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The U.S. Small Business Administration (SBA), in collaboration with the Department of the Treasury, issued an interim final rule implementing amendments from the Economic Aid Act to the Paycheck Protection Program (PPP). The rule extends the PPP, a program designed to provide financial aid to small businesses impacted by COVID-19, allowing them to apply for loans through March 31, 2021. It also includes updated guidelines for loan forgiveness, borrower and lender eligibility, and how loans can be used, with new rules for calculating maximum loan amounts and requirements for loan forgiveness applications. The Economic Aid Act amendments aim to streamline the application process and ensure fair access to the program for all eligible borrowers.

The Internal Revenue Service (IRS) is seeking public comments on the information collection requirements related to passive activity losses and credits. This effort is part of their ongoing attempt to reduce paperwork and simplify processes in adherence to the Paperwork Reduction Act of 1995. The IRS is interested in feedback on the necessity and utility of the information collected, the estimated burden it places on respondents, and potential ways to minimize this burden, possibly through technological solutions. Comments must be submitted by March 24, 2025, and will help improve the procedure and ensure proper compliance.

The document is a correction notice from the Treasury Department and the Internal Revenue Service, originally published as a rule in the Federal Register. The corrections involve changing the dates in a previous publication. Specifically, lines on page 1256 should now have the dates "December 30, 2021" instead of "December 31, 2021" and "December 30, 2020" instead of "December 31, 2020". These corrections help ensure that the rule's information is accurate.

This document is a correction to a final regulation initially published in the Federal Register on December 11, 2024, under Treasury Decision 10016. These regulations pertain to how taxable income or loss and foreign currency gain or loss are determined for a qualified business unit. The document corrects specific portions of the published regulation and makes amendments to parts of the tax code under sections 861, 985 through 989, and 1502. These corrections are effective starting January 17, 2025.

The Department of the Treasury has issued a notice listing countries that may require participation in, or cooperation with, an international boycott. According to the information available, these countries are Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. This list is set forth under section 999 of the Internal Revenue Code of 1986. Lindsay Kitzinger, the International Tax Counsel for Tax Policy, was involved in the publication of this list.

The U.S. Department of the Treasury has issued a notice through the Internal Revenue Service (IRS) seeking public comments on the paperwork and burden related to U.S. Income Tax Return Forms for individual taxpayers, as required by the Paperwork Reduction Act of 1995. The notice invites individuals and federal agencies to provide feedback by January 21, 2025, on the time and out-of-pocket costs associated with tax filing. The IRS estimates approximately 168.8 million respondents, with each spending an average of 12 hours and 37 minutes to comply with tax filing requirements, resulting in a total monetized burden of nearly $93.7 billion annually. The IRS will also continue offering a free e-file tax return system, known as Direct File, in the 2025 tax season.

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) has announced that a petition has been filed to add potassium carbonate to the list of taxable substances. This substance, used in cattle feed, glass manufacturing, and as a food additive, is being proposed for taxation based on its production method and components. The petition, submitted by Occidental Chemical Corporation, suggests a tax rate of $0.36 per ton. The public is invited to comment on this proposal by March 24, 2025.

In Executive Order 14247, the U.S. President outlines plans to modernize government payment systems by eliminating paper checks and transitioning to electronic payments, starting on September 30, 2025. This change aims to reduce costs, fraud, and inefficiencies while increasing the security of federal payments. The order mandates that all federal payments, including benefits, tax refunds, and vendor payments, be processed electronically, with exceptions for certain situations like emergencies or national security. The Secretary of the Treasury, along with other agencies, is tasked with ensuring a smooth transition by supporting affected individuals and promoting public awareness of the new system.

The Internal Revenue Service (IRS) is seeking public comments on an information collection related to returned magazines, paperbacks, or records. This request is part of their ongoing efforts to reduce paperwork and determine the necessity and impact of these collections, as mandated by the Paperwork Reduction Act of 1995. The IRS wants feedback on whether this information is needed, its effectiveness, and suggestions for improving data collection processes. Comments must be submitted by March 22, 2021, to be considered.