Search Results for keywords:"Department of the Treasury"

The Department of the Treasury is seeking feedback on proposed information collections related to community financial programs, as part of its effort to lessen paperwork and reporting burdens. This includes the Capital Magnet Fund (CMF), which supports affordable housing, and the Small Dollar Loan Program (SDL), which provides financial assistance to improve access to financial services. Public comments are invited until May 19, 2025. Additional details can be found on reginfo.gov.

The Department of the Treasury has announced the insurance marketplace aggregate retention amount (IMARA) for 2025, which is a part of the Terrorism Risk Insurance Program. The IMARA for 2025 is set at $53,366,227,478 and is based on the average insurer deductibles from 2022 to 2024. This figure helps determine if the Treasury needs to recoup any payments made under the program. The IMARA calculation relies on direct earned premiums reported by insurers to the Treasury for the previous three years.

The Office of Foreign Assets Control (OFAC) under the Department of the Treasury has issued a final rule to adjust civil monetary penalties for inflation, as required by law. This adjustment aims to maintain the deterrent effect of these penalties by reflecting changes in the cost of living. The updated penalties apply across various statutes like the Trading With the Enemy Act, the International Emergency Economic Powers Act, and others. The rule will be effective beginning January 15, 2025, and does not require prior public notice or comment.

The U.S. Department of the Treasury is submitting various information collection requests to the Office of Management and Budget for review, inviting public comments before April 28, 2025. These collections cover topics such as third-party documentation for tax credits, reporting distributions from medical savings accounts, and reporting requirements under the Foreign Account Tax Compliance Act (FATCA). Some forms, like Form 1099-SA and Forms 1099-LS and 1099-SB, are used to report financial transactions related to health accounts and life insurance contracts. The aim is to ensure compliance with tax regulations and accurately assess tax benefits and obligations.

The Department of the Treasury plans to submit information collection requests regarding Treasury Foreign Currency Forms FC-1, FC-2, and FC-3 to the Office of Management and Budget (OMB) for review. This collection is in accordance with the Paperwork Reduction Act of 1995, and the public is invited to submit comments by February 26, 2021. These forms collect data on foreign exchange markets and are required from significant market participants, including both U.S. and foreign entities controlled by U.S. persons. The forms are submitted weekly, monthly, or quarterly, depending on the type, with an estimated total annual response burden of 3,963 hours.

The Department of the Treasury has issued a notice requiring U.S. residents to participate in a mandatory survey of their ownership of foreign securities as of December 31, 2024. This survey is part of an effort to collect detailed information on the holdings of foreign securities, including stocks and both long-term and short-term debt, by U.S. residents. Entities required to report will be contacted by the Federal Reserve Bank of New York, and the data is due by March 7, 2025. Survey forms and instructions are available online, and inquiries can be made via email or phone to designated contacts.

The Department of the Treasury has reissued guidance for the Coronavirus Relief Fund, which distributes $150 billion to states, tribal governments, and eligible local governments to help them manage costs associated with the COVID-19 public health emergency. This guidance outlines how the funds should be used, ensuring expenditures are necessary and incurred due to the pandemic, fall outside the existing budget as of March 27, 2020, and occur within the defined period from March 1, 2020, to December 31, 2021. It also provides nonexclusive examples of both eligible and ineligible expenses, discussing conditions under which funds can be used to support various sectors like healthcare, public safety, and economic relief efforts. Recipients need to ensure compliance and maintain records to avoid repayment of improperly utilized funds.

The Department of the Treasury has announced that the Board of Trustees of the Roofers Local No. 88 Pension Fund has submitted an application to reduce benefits under their pension plan. This proposal comes under the Multiemployer Pension Reform Act of 2014, which allows certain pension plans projected to run out of money to make such changes. The application is now available on the Treasury's website, and the public is encouraged to submit comments on it by February 26, 2021. Interested parties, such as plan participants, beneficiaries, employee organizations, and contributing employers, are invited to share their feedback.

The Department of the Treasury is planning to submit information collection requests to the Office of Management and Budget (OMB) for review. This action is part of a routine process governed by the Paperwork Reduction Act of 1995. The public is encouraged to send their comments on these requests by February 25, 2021. The requests relate to importers' records and reports, particularly focused on ensuring the correct permits and taxes for importing alcohol and tobacco products, and ensuring compliance with federal regulations.

The Department of the Treasury is seeking public comments on several IRS information collection requests that will be reviewed by the Office of Management and Budget. These collections involve energy credits for small wind energy properties and a waiver of the 60-day rollover requirement for certain retirement funds. The public can submit their comments via the website www.reginfo.gov by February 18, 2025, to ensure consideration. The document mentions no changes are being made to the current processes, and it outlines the estimated burden hours for respondents.