Department of the Treasury – Federal Register Recent Federal Regulation Documents

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Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for U.S. Income Tax Return Forms for Individual Taxpayers
Document Number: 2020-24139
Type: Notice
Date: 2020-10-30
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning the burden associated with the U.S. Income Tax Return Forms for Individual Taxpayers.
National Banks and Federal Savings Associations as Lenders
Document Number: 2020-24134
Type: Rule
Date: 2020-10-30
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
The Office of the Comptroller of the Currency (OCC) is issuing this final rule to determine when a national bank or Federal savings association (bank) makes a loan and is the ``true lender,'' including in the context of a partnership between a bank and a third party, such as a marketplace lender. Under this rule, a bank makes a loan if, as of the date of origination, it is named as the lender in the loan agreement or funds the loan.
Section 42, Low-Income Housing Credit Average Income Test Regulations
Document Number: 2020-20221
Type: Proposed Rule
Date: 2020-10-30
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations setting forth guidance on the average income test under section 42(g)(1)(C) of the Internal Revenue Code (Code) for purposes of the low-income housing credit. These proposed regulations affect owners of low-income housing projects, tenants in those projects, and State or local housing credit agencies that administer the low-income housing credit.
Internal Revenue Service Advisory Council; Meeting
Document Number: 2020-23995
Type: Notice
Date: 2020-10-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service Advisory Council (IRSAC) will hold a public meeting on Wednesday, November 18, 2020.
Quarterly Publication of Individuals, Who Have Chosen To Expatriate, as Required by Section 6039G
Document Number: 2020-23993
Type: Notice
Date: 2020-10-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This notice is provided in accordance with IRC section 6039G of the Health Insurance Portability and Accountability Act (HIPPA) of 1996, as amended. This listing contains the name of each individual losing United States citizenship (within the meaning of section 877(a) or 877A) with respect to whom the Secretary received information during the quarter ending September 30, 2020. For purposes of this listing, long-term residents, as defined in section 877(e)(2), are treated as if they were citizens of the United States who lost citizenship.
Yemen Sanctions Regulations
Document Number: 2020-23960
Type: Rule
Date: 2020-10-29
Agency: Department of the Treasury, Office of Foreign Assets Control
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is amending the Yemen Sanctions Regulations and reissuing them in their entirety to further implement Executive Order 13611 of May 16, 2012, ``Blocking Property of Persons Threatening the Peace, Security, or Stability of Yemen.'' This final rule replaces the regulations that were published in abbreviated form on November 9, 2012, with a more comprehensive set of regulations that includes additional interpretive and definitional guidance, general licenses, statements of licensing policy, and other regulatory provisions that will provide further guidance to the public. Due to the number of regulatory sections being updated or added, OFAC is reissuing the Yemen Sanctions Regulations in their entirety.
Notice of OFAC Sanctions Action
Document Number: 2020-23927
Type: Notice
Date: 2020-10-29
Agency: Department of the Treasury, Office of Foreign Assets Control
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 U.S. jurisdiction of this person is blocked, and U.S. persons are generally prohibited from engaging in transactions with this person.
Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the Fedwire Securities Service
Document Number: 2020-23298
Type: Notice
Date: 2020-10-29
Agency: Fiscal Service, Public Debt Bureau, Department of Treasury, Department of the Treasury
The Department of the Treasury (Treasury) is announcing a new fee schedule applicable to transfers of U.S. Treasury book-entry securities maintained on the Fedwire Securities Service (Fedwire) that occur on or after January 4, 2021.
Notice of OFAC Sanctions Actions
Document Number: 2020-23807
Type: Notice
Date: 2020-10-28
Agency: Department of the Treasury, Office of Foreign Assets Control
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 U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Financial Crimes Enforcement Network Information Collection Requests
Document Number: 2020-23801
Type: Notice
Date: 2020-10-28
Agency: Department of the Treasury
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Internal Revenue Service Information Collection Requests
Document Number: 2020-23792
Type: Notice
Date: 2020-10-28
Agency: Department of the Treasury
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Fiscal Services Information Collection Requests
Document Number: 2020-23791
Type: Notice
Date: 2020-10-28
Agency: Department of the Treasury
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Multiple Alcohol and Tobacco Tax and Trade Bureau Information Collection Requests
Document Number: 2020-23790
Type: Notice
Date: 2020-10-28
Agency: Department of the Treasury
The Department of the Treasury will submit the following information collection requests to the Office of Management and Budget (OMB) for review and clearance in accordance with the Paperwork Reduction Act of 1995, on or after the date of publication of this notice. The public is invited to submit comments on these requests.
Proposed Collection; Comment Request for Generic Clearance for the Collection of Qualitative Feedback on Agency Service Delivery
Document Number: 2020-23787
Type: Notice
Date: 2020-10-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 interim final rules for group health plans and health insurance coverage relating to status as a grandfathered health plan under the patient protection and affordable care act.
Deduction for Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income; Correcting Amendments
Document Number: 2020-21175
Type: Rule
Date: 2020-10-28
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to the Treasury Decision 9901, which was published in the Federal Register on Wednesday July 15, 2020. Treasury Decision 9901 contained final regulations that provide guidance regarding the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) and for coordinating the deduction for FDII and GILTI with other provisions in the Internal Revenue Code.
Threshold for the Requirement To Collect, Retain, and Transmit Information on Funds Transfers and Transmittals of Funds That Begin or End Outside the United States, and Clarification of the Requirement To Collect, Retain, and Transmit Information on Transactions Involving Convertible Virtual Currencies and Digital Assets With Legal Tender Status
Document Number: 2020-23756
Type: Proposed Rule
Date: 2020-10-27
Agency: Department of the Treasury, Financial Crimes Enforcement Network
The Board and FinCEN (collectively, the ``Agencies'') are issuing this proposed rule to modify the threshold in the rule implementing the Bank Secrecy Act (``BSA'') requiring financial institutions to collect and retain information on certain funds transfers and transmittals of funds. The proposed modification would reduce this threshold from $3,000 to $250 for funds transfers and transmittals of funds that begin or end outside the United States. FinCEN is likewise proposing to reduce from $3,000 to $250 the threshold in the rule requiring financial institutions to transmit to other financial institutions in the payment chain information on funds transfers and transmittals of funds that begin or end outside the United States. The Agencies are also proposing to clarify the meaning of ``money'' as used in these same rules to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency (``CVC''), which is a medium of exchange (such as cryptocurrency) that either has an equivalent value as currency, or acts as a substitute for currency, but lacks legal tender status. The Agencies further propose to clarify that these rules apply to domestic and cross-border transactions involving digital assets that have legal tender status.
Cuban Assets Control Regulations
Document Number: 2020-23725
Type: Rule
Date: 2020-10-27
Agency: Department of the Treasury, Office of Foreign Assets Control
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is amending the Cuban Assets Control Regulations to further implement portions of the President's foreign policy toward Cuba to deny the Cuban government access to funds in connection with remittances to Cuba.
Multiemployer Pension Plan Application To Reduce Benefits
Document Number: 2020-23711
Type: Notice
Date: 2020-10-27
Agency: Department of the Treasury
The Board of Trustees of the Carpenters Pension Trust Fund- Detroit & Vicinity Pension Fund, a multiemployer pension plan, has submitted an application to reduce benefits under the plan in accordance with the Multiemployer Pension Reform Act of 2014 (MPRA). The purpose of this notice is to announce that the application submitted by the Board of Trustees of the Carpenters Pension Trust Fund-Detroit & Vicinity Pension Fund has been published on the website of the Department of the Treasury (Treasury), and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the Carpenters Pension Trust Fund-Detroit & Vicinity Pension Fund.
Multiemployer Pension Plan Application To Reduce Benefits.
Document Number: 2020-23709
Type: Notice
Date: 2020-10-27
Agency: Department of the Treasury
The Board of Trustees of the Arizona Bricklayers' Pension Trust Fund, a multiemployer pension plan, has submitted an application to reduce benefits under the plan in accordance with the Multiemployer Pension Reform Act of 2014 (MPRA). The purpose of this notice is to announce that the application submitted by the Board of Trustees of the Arizona Bricklayers' Pension Trust Fund has been published on the website of the Department of the Treasury (Treasury), and to request public comments on the application from interested parties, including participants and beneficiaries, employee organizations, and contributing employers of the Arizona Bricklayers' Pension Trust Fund.
Consolidated Net Operating Losses
Document Number: 2020-22974
Type: Rule
Date: 2020-10-27
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under sections 1502 and 1503 of the Internal Revenue Code (Code). These regulations provide guidance implementing recent statutory amendments to section 172 of the Code relating to the absorption of consolidated net operating loss (CNOL) carryovers and carrybacks. These regulations also update regulations applicable to consolidated groups that include both life insurance companies and other companies to reflect statutory changes. These regulations affect corporations that file consolidated returns.
Notice of OFAC Sanctions Actions
Document Number: 2020-23461
Type: Notice
Date: 2020-10-23
Agency: Department of the Treasury, Office of Foreign Assets Control
The U.S. 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 U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Proposed Establishment of the Goose Gap Viticultural Area
Document Number: 2020-22925
Type: Proposed Rule
Date: 2020-10-23
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
The Alcohol and Tobacco Tax and Trade Bureau (TTB) proposes to establish the approximately 8,129-acre ``Goose Gap'' viticultural area in Benton County, Washington. The proposed viticultural area lies entirely within the established Yakima Valley and Columbia Valley viticultural areas. TTB designates viticultural areas to allow vintners to better describe the origin of their wines and to allow consumers to better identify wines they may purchase. TTB invites comments on this proposed addition to its regulations.
Proposed Establishment of the Lower Long Tom Viticultural Area
Document Number: 2020-22603
Type: Proposed Rule
Date: 2020-10-23
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
The Alcohol and Tobacco Tax and Trade Bureau (TTB) proposes to establish the approximately 25,000-acre ``Lower Long Tom'' viticultural area in portions of Lane and Benton Counties in Oregon. The proposed viticultural area lies entirely within the existing Willamette Valley viticultural area. TTB designates viticultural areas to allow vintners to better describe the origin of their wines and to allow consumers to better identify wines they may purchase. TTB invites comments on this proposed addition to its regulations.
Notice of OFAC Sanctions Actions
Document Number: 2020-23440
Type: Notice
Date: 2020-10-22
Agency: Department of the Treasury, Office of Foreign Assets Control
The U.S. 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 U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Notice of OFAC Sanctions Actions.
Document Number: 2020-23432
Type: Notice
Date: 2020-10-22
Agency: Department of the Treasury, Office of Foreign Assets Control
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 U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Notice of OFAC Sanctions Action
Document Number: 2020-23409
Type: Notice
Date: 2020-10-22
Agency: Department of the Treasury, Office of Foreign Assets Control
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of one or more individuals and entities that have been placed on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List). OFAC has determined that one or more applicable legal criteria were satisfied to place the individuals and entities on the SDN List. All property and interests in property subject to U.S. jurisdiction of these individuals and entities are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Proposed Collection; Comment Request for Form 8976
Document Number: 2020-23383
Type: Notice
Date: 2020-10-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Form 8976, Notice of Intent to Operate Under Section 501(c)(4).
Proposed Collection; Comment Request for IRS e-File Signature Authorization for Forms 720, 2290 and 8879-EX
Document Number: 2020-23382
Type: Notice
Date: 2020-10-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Department of the Treasury, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning Form 8879-EX, IRS e-file Signature Authorization for Forms 720, 2290, and 8849.
Proposed Extension of Information Collection Request Submitted for Public Comment; Election Out of GST Deemed Allocations
Document Number: 2020-23380
Type: Notice
Date: 2020-10-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service (IRS), in accordance with the Paperwork Reduction Act of 1995 (PRA 95), provides the general public and Federal agencies with an opportunity to comment on proposed and continuing collections of information. This helps IRS assess the impact of its information collection requirements and minimize the reporting burden on the public and helps the public understand IRS's information collection requirements and provide the requested data in the desired format. Currently, the IRS is soliciting comments concerning the reporting burden associated with making the Election Out of GST Deemed Allocations.
Proposed Collection; Comment Request for Regulation Project
Document Number: 2020-23379
Type: Notice
Date: 2020-10-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning existing Final Regulation, TD 9467-Measurement of Assets and Liabilities for Pension Funding Purposes, Pension Funding Stabilization under the Highway and Transportation Funding Act of 2014 (HAFTA), Notice 2020-61-Special rules for single-employer defined benefit pension plans under the Cares Act, and Notice 2020-60-Election of alternative minimum funding standards for community newspaper plans benefit pension plans under the Cares Act.
Proposed Collections; Comment Requests
Document Number: 2020-23337
Type: Notice
Date: 2020-10-22
Agency: Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on an information collection that is due for extension approval by the Office of Management and Budget. The Office of International Affairs of the Department of the Treasury is soliciting comments concerning extension without change of the following three related forms: Foreign Currency Form FC-1 (OMB No. 1505-0012), Weekly Consolidated Foreign Currency Report of Major Market Participants; Form FC-2 (OMB No. 1505-0010), Monthly Consolidated Foreign Currency Report of Major Market Participants; Form FC-3 (OMB No. 1505-0014), Quarterly Consolidated Foreign Currency Report. The reports are mandatory.
Open Meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Lines Project Committee
Document Number: 2020-23234
Type: Notice
Date: 2020-10-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Lines Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel's Tax Forms and Publications Project Committee
Document Number: 2020-23233
Type: Notice
Date: 2020-10-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Tax Forms and Publications Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel's Notices and Correspondence Project Committee
Document Number: 2020-23232
Type: Notice
Date: 2020-10-21
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Notices and Correspondence Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Notice of OFAC Sanctions Actions
Document Number: 2020-23165
Type: Notice
Date: 2020-10-20
Agency: Department of the Treasury, Office of Foreign Assets Control
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing an update to the identifying information of a person currently included in the list of Specially Designated Nationals and Blocked Persons. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Pricing for Mayflower 400th Anniversary Products
Document Number: 2020-23118
Type: Notice
Date: 2020-10-20
Agency: United States Mint, Department of Treasury, Department of the Treasury
The United States Mint is setting prices for the Mayflower 400th Anniversary Products.
Prices of Mayflower 400th Anniversary Gold Coins on the “2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products” Grid
Document Number: 2020-23117
Type: Notice
Date: 2020-10-20
Agency: United States Mint, Department of Treasury, Department of the Treasury
The United States Mint announces pricing for the Mayflower 400th Anniversary Gold Coins on the 2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products Grid. An excerpt of the grid, including a recent price range for the Mayflower 400th Anniversary Gold Coins, appears below: [GRAPHIC] [TIFF OMITTED] TN20OC20.000
Notice of OFAC Sanctions Actions
Document Number: 2020-22980
Type: Notice
Date: 2020-10-20
Agency: Department of the Treasury, Office of Foreign Assets Control
The Department of the Treasury's Office of Foreign Assets Control (OFAC) is updating the entries of 490 persons on OFAC's Specially Designated Nationals and Blocked Persons List (SDN List).
Eligible Terminated S Corporations
Document Number: 2020-21144
Type: Rule
Date: 2020-10-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations providing guidance on the definition of an eligible terminated S corporation and rules relating to distributions of money by such a corporation after the post-termination transition period. This document also amends current regulations to extend the treatment of distributions of money during the post-termination transition period to all shareholders of the corporation and clarifies the allocation of current earnings and profits to distributions of money and other property. The final regulations affect C corporations that were formerly S corporations and the shareholders of such corporations.
Business Loan Program Temporary Changes; Paycheck Protection Program-Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules
Document Number: 2020-23091
Type: Rule
Date: 2020-10-19
Agency: Small Business Administration, Agencies and Commissions, Department of the Treasury
On April 2, 2020, the U.S. Small Business Administration (SBA) posted on its website an interim final rule relating to the implementation of Sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act) (published in the Federal Register on April 15, 2020). Section 1102 of the Act temporarily adds a new product, titled the ``Paycheck Protection Program,'' to the U.S. Small Business Administration's (SBA's) 7(a) Loan Program. Subsequently, SBA and the Department of the Treasury (Treasury) issued additional interim final rules implementing the Paycheck Protection Program (PPP). On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) was signed into law, amending the CARES Act. This interim final rule revises interim final rules posted on SBA's and the Department of the Treasury's websites on May 22, 2020 (published on June 1, 2020, in the Federal Register) and June 22, 2020 (published on June 26, 2020, in the Federal Register), by providing additional guidance concerning the forgiveness and loan review processes for PPP loans of $50,000 or less and, for PPP loans of all sizes, lender responsibilities with respect to the review of borrower documentation of eligible costs for forgiveness in excess of a borrower's PPP loan amount.
Effect of Section 67(g) on Trusts and Estates
Document Number: 2020-21162
Type: Rule
Date: 2020-10-19
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations clarifying that the following deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions: Costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred if the property were not held in the estate or trust, the personal exemption of an estate or non-grantor trust, the distribution deduction for trusts distributing current income, and the distribution deduction for estates and trusts accumulating income. Therefore, these deductions are not affected by the suspension of the deductibility of miscellaneous itemized deductions for taxable years beginning after December 31, 2017, and before January 1, 2026. The final regulations also provide guidance on determining the character, amount, and allocation of deductions in excess of gross income succeeded to by a beneficiary on the termination of an estate or non- grantor trust. The final regulations affect estates, non-grantor trusts (including the S portion of an electing small business trust), and their beneficiaries.
Departmental Offices; Debt Management Advisory Committee Meeting
Document Number: 2020-22909
Type: Notice
Date: 2020-10-16
Agency: Department of the Treasury
Real Estate Appraisals
Document Number: 2020-21563
Type: Rule
Date: 2020-10-16
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
The OCC, Board, and FDIC (collectively, the agencies) are adopting as final the interim final rule published by the agencies on April 17, 2020, making temporary amendments to the agencies' regulations requiring appraisals for certain real estate-related transactions. The final rule adopts the deferral of the requirement to obtain an appraisal or evaluation for up to 120 days following the closing of certain residential and commercial real estate transactions, excluding transactions for acquisition, development, and construction of real estate. Regulated institutions should make best efforts to obtain a credible estimate of the value of real property collateral before closing the loan and otherwise underwrite loans consistent with the principles in the agencies' Standards for Safety and Soundness and Real Estate Lending Standards. The agencies' final rule allows regulated institutions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the coronavirus disease 2019 (COVID event). The final rule adopts the interim final rule with one revision in response to comments received by the agencies on the interim final rule.
Senior Executive Service; Performance Review Boards
Document Number: 2020-22811
Type: Notice
Date: 2020-10-15
Agency: Department of the Treasury
This notice announces the appointment of members to the Department of the Treasury's Performance Review Boards (PRBs). The purpose of these Boards are to review and make recommendations concerning proposed performance appraisals, ratings, bonuses and other appropriate personnel actions for incumbents of SES positions in the Department. Composition of the PRB: The Boards shall consist of at least three members. In the case of an appraisal of a career appointee, more than half the members shall consist of career appointees. The persons listed below may be selected to serve on one or more PRB within Treasury.
Guidance on the Determination of the Section 4968 Excise Tax Applicable to Certain Colleges and Universities
Document Number: 2020-20933
Type: Rule
Date: 2020-10-15
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations for determining the excise tax applicable to the net investment income of certain private colleges and universities. The regulations affect certain private colleges and universities.
Notice of OFAC Sanctions Actions
Document Number: 2020-22724
Type: Notice
Date: 2020-10-14
Agency: Department of the Treasury, Office of Foreign Assets Control
The U.S. 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 U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Notice of OFAC Sanctions Actions
Document Number: 2020-22723
Type: Notice
Date: 2020-10-14
Agency: Department of the Treasury, Office of Foreign Assets Control
The U.S. 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 list of Specially Designated Nationals and Blocked Persons (SDN List) based on OFAC's determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.
Agency Information Collection Activities; Continuing Collections; Comment Requests; Designation of Financial Market Utilities
Document Number: 2020-22677
Type: Notice
Date: 2020-10-14
Agency: Department of the Treasury
The Financial Stability Oversight Council (the ``Council''), as part of its continuing effort to reduce paperwork and respondent burden, invites members of the public and affected agencies to comment on the continuing information collections listed below, as required by the Paperwork Reduction Act of 1995. The Council is soliciting comments concerning its collection of information related to its authority to designate financial market utilities as systemically important. Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') provides the Council the authority to designate a financial market utility (``FMU'') that the Council determines is or is likely to become systemically important because the failure of or a disruption to the functioning of the FMU could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the United States financial system.
List of Countries Requiring Cooperation With an International Boycott
Document Number: 2020-22606
Type: Notice
Date: 2020-10-13
Agency: Office of the Secretary, Department of the Treasury
Dependent Defined
Document Number: 2020-20746
Type: Rule
Date: 2020-10-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations that clarify the definition of a ``qualifying relative'' for purposes of various provisions of the Internal Revenue Code (Code) for taxable years 2018 through 2025. These regulations generally affect taxpayers who claim Federal income tax benefits that require a taxpayer to have a qualifying relative.