Hong Kong-Related Sanctions Regulations

by the Foreign Assets Control Office on 01/15/2021.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is adding regulations to implement a July 14, 2020, Hong Kong-related Executive order. OFAC intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance, general licenses, and...

Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets

by the Financial Crimes Enforcement Network on 01/15/2021.

On December 23, 2020, FinCEN published a notice of proposed rulemaking proposing requirements for banks and money services businesses (``MSBs'') related to certain transactions involving convertible virtual currency (``CVC'') or digital assets with legal tender status (``legal tender digital assets'' or ``LTDA''). As set forth below, FinCEN is...

Notice of OFAC Sanctions Actions

by the Foreign Assets Control Office on 01/15/2021.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to...

Proposed Collection; Comment Request for Manufacturers Excise Taxes on Sporting Goods and Firearms and Other Administrative Provisions of Special Application to Manufacturers and Retailers Excise Taxes; Reporting and Recordkeeping Requirements

by the Internal Revenue Service on 01/15/2021.

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Manufacturers...

Proposed Collection; Comment Request for Changes in Periods of Accounting

by the Internal Revenue Service on 01/15/2021.

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning changes in periods...

Proposed Collection; Comment Request for Sales of Business Property

by the Internal Revenue Service on 01/15/2021.

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning sales of business...

Coronavirus Relief Fund for States, Tribal Governments, and Certain Eligible Local Governments

by the Treasury Department on 01/15/2021.

The Department of the Treasury (Treasury) is re-publishing in final form the guidance it previously made available on its website regarding the Coronavirus Relief Fund for States, tribal governments, and certain eligible local governments.

Guidance on Passive Foreign Investment Companies

by the Internal Revenue Service on 01/15/2021.

This document contains final regulations regarding the determination of whether a foreign corporation is treated as a passive foreign investment company (``PFIC'') for purposes of the Internal Revenue Code (``Code''), and the application and scope of certain rules that determine whether a United States person that indirectly holds stock in a...

Guidance on Passive Foreign Investment Companies and the Treatment of Qualified Improvement Property Under the Alternative Depreciation System for Purposes of Sections 250(b) and 951A(d)

by the Internal Revenue Service on 01/15/2021.

This document contains proposed regulations regarding the determination of whether a foreign corporation is treated as a passive foreign investment company (``PFIC'') for purposes of the Internal Revenue Code (``Code''). The proposed regulations also provide guidance regarding the treatment of income and assets of a qualifying insurance...

Credit for Carbon Oxide Sequestration

by the Internal Revenue Service on 01/15/2021.

This document contains final regulations that provide guidance regarding the credit for carbon oxide sequestration under section 45Q of the Internal Revenue Code (Code). These final regulations affect persons who physically or contractually ensure the capture and disposal of qualified carbon oxide, use of qualified carbon oxide as a tertiary...

Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act

by the Small Business Administration and the Treasury Department on 01/14/2021.

On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule announcing the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Section 1102 of the CARES Act temporarily adds a new program, titled the ``Paycheck Protection Program,'' to the SBA's 7(a) Loan...

Taxable Year of Income Inclusion Under an Accrual Method of Accounting and Advance Payments for Goods, Services, and Other Items

by the Internal Revenue Service on 01/14/2021.

Notice of OFAC Sanctions Action

by the Foreign Assets Control Office on 01/14/2021.

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to...

Electronic Tax Administration Advisory Committee (ETAAC); Nominations

by the Internal Revenue Service on 01/14/2021.

The Internal Revenue Service (IRS) is requesting applications from individuals with experience in such areas as state tax administration, cybersecurity and information security, tax software development, tax preparation, payroll and tax financial product processing, systems management and improvement, implementation of customer service...

Notification of Citizens Coinage Advisory Committee January 19, 2021, Public Meeting

by the United States Mint on 01/14/2021.

Mandatory 60-Day Postponement of Certain Tax-Related Deadlines by Reason of a Federally Declared Disaster

by the Internal Revenue Service on 01/13/2021.

This document contains proposed regulations relating to the new mandatory 60-day postponement of certain time-sensitive tax-related deadlines by reason of a Federally declared disaster. This document also contains proposed regulations clarifying the definition of ``Federally declared disaster.'' These proposed regulations affect individuals who...

Agency Information Collection Activities: Information Collection Renewal; Request for Comment; Uniform Interagency Transfer Agent Registration and Deregistration Forms

by the Comptroller of the Currency on 01/13/2021.

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). An agency may not conduct or sponsor, and a respondent is not required to respond to, an information...

Departmental Offices; Debt Management Advisory Committee Meeting

by the Treasury Department on 01/13/2021.

Extension of Import Restrictions Imposed on Categories of Archaeological Material of Italy

by the U.S. Customs and Border Protection and the Treasury Department on 01/12/2021.

This document amends U.S. Customs and Border Protection (CBP) regulations to reflect an extension of import restrictions on certain categories of archaeological material of the Italian Republic (Italy). The restrictions, which were originally imposed by Treasury Decision 01-06 and last extended by CBP Decision (CBP Dec.) 16-02, are due to expire...

Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers

by the Comptroller of the Currency, the Federal Reserve System, and the Federal Deposit Insurance Corporation on 01/12/2021.

The OCC, Board, and FDIC (together, the agencies) invite comment on a notice of proposed rulemaking (proposed rule or proposal) that would require a banking organization to provide its primary federal regulator with prompt notification of any ``computer-security incident'' that rises to the level of a ``notification incident.'' The proposed rule...