Department of the Treasury October 2007 – Federal Register Recent Federal Regulation Documents

In 2004, the United States Mint prepared and marketed a product known as the ``2004 United States Mint Lewis and Clark Coin and Pouch Set.'' This product includes a 2004 Lewis and Clark Expedition Bicentennial Silver Dollar and a small pouch crafted by artisans from one of several American Indian tribes. The United States Mint, however, has now learned that one of the organizations whose artisans produced pouches for the productthe Shawnee Nation United Remnant Band of Ohiois not officially recognized as an Indian tribe by state or Federal authorities. The Shawnee Nation United Remnant Band of Ohio, therefore, does not have the legal right to claim that the pouches its artisans produced are authentic American Indian products. Accordingly, the United States Mint is offering a refund to members of the public who own a 2004 United States Mint Lewis and Clark Coin and Pouch Set containing a pouch produced by the Shawnee Nation United Remnant Band of Ohio. Owners may ascertain whether their pouch set was crafted by the Shawnee Nation United Remnant Band of Ohio by referring to the Certificate of Authenticity (COA) that accompanies the set. Owners wishing to obtain a refund have two options: (1) Return the entire United States Mint Lewis and Clark Coin and Pouch Set, including the COA from the Shawnee Nation United Remnant Band of Ohio, for a refund of $130.00 (original sales price, plus $10 for shipping and insurance), or (2) return just the pouch and the COA from the Shawnee Nation United Remnant Band of Ohio for a refund of $90.00 (prorated sales price for the pouch, plus $10 for shipping and insurance).

The Department of the Treasury's Advisory Committee on the Auditing Profession is soliciting public comment on the discussion outline prepared at the direction of and in consultation with the Advisory Committee's Co-Chairs, Arthur Levitt, Jr. and Donald T. Nicolaisen. The discussion outline includes a list of issues and potential consideration points that the Advisory Committee may evaluate.

The Internal Revenue Service Advisory Council (IRSAC) will hold a public meeting on Thursday, November 15, 2007.

This document contains proposed regulations relating to user fees for the initial and renewed enrollment to become an enrolled actuary. The charging of user fees is authorized by the Independent Offices Appropriations Act (IOAA) of 1952. This document also contains a notice of public hearing on these proposed regulations.

This document corrects the United States Mint's regulations that prohibit the exportation, melting, and treatment of 5-cent and one-cent coins. These regulations, added in December 2006, were inadvertently allowed to expire on April 14, 2007. A final rule, which was published in the Federal Register of Monday, April 16, 2007 (72 FR 18880), was intended to extend the effectiveness of these requirements. However, that document failed to set out the revised 31 CFR Part 82 in its entirety, and this document corrects the agency's regulations by doing so.

Pursuant to section 11 of the Debt Collection Act of 1982, as amended, (31 U.S.C. 3717), the Secretary of the Treasury is responsible for computing and publishing the percentage rate to be used in assessing interest charges for outstanding debts owed to the Government. Treasury's Cash Management Requirements (TFM Volume I, Part 6, Chapter 8000) prescribe use of this rate by agencies as a comparison point in evaluating the cost-effectiveness of a cash discount. In addition, 5 CFR 1315.8 of the Prompt Payment rule on ``Rebates'' requires that this rate be used in determining when agencies should pay purchase card invoices when the card issuer offers a rebate. Notice is hereby given that the applicable rate is 5.00 percent for calendar year 2008.

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. An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning its information collection titled, ``Assessment of Fees12 CFR 8.''

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. An agency may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning an information collection titled, ``Examination Questionnaire.'' The OCC also gives notice that it has sent the information collection to OMB for review and approval.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the names of one newly-designated individual and one newly-designated entity whose property and interests in property are blocked pursuant to Executive Order 13224 of September 23, 2001, ``Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism.''

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the names of three newly-designated individuals whose property and interests in property are blocked pursuant to Executive Order 13224 of September 23, 2001, ``Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism.''

This document contains a correction to final and temporary regulations (TD 9339) that were published in the Federal Register on Friday, September 14, 2007 (72 FR 52470) providing guidance to state and local governments that issue qualified zone academy bonds and to banks, insurance companies, and other taxpayers that hold those bonds on the program requirements for qualified zone academy bonds.

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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing final regulation, REG-152354-04, Designated Roth Contributions to Cash or Deferred Arrangements Under Section 401(k).

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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning an existing final regulation, REG-106902-98 (TD 8833), Consolidated Returns Consolidated Overall Foreign Losses and Separate Limitation Losses (Sec. 1.1502-9(c)(2)(iv)).

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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Notice 98-52, Cash or Deferred Arrangements; Nondiscrimination, and existing notice of proposed rulemaking, REG-108639-99, Retirement Plans; Cash or Deferred Arrangements Under Section 401(k) and Matching Contributions or Employee Contributions Under Section 401(m)(Sec. Sec. 1.401(k)-3(d) and 1.401(m)-3(e).

In 1998 the Internal Revenue Service established the Electronic Tax Administration Advisory Committee (ETAAC). The primary purpose of ETAAC is for industry partners to provide an organized public forum for discussion of electronic tax administration issues in support of the overriding goal that paperless filing should be the preferred and most convenient method of filing tax and information returns. ETAAC offers constructive observations about current or proposed policies, programs, and procedures, and suggests improvements. Listed is a summary of the agenda along with the planned discussion topics.

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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 13551, Application to Participate in the IRS Acceptance Agent Program.

The Financial Management Service, Department of the Treasury, is amending its regulations governing the offset of federal tax refund payments to collect past-due child support obligations. We are removing the definition of Qualified child due to a change in the statutory definition on which it is based enacted as part of the Deficit Reduction Act of 2005. This statutory change will allow the tax refund offset program to collect past-due child support on behalf of children who are no longer minors. We are also amending the description of past- due support obligations that qualify for the tax refund offset by removing the requirement that the support be owed to or on behalf of a qualified child.

Pursuant to United States Code, Title 31, section 5135(b)(8)(C), the United States Mint announces the Citizens Coinage Advisory Committee (CCAC) public meeting scheduled for November 13, 2007. Date: November 13, 2007. Time: Public meeting time: 9 a.m. to 11 a.m. Location: United States Mint, 801 9th Street NW., Washington, DC 20220. Subject: Review candidate designs for the Abraham Lincoln Commemorative Coin, and other general business. Interested persons should call 202-354-7502 for the latest update on meeting time and room location. In accordance with 31 U.S.C. 5135, the CCAC: Advises the Secretary of the Treasury on any theme or design proposals relating to circulating coinage, bullion coinage, Congressional Gold Medals, and national and other medals. Advises the Secretary of the Treasury with regard to the events, persons, or places to be commemorated by the issuance of commemorative coins in each of the five calendar years succeeding the year in which a commemorative coin designation is made. Makes recommendations with respect to the mintage level for any commemorative coin recommended. For Further Information Contact: Cliff Northup, United States Mint Liaison to the CCAC; 801 9th Street, NW.; Washington, DC 20220; or call 202-354-7200. Any member of the public interested in submitting matters for the CCAC's consideration is invited to submit them by fax to the following number: 202-756-6830.

The Office of the Comptroller of the Currency (OCC) is proposing to amend its securities offering disclosure rules at part 16 so that the organizing group of a national bank in organization will, in most cases, not need to provide audited financial statements as part of a public offering of securities.

This document contains proposed regulations regarding a withholding agent's obligation to withhold and report tax under Chapter 3 of the Internal Revenue Code when there is a distribution in redemption of stock of a corporation that is actively traded on an established financial market. Specifically, the proposed regulations provide an escrow procedure that a withholding agent must apply while making the determination under section 302 as to whether the distribution in redemption of the stock held by a foreign shareholder is treated as a dividend subject to withholding, or a distribution in part or full payment in exchange for stock. These regulations would affect corporations that are actively traded on an established financial market and their shareholders. This document also provides a notice of public hearing on these proposed regulations.

This document contains a correction to final regulations (TD 9360) that were published in the Federal Register on Thursday, September 27, 2007 (72 FR 54820) providing certain elections for taxpayers that continue to be subject to the PFIC excess distribution regime of section 1291 of the Internal Revenue Code even though the foreign corporation in which they own stock is no longer treated as a PFIC under section 1297(a) or (e) of the Code.

An open meeting of the Taxpayer Assistance Center Committee of the Taxpayer Advocacy Panel will be conducted (via teleconference). The Taxpayer Advocacy Panel (TAP) is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.

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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A). Currently the Bureau of the Public Debt within the Department of the Treasury is soliciting comments concerning the U.S. Treasury Auction Submitter Agreement.