, 2021, and does not require a public comment period because the adjustments are routine calculations.

The Internal Revenue Service (IRS) and the Treasury Department have released final rules on determining taxable income and foreign currency gains or losses for businesses operating with a currency other than the U.S. dollar. These regulations clarify how businesses can elect to manage currency gains or losses annually and introduce a transition rule to make compliance easier. The rules apply broadly, including to specified entities like insurance companies, but do not currently extend to partnerships without additional guidance. These updates are aimed at providing clear and consistent guidelines for businesses dealing with multiple currencies.

The Department of the Treasury's Alcohol and Tobacco Tax and Trade Bureau (TTB) has announced a proposal to update their record system in line with the Privacy Act of 1974. The system, originally titled “Treasury/TTB .001 Regulatory Enforcement Record System,” will now be called the “Regulatory Enforcement System of Records,” and includes important updates on how personal information is managed and shared. Changes include clarifying the types of personal information collected, like names and social security numbers, and updating how this information may be routinely used or shared with other agencies. The final changes aim to protect personal data and ensure compliance with federal guidelines on privacy and information security.

The U.S. Small Business Administration (SBA), in collaboration with the Department of the Treasury, issued an interim final rule implementing amendments from the Economic Aid Act to the Paycheck Protection Program (PPP). The rule extends the PPP, a program designed to provide financial aid to small businesses impacted by COVID-19, allowing them to apply for loans through March 31, 2021. It also includes updated guidelines for loan forgiveness, borrower and lender eligibility, and how loans can be used, with new rules for calculating maximum loan amounts and requirements for loan forgiveness applications. The Economic Aid Act amendments aim to streamline the application process and ensure fair access to the program for all eligible borrowers.

The Treasury Department and Internal Revenue Service (IRS) have proposed new regulations to implement a 60-day delay on certain tax deadlines for those impacted by a federally declared disaster. These proposed regulations also aim to clarify the definition of such a disaster. The rules would affect individuals, businesses, and any taxpayers with necessary tax records in disaster areas. The IRS welcomes public feedback on these proposed regulations.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced that certain individuals have been added to the Specially Designated Nationals and Blocked Persons List (SDN List), as they met the legal criteria for inclusion. This means their property and financial interests in the U.S. are blocked, and U.S. citizens are generally not allowed to conduct transactions with them. The names are published to inform the public and to ensure compliance with the sanctions. For more information, the SDN List and details on OFAC sanctions programs can be accessed on the OFAC website.

The Internal Revenue Service (IRS) is hosting an open meeting through teleconference for the Taxpayer Advocacy Panel's Taxpayer Assistance Center Improvements Project Committee. This meeting will take place on Wednesday, April 9, 2025, at 1 p.m. Eastern Time. The panel is inviting public comments, ideas, and suggestions to improve IRS customer service. Those interested in participating must notify Matthew O'Sullivan in advance.

The Internal Revenue Service (IRS) is seeking public comments concerning ongoing information collection related to Coverdell Education Savings Account (ESA) contribution information. This request is part of the IRS's efforts to minimize paperwork and the burden on respondents, following the Paperwork Reduction Act of 1995. Public comments will be accepted until May 5, 2025, and should address the necessity and effectiveness of the information collection, as well as suggestions for improvement and cost minimization. Comments may become part of the public record and are considered in requests for approval from the Office of Management and Budget (OMB).