Search Results for agency_names:"Treasury Department"

The Financial Crimes Enforcement Network (FinCEN) is seeking public comments on the renewal of information collection requirements under the Bank Secrecy Act (BSA). The regulations require dealers in foreign exchange and brokers or dealers in securities to maintain records of taxpayer identification numbers and transaction documents. Though there are no proposed changes to these requirements, FinCEN is considering expanding the scope of the annual burden estimates associated with these regulations. The request for comments is part of an effort to reduce paperwork and evaluate the effectiveness and efficiency of the current process, in compliance with the Paperwork Reduction Act.

The IRS and Treasury Department have proposed new regulations regarding the deduction limits on high employee salaries, specifically affecting public corporations. According to section 162(m) of the Internal Revenue Code, deductions for employee pay over $1,000,000 are limited, and this proposal incorporates amendments from the American Rescue Plan Act of 2021. The regulations now consider more employees, including those in affiliated corporate groups, as part of this deduction limit. Public feedback is being accepted until March 17, 2025, and organizations are encouraged to comment electronically.

The Internal Revenue Service (IRS) is asking for public comments on the collection of information required for Form 1099-G, which reports certain government payments. This initiative is part of the IRS's ongoing efforts to reduce paperwork and ease the burden on respondents, as mandated by the Paperwork Reduction Act of 1995. The IRS is interested in feedback on the necessity of the information, the accuracy of burden estimates, ideas to improve data quality and clarity, and ways to minimize the burden of information collection through technology. Comments must be submitted by March 3, 2025, and will be public records.

The Department of the Treasury has announced that it will submit several information collection requests to the Office of Management and Budget for review under the Paperwork Reduction Act of 1995. These requests include forms for reporting income tax withholding on non-payroll payments, procedures for master and prototype plans, and rules for longevity annuity contracts. Public comments on these requests are invited until March 22, 2021. This notice provides detailed information on the purpose and requirements of each collection, along with estimates of the number of respondents and total annual burden hours.

The Internal Revenue Service (IRS) announced a correction to its proposed regulations on the average income test related to the low-income housing credit. A public hearing on these regulations will be held via teleconference on March 24, 2021. Interested individuals must submit their speaking topics by March 5, 2021, or the hearing will be canceled. The error corrected involves a regulation identification number in a previous publication of the proposed rule.

The Internal Revenue Service (IRS) is seeking public and federal agency comments on the information collection related to Form 14411, which focuses on Systemic Advocacy Issue Submission. This form allows taxpayers, businesses, and other organizations to report systemic issues encountered with IRS processes or suggest legislative changes. The IRS is interested in comments that could help assess the necessity, utility, and clarity of the information collected and ways to minimize the burden on respondents. Comments are due by May 13, 2025.

The Internal Revenue Service (IRS), under the Treasury Department, announced an open meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Lines Project Committee. The meeting is scheduled for February 10, 2021, and aims to gather public feedback, ideas, and suggestions for improving customer service at the IRS. Interested members of the public can participate by making oral comments or submitting written statements, and must notify Rosalind Matherne in advance to attend. Additional information can be found by contacting the provided phone numbers or visiting the IRS improvement website.

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 announced its plan to submit various information collection requests to the Office of Management and Budget (OMB) for review, following the Paperwork Reduction Act of 1995. The public is encouraged to comment on these requests before February 6, 2025. The Internal Revenue Service (IRS) is revising its collections, introducing new forms such as Form 709-NA for nonresident gift tax transfers and expanding e-filing authorization forms like Forms 8453-EG and 8879-EG. These changes aim to streamline tax reporting and electronic filing processes.

The document outlines the final regulations under section 4960 of the Internal Revenue Code, which impose a tax on tax-exempt organizations that pay over $1,000,000 in compensation to certain executives, or "excess parachute payments," to covered employees. These regulations give guidelines on how to calculate and allocate the tax, define terms like “applicable tax-exempt organization” and “covered employee,” and provide exceptions to specific employee definitions to avoid discouraging beneficial services. They also clarify rules for determining when compensation is paid and for coordinating these rules with existing laws, aiming to ensure fair application and prevent tax avoidance while providing necessary flexibility for tax-exempt organizations.