Search Results for agency_names:"Treasury Department"

The Alcohol and Tobacco Tax and Trade Bureau (TTB) has amended regulations to add 13 new standards of fill for wine and 15 for distilled spirits, aiming to offer more flexibility in container sizes. The TTB considered eliminating standards of fill altogether but decided against it to prevent consumer confusion and market disruption. Instead, the additional sizes are expected to support domestic and international trade and provide more options for consumers. Moreover, the TTB has removed the distinction between canned and other containers for distilled spirits, allowing the same standards to apply across all types. These changes take effect on January 10, 2025.

The Internal Revenue Service (IRS) is seeking public comments on the information collection needed when requesting a copy of exempt or political organization forms, applications, or letters from the IRS. This is part of their effort to reduce paperwork burden as required by the Paperwork Reduction Act of 1995. They estimate that 27,000 respondents will be involved, with each response taking about 58 minutes. Comments are welcomed until March 24, 2025, and should address the necessity, accuracy, and ways to improve data collection.

The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule to change the reporting requirements for beneficial ownership information under the Corporate Transparency Act. Previously, both domestic and foreign companies had to report information about their owners. Now, domestic companies are exempt from these requirements, and foreign companies are only required to report information about non-U.S. owners. This change is intended to reduce the burden on U.S. businesses, and FinCEN is asking for public comments before finalizing the rule.

On December 11, 2020, the Office of the Comptroller of the Currency (OCC) published a final rule aimed at updating regulations for national banks and Federal savings associations to improve clarity, safety, and efficiency, while eliminating unnecessary requirements. A subsequent correcting amendment, effective January 11, 2021, addresses missing information and corrects three typographical errors within the final rule. These technical changes do not alter the substance of the regulations and were implemented without requiring the usual public notice and comment process, based on the OCC's determination that such steps were unnecessary. The OCC also ensured that the rule would take effect promptly, waiving typical delays because the changes increase compliance flexibility and reduce burdens for regulated institutions.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has added certain individuals to its Specially Designated Nationals and Blocked Persons List (SDN List). These individuals' property and interests under U.S. jurisdiction are now blocked, and U.S. citizens are generally not allowed to engage in transactions with them. This decision was made on February 26, 2025, and more information can be found on the OFAC website.

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 Internal Revenue Service (IRS) has announced a notice and request for public comments regarding the Gaming Industry Tip Rate Compliance Agreement (GITCA). This program is designed to improve compliance with tax regulations related to tip income in the gaming industry. Stakeholders are encouraged to provide feedback on various aspects, such as the necessity and efficiency of the information collection, by May 9, 2025. The current review is for extending an already approved collection, with no changes anticipated in the procedures or burden.

The Internal Revenue Service (IRS) has proposed new regulations that explain how to determine if a foreign corporation qualifies as a Passive Foreign Investment Company (PFIC), focusing on insurance companies and banks. These regulations clarify the rules for when income from banking and insurance activities can be considered non-passive, making the company potentially exempt from certain U.S. taxes. They address details like how to value assets and manage accounting standards, aiming to provide clearer guidelines and reduce inconsistencies. This proposal is part of broader efforts to ensure foreign investment income is taxed fairly while maintaining clarity for U.S. investors.

The Internal Revenue Service (IRS) is requesting public comments on certain information collections related to church plan clarifications under section 336 of the PATH Act. The IRS aims to reduce paperwork and the burden on respondents as part of the Paperwork Reduction Act of 1995. Interested parties should submit their comments by June 16, 2025. This request involves reporting requirements linked to the revocation of elections by church-related organizations to be treated as a single employer.