Department of the Treasury December 18, 2018 – Federal Register Recent Federal Regulation Documents

Regulations Reducing Burden Under FATCA and Chapter 3
Document Number: 2018-27290
Type: Proposed Rule
Date: 2018-12-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations eliminating withholding on payments of gross proceeds, deferring withholding on foreign passthru payments, eliminating withholding on certain insurance premiums, and clarifying the definition of investment entity. This notice of proposed rulemaking also includes guidance concerning certain due diligence requirements of withholding agents and guidance on refunds and credits of amounts withheld.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 8586
Document Number: 2018-27288
Type: Notice
Date: 2018-12-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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. Currently, the IRS is soliciting comments concerning Form 8586, Low-Income Housing Credit.
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Revenue Procedure 2018-4, Revenue Procedure 2018-5, Revenue Procedure 2016-6, and Revenue Procedure 2018-8
Document Number: 2018-27287
Type: Notice
Date: 2018-12-18
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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. Currently, the IRS is soliciting comments concerning Revenue Procedure 2018-4 (Letter Rulings), Revenue Procedure 2018-5 (Technical Advice), Revenue Procedure 2016-6 (Determination Letters), and Revenue Procedure 2018-8 (User Fees).
Modernized Drawback
Document Number: 2018-26793
Type: Rule
Date: 2018-12-18
Agency: Department of Homeland Security, U.S. Customs and Border Protection, Department of the Treasury
This document adopts as final, with changes, proposed amendments to the U.S. Customs and Border Protection (CBP) regulations implementing changes to the drawback regulations, as directed by the Trade Facilitation and Trade Enforcement Act of 2015 (TFTEA). These regulations establish new processes for drawback pursuant to TFTEA, which liberalize the merchandise substitution standard, simplify recordkeeping requirements, extend and standardize timelines for filing drawback claims, and require the electronic filing of drawback claims. This document also provides details with respect to the process required to perfect TFTEA-based claims filed under CBP's Interim Guidance procedures. Further, this document also finalizes regulations clarifying the prohibition on the filing of a substitution drawback claim for internal revenue excise tax in situations where no excise tax was paid upon the substituted merchandise or where the substituted merchandise is the subject of a different claim for refund or drawback of tax.