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The final regulations under section 1061 of the Internal Revenue Code provide guidance on recharacterizing certain long-term capital gains as short-term capital gains for partnership interests connected to the performance of substantial services. These regulations clarify definitions, provide exceptions, and establish rules for calculating recharacterized gains, including exceptions for capital interests and purchases by unrelated parties. The regulations also introduce rules for how gains are calculated when selling an API, ensuring the correct application of section 1061 to prevent tax avoidance. Additionally, the regulations impose information reporting requirements for compliance.

The Treasury Department and the IRS have proposed new rules to guide automatic enrollment in certain retirement plans, reflecting changes from the SECURE 2.0 Act of 2022. These regulations will apply to specific retirement plans with automatic contributions, ensuring that they align with the new requirements. Exceptions exist for government, church, and small or new business plans. Public comments are requested, and a hearing is scheduled to discuss these regulations further.

The Internal Revenue Service (IRS) is inviting public comments on the burden related to Form 13768, the "Electronic Tax Administration Advisory Committee Membership Application," as part of efforts to reduce paperwork and respondent burden. Comments should be submitted by April 21, 2025. The form is being reviewed for renewal, with updates in burden calculations increasing the estimated annual burden by 13 hours. The IRS particularly seeks comments evaluating the collection's necessity, accuracy, quality, and methods to minimize respondent burdens, including technological solutions.

The Treasury Department and the Internal Revenue Service (IRS) have issued new regulations clarifying when tax-exempt bonds are considered retired for federal tax purposes. These rules aim to unify previous guidelines and are important for state and local governments that issue such bonds. The regulations detail specific situations where bonds can be seen as retired, including significant modifications to bond terms or certain transactions like purchases by the issuer. These changes will take effect on December 30, 2025, but issuers have the option to apply the new rules starting December 30, 2024.

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 Office of the Comptroller of the Currency (OCC), part of the Treasury Department, is asking for public comments on its information collection related to the "Uniform Interagency Transfer Agent Registration and Deregistration Forms." This request is part of their efforts to reduce paperwork and respondent burden per the Paperwork Reduction Act of 1995. The forms, known as TA-1 and TA-W, are used by national banks and Federal savings associations to register or deregister as transfer agents for securities. The OCC wants feedback on whether these forms are needed, if their time estimates are accurate, and how they might improve the process. Comments about this information collection must be submitted by March 15, 2021.

The Office of Foreign Assets Control (OFAC) at the U.S. Department of the Treasury has announced the removal of Antal Rogan from its Specially Designated Nationals and Blocked Persons List (SDN List). This action means that Rogan's property and financial interests in the U.S. are no longer blocked, and U.S. persons are free to engage in transactions with him. This decision was made under the authority of Executive Order 13818, which targets people involved in serious human rights abuses or corruption. The change took effect on April 15, 2025.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added several individuals and vessels to its Specially Designated Nationals and Blocked Persons List (SDN List). This means the property and financial interests of these individuals, under U.S. jurisdiction, are blocked, and U.S. persons cannot conduct transactions with them. The listed vessels are linked to companies whose assets are blocked due to various executive orders. OFAC also updated information for a vessel already on the SDN List.

The Internal Revenue Service, part of the Treasury Department, will hold a closed meeting for the Art Advisory Panel on April 17, 2025, at 10:30 a.m. Eastern time. This meeting, taking place in New York City or virtually via Microsoft Teams, will focus on reviewing and evaluating fair market value appraisals of artworks for federal tax purposes. The meeting will be closed to the public because it involves confidential tax return information. Elizabeth P. Askey from the Independent Office of Appeals filed the notice, citing legal provisions to justify the closure.

The Internal Revenue Service (IRS), part of the Treasury Department, has issued a notice inviting comments from the public regarding information collections related to treaty-based return position disclosures under the Paperwork Reduction Act of 1995. The IRS is specifically seeking feedback on Form 8833, used by taxpayers to disclose certain positions based on tax treaties. This form is primarily used by dual resident taxpayers and businesses. The IRS has maintained the burden of paperwork unchanged and is looking to renew the current approval for this form, estimating around 4,100 respondents and a total annual burden of 25,740 hours. Public comments should be submitted by March 26, 2021.