Department of the Treasury 2013 – Federal Register Recent Federal Regulation Documents

This is Supplement No. 4 to the Treasury Department Circular 570, 2012 Revision, published July 2, 2012, at 77 FR 39322.

This document contains final regulations relating to the tax treatment of noncompensatory options and convertible instruments issued by a partnership. The final regulations generally provide that the exercise of a noncompensatory option does not cause the recognition of immediate income or loss by either the issuing partnership or the option holder. The final regulations also modify the regulations under section 704(b) regarding the maintenance of the partners' capital accounts and the determination of the partners' distributive shares of partnership items. The final regulations also contain a characterization rule providing that the holder of a noncompensatory option is treated as a partner under certain circumstances. The final regulations will affect partnerships that issue noncompensatory options, the partners of such partnerships, and the holders of such options.

The Department of the Treasury is issuing the interim rule implementing the Community Development Financial Institutions (CDFI) Bond Guarantee Program, established through section 1134 of the Small Business Jobs Act of 2010 and administered by the CDFI Fund, under authority delegated by the Secretary 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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning final regulation, REG-120509-06 (TD 9465), 1.882-5; Determination of Interest Expense Deduction of Foreign Corporation; Form 13614-NR, Volunteer Return Preparation Critical Intake Sheet-NR; and REG-209006- 89, Transfers by Domestic Corporations That Are Subject to Section 367(a)(5); Distributions by Domestic Corporations That Are Subject to Section 1248(f).

This document contains proposed regulations relating to the requirement to maintain minimum essential coverage enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010, as amended by the TRICARE Affirmation Act and Public Law 111-173. These proposed regulations provide guidance on the liability for the shared responsibility payment for not maintaining minimum essential coverage. This document also provides notice of a public hearing on these proposed regulations.

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 T, Forest Activities Schedule; EE-111-80 (TD 8019Final), Public Inspection of Exempt Organization Return; Form 2587, Application for Special Enrollment Examination; Form 8831, Excise Taxes on Excess Inclusions of REMIC Residual Interests; and Notice 97-64, Temporary Regulations To Be Issued Under Section 1(h) of the Internal Revenue Code (Applying Section 1(h) to Capital Gain Dividends of RICs and REITs).

This document contains corrections to a notice of proposed rulemaking and notice of public hearing (REG-130507-11) that was published in the Federal Register on Wednesday, December 5, 2012 (77 FR 72612). The proposed regulations provide guidance under section 1411 of the Internal Revenue Code.

This document contains corrections to a notice of proposed rulemaking and notice of public hearing (REG-130074-11) that was published in the Federal Register on Wednesday, December 5, 2012 (77 FR 72268). The proposed regulations are relating to Additional Hospital Insurance Tax on income above threshold amounts (``Additional Medicare Tax''), as added by the Affordable Care Act. Specifically, these proposed regulations provide guidance for employers and individuals relating to the implementation of Additional Medicare Tax.

This document contains proposed regulations under section 3504 of the Internal Revenue Code (Code) providing circumstances under which a person (payor) is designated as an agent to perform the acts required of an employer and is liable for employment taxes with respect to wages or compensation paid by the payor to individuals performing services for the payor's client pursuant to a service agreement between the payor and the client.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the name of two individuals whose property and interests in property have been blocked pursuant to Executive Order 13413 of October 27, 2006, ``Blocking Property of Certain Persons Contributing to the Conflict in the Democratic Republic of Congo.''

The OCC, the Board, and the FDIC (the ``agencies'') are seeking public comment on a proposal to extend and revise the currently approved information collections contained in the Country Exposure Report (FFIEC 009) and the Country Exposure Information Report (FFIEC 009a). The agencies are all members of the Federal Financial Institutions Examination Council (FFIEC), which has approved the agencies' publication of proposed revisions to the FFIEC 009 and FFIEC 009a reports to collect additional information on exposures to foreign entities. The agencies will review the comments and recommendations received to determine the extent to which the FFIEC should modify the reports. The agencies will then submit the reports to the U.S. Office of Management and Budget (OMB) for review and approval.

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 Community Development Financial Institutions (CDFI) Fund, an office within the Department of the Treasury, is soliciting comments concerning data collection to support Native American Communities' Access to Capital and Credit Study (the Study). The CDFI Fund administers the Native Initiatives, which focuses on Native CDFIs, and intends to collect data regarding access to credit and capital in Native American, Native Hawaiian, and Alaskan Native communities (collectively referred to as ``Native Communities''). The information collected will be used to identify specific subject matter and data to develop and write the Study. Data collection and information gathering will be conducted in a manner to minimize burden and facilitate comments and interaction with the Native Communities and other experts. Data collection is expected to take place via online surveys, survey forms submitted electronically to the CDFI Fund, in-person and remote focus groups, tribal consultations, phone questionnaires, or similar methods. This will allow the Native Communities and other experts the opportunity to provide input on the specific topics that will be the root of the Study. The CDFI Fund anticipates publishing the results of these data collections, to the extent permissible by law.

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 Office of the Fiscal Assistant Secretary (OFAS), within the Department of the Treasury, is soliciting comments concerning the Annual Performance Report and Certification for Section 1603.

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 8872, Political Organization Report of Contributions and Expenditures.

The United States Mint is announcing pricing for a new product, the America the Beautiful Quarters Three-Roll Set. This product will be priced at $46.95.

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.

An open meeting of the Taxpayer Advocacy Panel Taxpayer 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 Toll-Free Phone Line 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 final regulations (TD 9607) that was published in the Federal Register on Friday, December 28, 2012 (77 FR 76380) regarding the application of the substantiality de minimis rule. In the interest of sound tax administration, this rule is being made inapplicable. These final regulations affect partnerships and their partners.

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 Customer Satisfaction Surveys previously approved under OMB approval number 1545-1432.

The Alcohol and Tobacco Tax and Trade Bureau (TTB) proposes to establish the approximately 7,800-acre ``Ballard Canyon'' viticultural area in Santa Barbara County, California. The proposed viticultural area lies entirely within the larger Santa Ynez Valley viticultural area and the multicounty Central Coast 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.