Search Results for agency_names:"Treasury Department"

The Internal Revenue Service (IRS) is inviting the public and other federal agencies to comment on information collections related to excise taxes on sporting goods and firearms. This request is part of the IRS's efforts to reduce paperwork and respondent burden, as required by the Paperwork Reduction Act of 1995. They are seeking feedback on the necessity, accuracy, and methods of minimizing the burden of these collections. Comments should be received by March 16, 2021, to be considered.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced that several individuals and entities have been added to its Specially Designated Nationals and Blocked Persons List. This means their property and interests that are within U.S. jurisdiction are now blocked, and U.S. individuals and companies are generally not allowed to do business with them. The designations include James Kabarebe from Rwanda and Lawrence Kanyuka Kingston linked to the Democratic Republic of the Congo, along with his business activities related to Kingston Fresh Ltd and Kingston Holding. These actions are based on sanctions aimed at addressing the conflict in the Democratic Republic of the Congo.

The Treasury Department and the Internal Revenue Service published a correction to a proposed rule, initially released on November 20, 2024, associated with partnership tax rules for certain unincorporated organizations. This rule outlines the administrative criteria for these organizations to elect exemption from partnership tax regulations. Public comments are welcome until January 21, 2025, and a public hearing is scheduled for February 7, 2025. Corrections include removal of specific language in the original publication.

The Office of the Comptroller of the Currency (OCC) is requesting public comments on its renewal of the information collection related to "Debt Cancellation Contracts and Debt Suspension Agreements" as required by the Paperwork Reduction Act of 1995. The OCC is seeking feedback on the necessity and utility of the information collected, the accuracy of the burden estimate, and ways to reduce the collection burden on respondents. The comments should be submitted by April 19, 2021, and should include the agency name "OCC" and the identifier "1557-0224." This process ensures that the OCC complies with federal requirements and continues to properly manage the collection of information.

The Office of the Comptroller of the Currency, the Federal Reserve Board, and the FDIC are requesting public comments on proposed revisions and extensions to specific reports, aiming to update the guidelines for reporting certain types of deposits, such as brokered and sweep deposits. These revisions align with regulations like the Net Stable Funding Ratio and address exceptions in the revised definition of brokered deposits. Public feedback is sought on whether these updates improve the agencies' ability to monitor financial institutions and assess related risks. The changes are set to take effect beginning with the report date of June 30, 2021.

The Department of the Treasury is set to submit several information collection requests to the Office of Management and Budget (OMB) as per the Paperwork Reduction Act of 1995. The requests cover various IRS forms, including forms related to voluntary disclosures, information returns, distributions from retirement plans, foreign tax credits, international boycott reports, and IRA contributions. The Treasury Department invites public comments on these requests within a 30-day period referenced in the notice. The estimated burden hours and respondent numbers vary across different forms and information collections.

The Internal Revenue Service (IRS) and the Treasury Department announced the cancellation of a public hearing that was planned for February 12, 2025. This hearing was about proposed regulations regarding a Federal Income tax credit from the Inflation Reduction Act of 2022. The credit is for costs related to qualified alternative fuel vehicle refueling properties located in low-income communities or non-urban areas. The notice was initially published in the Federal Register on September 19, 2024.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced a change to its Specially Designated Nationals and Blocked Persons List (SDN List). On March 21, 2025, an entity named Tornado Cash had its assets unblocked, and it was removed from the SDN List. Additionally, an update was made to the listing of an individual, Roman Semenov, although the specifics of the change were not detailed. Despite these changes, any property or interests of this individual under U.S. jurisdiction remain blocked, and U.S. citizens are still largely prohibited from conducting transactions with him.

The U.S. Department of the Treasury has announced its submission of several information collection requests to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act of 1995. Public comments on these requests are welcome until March 22, 2021. These collections pertain to various permits and reporting requirements for alcohol and tobacco businesses, such as the application for amended basic permits, the reporting of tobacco products, and records for excise tax claims related to non-beverage products and exports. The goal is to ensure compliance with federal laws and proper tax accounting.

The Internal Revenue Service (IRS), under the Treasury Department, announced an open meeting for the Taxpayer Advocacy Panel's Taxpayer Assistance Center Improvements Project Committee. The meeting is set for February 9, 2021, and the public is invited to share comments and suggestions on ways to enhance customer service at the IRS. Participants must notify Matthew O'Sullivan if they intend to contribute comments during the meeting due to its limited time. The meeting aims to cover various IRS issues and improve taxpayer assistance services.