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

This document contains temporary regulations describing the time and manner in which certain tax-exempt organizations not currently required to file an annual information return under section 6033(a)(1) are required to submit an annual electronic notice including certain information required by section 6033(i)(1)(A) through (F). The text of the temporary regulations also serves as the text of the proposed regulations set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section in this issue of the Federal Register.

The Department of the Treasury's Advisory Committee on the Auditing Profession will convene a meeting on Monday, December 3, 2007, in the Cash Room of the Main Department Building, 1500 Pennsylvania Avenue, NW., Washington, DC, beginning at 10 a.m. Eastern Time. The meeting will be open to the public.

FinCEN is inviting the public to nominate financial institutions and trade groups for membership on the Bank Secrecy Act Advisory Group. New members will be selected for three-year membership terms.

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 Revenue Procedure 2001-56, Demonstration Automobile Use.

This is Supplement No. 3 to the Treasury Department Circular 570, 2007 Revision, published July 2, 2007, at 72 FR 36192.

This document contains final regulations relating to the requirements for filing corporate income tax returns and returns of organizations required to file returns under section 6033 on magnetic media pursuant to section 6011(e) of the Internal Revenue Code (Code). The term magnetic media includes any magnetic media permitted under applicable regulations, revenue procedures, or publications, including electronic filing. The final regulations are necessary to update and clarify the rules and procedures for corporations and organizations that are required to file their returns electronically. The final regulations affect corporations, including electing small business corporations (S corporations), with assets of $10 million or more that file Form 1120, U.S. Corporation Income Tax Return, or Form 1120S, U.S. Income Tax Return for an S Corporation; exempt organizations with assets of $10 million or more that are required to file returns under section 6033, and private foundations or section 4947(a)(1) trusts that are required to file returns under section 6033.

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 the EFTPS Primary Contact Information Form.

Elsewhere in this issue of the Federal Register, the IRS is issuing temporary regulations concerning information reporting on employer-owned life insurance contracts under section 6039I of the Internal Revenue Code (Code). The temporary regulations generally apply to taxpayers that are engaged in a trade or business and that are directly or indirectly a beneficiary of a life insurance contract covering the life of an insured who is an employee of the trade or business on the date the contract is issued. The text of those temporary regulations also serves as the text of these proposed regulations.

This document contains proposed regulations that would expand the list of permitted loan modifications to include certain modifications of commercial mortgages. Changes to the regulations are necessary to better accommodate evolving commercial mortgage industry practices. These changes will affect lenders, borrowers, servicers, and sponsors of securitizations of mortgages in REMICs.

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 instructions on how to apply for a Central Withholding Agreement.

Section 5.4 of Executive Order 13292 requires the Department of the Treasury to promulgate implementing regulations with respect to classified national security information and to publish such regulations to the extent that they affect members of the public. These regulations relate to the processing of mandatory declassification review requests by the public and providing access to classified information, consistent with the interest of the national security, to historical researchers, former Treasury Presidential and Vice Presidential appointees, and former Presidents and Vice Presidents. The Department of the Treasury is revising its implementing regulations relating to classified national security information in 31 CFR part 2 to address only these two matters relating to the public. All other Treasury regulations pertaining to internal procedures governing classified national security information under Executive Order 13292 have been transferred to the Treasury Security Manual.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the names of additional persons whose property and interests in property have been blocked pursuant to the Foreign Narcotics Kingpin Designation Act (21 U.S.C. 1901-1908, 8 U.S.C. 1182).

This document contains corrections to proposed regulations (REG-140206-06) that were published in the Federal Register on Wednesday, October 17, 2007 (72 FR 58781) 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.

This document contains temporary Income Tax Regulations relating to a United States taxpayer's obligation under section 905(c) of the Internal Revenue Code (Code) to notify the IRS of a foreign tax redetermination, which is a change in the taxpayer's foreign tax liability that may affect the taxpayer's foreign tax credit. This document also contains temporary Procedure and Administration Regulations under section 6689 relating to the civil penalty for failure to notify the IRS of a foreign tax redetermination as required under section 905(c). These temporary regulations affect taxpayers that have paid foreign taxes which have been redetermined and provide guidance needed to comply with statutory changes made to the applicable law by the Taxpayer Relief Act of 1997 and the American Jobs Creation Act of 2004. The text of the temporary regulations also serves as the text of the proposed regulations (REG-209020-86) set forth in the notice of proposed rulemaking on this subject published elsewhere in this issue of the Federal Register.

This document withdraws portions of the notice of proposed rulemaking published on June 23, 1988, relating to sections 905(c) and 6689 (the 1988 proposed regulations). In addition, in the Rules and Regulations section of this issue of the Federal Register, the IRS and the Treasury Department are issuing temporary regulations relating to a taxpayer's obligation under section 905(c) of the Internal Revenue Code to notify the IRS of a foreign tax redetermination. The IRS and the Treasury Department are also issuing temporary regulations on Procedure and Administration under section 6689 relating to the civil penalty for failure to notify the IRS of a foreign tax redetermination as required under section 905(c). These temporary regulations affect taxpayers that have paid foreign taxes which have been redetermined and provide guidance needed to comply with statutory changes made to the applicable law by the Taxpayer Relief Act of 1997 and the American Jobs Creation Act of 2004. The text of those temporary regulations also serves as the text of these proposed regulations.

This document contains corrections to the notice of proposed regulations (REG-143397-05) that was published in the Federal Register on Wednesday, August 22, 2007 (72 FR 46932) concerning the application of sections 704(c)(1)(B) and 737 to distributions of property after two partnerships engage in an assets-over merger. The proposed regulations affect partnerships and their partners.

This notice announces a determination, under Notice 89-61, 1989-1 C.B. 717, that the list of taxable substances in section 4672(a)(3) will be modified to include synthetic linear fatty alcohols and synthetic linear fatty alcohol ethoxylates.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the names of 17 newly-designated entities and eight newly-designated individuals whose property and interests in property are blocked pursuant to Executive Order 13382 of June 28, 2005, ``Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters.''

Subject to funding availability, this NOFA is issued in connection with the FY 2008 funding round of the NACA Program.

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.