Search Results for agency_names:"Treasury Department"

The Treasury Department and the Internal Revenue Service have issued a correction to a rule originally published in December 2024. This correction changes a section number on a specific page to the correct format. The updated section should read "§ 1.1001-3" instead of the incorrect version. This notice was formally filed on January 8, 2025, and is documented under the number C1-2024-30267.

The Office of Foreign Assets Control (OFAC), a part of the U.S. Department of the Treasury, has released a list of individuals, entities, and vessels now on their Specially Designated Nationals and Blocked Persons List. This action is based on OFAC's criteria, which show these parties meet specific legal standards and are connected with Venezuela's economic sectors, especially oil. The inclusion means all their U.S. assets are blocked, and U.S. persons are generally banned from doing business with them. The list includes people and companies from various countries such as Switzerland, Italy, Venezuela, and entities linked to the Venezuelan oil industry.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued a notice that one or more individuals have been added to the Specially Designated Nationals and Blocked Persons List. This means that all property and interests in property in the U.S. of these individuals are blocked, and U.S. citizens are generally not allowed to do business with them. The decision was made based on the fulfillment of certain legal criteria. Additional details and the list can be found on OFAC’s website.

The Treasury Department and the IRS are proposing new rules that would define certain unmarked vehicles used by firefighters, rescue squads, and ambulance crews as "qualified nonpersonal use vehicles." This change is intended to exempt these vehicles from substantiation requirements usually needed to justify business-related vehicle expenses for tax purposes. The rules aim to provide similar tax treatment for emergency responders as currently granted to law enforcement using unmarked vehicles, considering the vehicles are minimally used for personal purposes. The proposed regulations welcome public comments and will apply to tax years beginning after the final rules are published.

The Internal Revenue Service (IRS) is seeking public comments on its ongoing collection of information related to salary reduction simplified employee pension-individual retirement accounts. This request aims to ease the paperwork burden and is in line with the Paperwork Reduction Act of 1995. Comments are invited on various aspects, including the necessity and accuracy of the information collection, ways to enhance it, and methods to reduce the burden on respondents. Written comments should be submitted by April 19, 2021.

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.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added a person to its Specially Designated Nationals and Blocked Persons List. This decision was made because the person met the criteria set out in Executive Order 14059 related to global illicit drug trade sanctions. As a result, all their property and interests within U.S. jurisdiction are blocked, and U.S. citizens are generally not allowed to have financial dealings with them. The decision was issued on March 4, 2025.

The Office of the Comptroller of the Currency (OCC) is proposing a new rule that would allow exemptions from certain requirements tied to Suspicious Activity Reports (SARs), which banks and savings associations must file. This rule aims to give national banks and federal savings associations some flexibility if they come up with new, more efficient ways to comply with anti-money laundering laws, while still being reviewed for safety and soundness. The proposal includes guidelines on how banks can apply for these exemptions and factors that will be considered in granting them, like consistency with the Bank Secrecy Act and any supervisory concerns. The OCC is inviting public comments on this proposed rule until February 22, 2021.

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).

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has released a notice listing individuals, companies, and vessels that have been added to the OFAC's Specially Designated Nationals and Blocked Persons List (SDN List). This designation is based on various legal criteria, primarily relating to activities in the Russian Federation's energy and financial services sectors. The properties and interests of these entities, under the U.S. jurisdiction, are blocked, and American citizens and companies are generally restricted from conducting transactions with them. The notice includes detailed information, including dates, contact details, and online resources for further information on these sanctions.