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The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced that they are adding one or more persons to their Specially Designated Nationals and Blocked Persons List (SDN List). This action means that any property or interests these individuals have within the United States are now blocked. As a result, people in the U.S. are generally not allowed to conduct transactions with these individuals. The decision was effective as of December 17, 2024.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced the removal of certain individuals and entities from the Specially Designated Nationals and Blocked Persons List. This action means that the property and financial interests of these individuals and companies, which were previously blocked due to their connection to the situation in Venezuela, are no longer restricted by the U.S. government. The update includes detailed information about the individuals and companies affected by this change. The announcement can be found on OFAC’s website.

The Department of the Treasury has submitted several information collection requests to the Office of Management and Budget (OMB) for review and clearance under the Paperwork Reduction Act of 1995. The public can submit comments on these requests by March 31, 2025. The collections involve various activities related to alcohol and tobacco production, importation, and distribution, including brewer reports, permits for shipping Puerto Rican liquors, basic permits for alcohol businesses, and excise tax refund requests for nonbeverage products. The Treasury Department aims to ensure the correct application of tax laws and to safeguard revenue through these information collections.

The Internal Revenue Service (IRS) is seeking public comments on an information collection related to the Application for Determination of Employee Stock Ownership Plan. This is part of their effort to reduce paperwork and respondent burden, as required by the Paperwork Reduction Act of 1995. Comments should address the necessity and effectiveness of the information collection, and be submitted by April 20, 2021. The IRS estimates that 2,500 responses will be received, each taking approximately 10 hours and 47 minutes to complete.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has unblocked the property and interests of certain individuals and entities, removing them from the list of Specially Designated Nationals and Blocked Persons. These changes were determined on January 13, 2025, and involve several individuals from Mexico and Colombia and entities located in Honduras and Mexico. The names and details of those affected are available on OFAC's website.

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.

The Alcohol and Tobacco Tax and Trade Bureau has announced an increase in the maximum penalty for violations of the Alcoholic Beverage Labeling Act (ABLA) from $25,561 to $26,225 due to inflation. This adjustment is part of a regular update required by the Federal Civil Penalties Inflation Adjustment Act, aiming to keep penalties effective and properly reflect their deterrent impact. The new penalty amount takes effect on January 16, 2025, and applies to any violations assessed after that date. For more details, readers can visit the Bureau's updated web page.

The Department of the Treasury is seeking feedback from the public and other agencies on a proposed extension of its current data collection requirements related to international capital and foreign currency transactions. These recordkeeping requirements help the Treasury to manage U.S. claims and liabilities involving foreigners, securities transactions with foreigners, and foreign currency transactions of U.S. businesses. The department is requesting comments on various aspects of these requirements, including their necessity, accuracy, and ways to reduce the paperwork burden on businesses. Written comments should be submitted by April 28, 2025.

The Internal Revenue Service (IRS), part of the Treasury Department, announced a meeting of the Taxpayer Advocacy Panel's Special Projects Committee. The meeting is open to the public and will take place on February 10, 2021. Its goal is to gather public comments and suggestions to enhance customer service at the IRS. Interested individuals can contact Antoinette Ross for more information or to participate.

The Taxpayer Advocacy Panel Joint Committee will hold an open meeting on April 21, 2025, via teleconference using the Microsoft Teams Platform. The panel aims to gather public comments, ideas, and suggestions to enhance customer service at the Internal Revenue Service (IRS). Anyone interested can participate by making oral comments or submitting written statements. Contact information is provided for further inquiries, and the agenda includes discussing potential projects and priorities for the year 2025.