Department of the Treasury 2012 – Federal Register Recent Federal Regulation Documents

U.S. Customs and Border Protection (CBP) published a notice of proposed rulemaking in the Federal Register on February 22, 2012, proposing various changes to the in-bond regulations to enhance CBP's ability to regulate and track in-bond merchandise and to ensure that the in-bond merchandise is properly entered and duties are paid or that the in-bond merchandise is exported. In that document, CBP published a summary of its analysis under the Regulatory Flexibility Act and stated that the complete Initial Regulatory Flexibility Analysis (IRFA) was posted on the regulations.gov Web site. As CBP inadvertently failed to post the IRFA on the docket when the NPRM was published, CBP is notifying the public that the IRFA has now been posted and is seeking comments on the conclusion in the NPRM and the IRFA that the rule may have a significant economic impact on a substantial number of small entities.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the names of twenty-nine (29) individuals whose property and interests in property are blocked pursuant to Executive Order 13573 of May 18, 2011, ``Blocking Property of Senior Officials of the Government of Syria.''

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)).

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 electronic process for selling/issuing, servicing, and making payments on or redeeming U.S. Treasury securities.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is removing the names of 1 individual and 2 entities whose property and interests in property are blocked pursuant to Executive Order 13315 of August 28, 2003, ``Blocking Property of the Former Iraqi Regime, Its Senior Officials and Their Family Members, and Taking Certain Other Actions'' from the list of Specially Designated Nationals and Blocked Persons (``SDN List'').

This document contains corrections to temporary regulations (TD 9596), which were published in the Federal Register on June 25, 2012 (77 FR 37806) relating to disregarded entities (including qualified subchapter S subsidiaries) and the indoor tanning services excise tax.

This NOAA is issued in connection with the calendar year 2012 allocation round of the New Markets Tax Credit (NMTC) Program, as initially authorized by Title I, subtitle C, section 121 of the Community Renewal Tax Relief Act of 2000 (Pub. L. 106-554) and amended by section 221 of the American Jobs Creation Act of 2004 (Pub. L. 108-357), section 101 of the Gulf Opportunity Zone Act of 2005 (Pub. L. 108-357), Division A, section 102 of the Tax Relief and Health Care Act of 2006 (Pub. L. 109-432), and section 733 of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the Act). Through the NMTC Program, the CDFI Fund provides authority to CDEs to offer an incentive to investors in the form of tax credits over seven years, which is expected to stimulate the provision of private investment capital that, in turn, will facilitate economic and community development in Low-Income Communities. Through this NOAA, the CDFI Fund announces, subject to Congressional authorization, the availability of up to $5 billion of NMTC investment authority. In this NOAA, the CDFI Fund specifically addresses how an entity may apply to receive an allocation of NMTCs, the competitive procedure through which NMTC allocations will be made, and the actions that will be taken to ensure that proper allocations are made to appropriate entities.

This document corrects a notice of proposed rulemaking (REG- 153627-08) that was published in the Federal Register on Thursday, June 21, 2012 (77 FR 37352), that would provide guidance relating to automatic extensions of time for filing certain employee plan returns by adding the Form 8955-SSA, ``Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits,'' to the list of forms that are covered by the Income Tax Regulations on automatic extensions.

This is Supplement No. 22 to the Treasury Department Circular 570, 2011 Revision, published July 1, 2011, at 76 FR 38892.

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 a currently approved information collection that is due for extension approval by the Office of Management and Budget. The Terrorism Risk Insurance Program Office within the Department of the Treasury is soliciting comments concerning the Record Keeping Requirements set forth in 31 CFR part 50, subpart J (Sec. 50.94).

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

FinCEN is announcing the first in an intended series of public hearings to continue gathering information on its Advance Notice of Proposed Rulemaking (ANPRM) on Customer Due Diligence (CDD) Requirements for Financial Institutions, published in the Federal Register on March 5, 2012.\1\ In particular, FinCEN seeks further clarification on the issues described in this Notice. FinCEN invites various components of the law enforcement and regulatory communities to participate. In addition, FinCEN invites other interested parties, including industry representatives, to attend and/or provide comments at this first public hearing, to be held on July 31, 2012 at the U.S. Department of the Treasury building in Washington, DC FinCEN will also provide information in this Notice about how to submit comments and/or attend the hearing and what procedures to follow to submit information to the Treasury Department to obtain entry to the hearing site.

This document amends U.S. Customs and Border Protection (CBP) regulations to reflect the extension of import restrictions on Pre- Classical and Classical archaeological objects and Byzantine ecclesiastical and ritual ethnological materials from Cyprus. These restrictions, which were last extended by CBP Dec. 07-52, are due to expire on July 16, 2012, unless extended. The Assistant Secretary for Educational and Cultural Affairs, United States Department of State, has determined to extend the bilateral Agreement between the Republic of Cyprus and the United States to continue the imposition of import restrictions on cultural property from Cyprus. The Designated List of cultural property described in CBP Dec. 07-52 is revised in this document to reflect that the types of ecclesiastical and ritual ethnological articles dating from the Byzantine period previously listed on the CBP Dec. 07-52 Designated List as protected are now protected also if dating from the Post-Byzantine period (c. 1500 A.D. to 1850 A.D.) The revised Designated List also clarifies that certain mosaics of stone and wall hangings (specifically, to include images of Saints among images of Christ, Archangels, and the Apostles) are covered under the import restrictions published today. The import restrictions imposed on the archaeological and ethnological materials covered under the Agreement will remain in effect for a 5-year period, and the CBP regulations are being amended accordingly. These restrictions are being extended pursuant to determinations of the State Department under the terms of the Convention on Cultural Property Implementation Act in accordance with the United Nations Educational, Scientific and Cultural Organization (UNESCO) Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the names of 2 individuals and 2 entities 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 corrections to final regulations (TD 9590) that were published in the Federal Register on Wednesday, May 23, 2012 (77 FR 30377). The final regulations relate to the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the name of one individual 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 United States Mint is announcing the price of the 2012 American Eagle Silver Uncirculated Coin. The coin will be offered for sale at a price of $45.95.

An open meeting of the Taxpayer Advocacy Panel Refund Processing Communications 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 Small Business/Self-Employed Decreasing Non-Filers 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 Face-to-Face Service Methods 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 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.

This document corrects a notice of proposed rulemaking and notice of public hearing (REG-134042-07) that was published in the Federal Register on Tuesday, June 12, 2012 (77 FR 34884) relating to basis of indebtedness of S corporations to their shareholders.

This document corrects a notice of proposed rulemaking by cross-reference to temporary regulations (REG-107889-12) that was published in the Federal Register on Tuesday, June 12, 2012 (77 FR 34887) regarding whether a foreign corporation has substantial business activities in a foreign country.