Department of the Treasury February 3, 2011 – Federal Register Recent Federal Regulation Documents

On November 22, 2010, the Department of the Treasury published a proposed rule to amend subpart C of its rules promulgated pursuant to the Balanced Budget Act of 1997, as amended (the Act). This notice extends the comment period on the proposed rule to April 21, 2011. Pursuant to the Act, with certain exceptions, Treasury has responsibility for payment of benefits based on service accrued as of June 30, 1997, under the retirement plans for District of Columbia teachers, police officers, and firefighters. Benefits for service after that date, and certain other benefits, are funded by the District of Columbia. Subpart C, published in 2000 as part of the final regulations to implement the provisions of the Act, establishes the methodology for determining the split between the Federal and District obligations. Pursuant to regulation, the effective date of subpart C was delayed pending completion of Treasury's new automated retirement system, ``System to Administer Retirement'' (STAR), which replaced the District's legacy automated retirement system. While the new system has been completed, the proposed amended subpart C will establish additional rules and provide additional examples of benefit calculation scenarios, the need for which was identified during systems development. The amendments to subpart C will have minimal financial impact and are introduced to simplify calculations and maintain consistency with the general principles established in the original regulations.

In accordance with the requirements of the Paperwork Reduction Act of 1995 (44 U.S.C. 3507), the OTS may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. On October 5, 2010, the OTS requested public comment for 60 days (75 FR 61563) \1\ on a proposal to extend, with revisions, the Thrift Financial Report (TFR), which is currently an approved collection of information. On November 17, 2010, the OTS published an amended notice to correct an error in the initial notice (75 FR 70355).\2\ These notices described regulatory reporting revisions proposed for the TFR. After considering the comments received on the proposal, the OTS will proceed with most, but not all, of the reporting changes that had been proposed and will also revise two other TFR items in response to commenters' recommendations. For some of the reporting changes that the OTS plans to implement, limited modifications have been made to the original proposals in response to the comments. All proposed changes to the TFR for 2011 that would increase the differences between the TFR and the Call Report have been eliminated. Proposed changes to the TFR for 2011, announced on October 5, 2010 (75 FR 61563), included changes that parallel proposed changes to the Call Report as well as changes unique to the TFR. Proposed changes unique to the TFR included proposed data collections for classified assets by major loan category and loan loss allowances by major loan category. The OTS will curtail all proposed TFR changes that increase differences with the Call Report in an effort to reduce the initial burden of converting to the Call Report. The changes are proposed to become effective in March 2011.

An open meeting of the Area 2 Taxpayer Advocacy Panel will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.

An open meeting of the Taxpayer Advocacy Panel 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.

An open meeting of the Taxpayer Advocacy Panel Joint Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.

An open meeting of the Taxpayer Advocacy Panel Notice Improvement 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.

An open meeting of the Area 6 Taxpayer Advocacy Panel will be conducted. The Taxpayer Advocacy Panel is soliciting public comment, ideas, and suggestions on improving customer service at the Internal Revenue Service.

An open meeting of the Taxpayer Advocacy Panel Taxpayer Assistance Center 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.

An open meeting of the Taxpayer Advocacy Panel Volunteer Income Tax Assistance 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.

The Internal Revenue Service (IRS) requests applications of individuals to be considered for membership on the Electronic Tax Administration Advisory Committee (ETAAC). Nominations of qualified individuals may come from associations and should describe and document the applicant's qualifications for ETAAC membership. An application and resume are required. Submit a short statement as required in Part II of the application and include recent examples of specific expertise in e- file security, tax software and accuracy. See the ETAAC application, Form 13768 for more details. The ETAAC provides continued input into the development and implementation of the IRS' strategy for electronic tax administration. The ETAAC also provides 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 members convey the public's perception of IRS electronic tax administration activities, offer constructive observations about current or proposed policies, programs, and procedures, and suggest improvements. The Director, Electronic Tax Administration (ETA) and Refundable Credits will assure that the size and organizational representation of the committee is balanced to include industry representatives from various groups. Accordingly, to maintain membership diversity, selection is based on the applicant's qualifications and expertise.