Department of Treasury February 2005 – Federal Register Recent Federal Regulation Documents

The Electronic Tax Administration Advisory Committee (ETAAC), was established to provide continued input into the development and implementation of the Internal Revenue Service (IRS) strategy for electronic tax administration. The ETAAC 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. This document seeks nominations of individuals to be considered for selection as Committee members. The Director, Electronic Tax Administration (ETA) will assure that the size and organizational representation of the ETAAC obtains balanced membership and includes representatives from various groups including: (1) Tax practitioners and preparers, (2) transmitters of electronic returns, (3) tax software developers, (4) large and small businesses, (5) employers and payroll service providers, (6) individual taxpayers, (7) financial industry (payers, payment options and best practices), (8) system integrators (technology providers), (9) academic (marketing, sales or technical perspectives), (10) trusts and estates, (11) tax exempt organizations, and (12) state and local governments. We are soliciting nominations from professional and public interest groups, IRS officials, the Department of the Treasury, and Congress. Members serve a three-year term on the ETAAC to allow a change in membership. The change of members on the Committee ensures that different perspectives are represented. All travel expenses within government guidelines will be reimbursed.

This Treasury decision establishes the ``Trinity Lakes'' viticultural area in Trinity County, California. The viticultural area consists of approximately 96,000 acres surrounding Trinity and Lewiston Lakes and a portion of the Trinity River basin below Lewiston Dam. We designate viticultural areas to allow vintners to better describe the origin of their wines and to allow consumers to better identify wines they may purchase.

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 final and temporary regulations, IA-62-91 (TD 8482), Capitalization and Inclusion in Inventory of Certain Costs (Sec. Sec. 1.263A-2 and 1.263A-3).

This document contains final regulations relating to the application of the unified partnership audit procedures to disputes regarding the ownership of residual interests in a Real Estate Mortgage Investment Conduit (REMIC). These regulations will affect taxpayers that invest in REMIC residual interests.

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 4070, Employee's Report of Tips to Employer, Form 4070A, Employee's Daily Record of Tips; Forma 4070PR, Informe al Patrono de Propinas Recibidas por el Empleado; Forma 4070A-PR, Registro Diario de Propinas del Empleado.

Pursuant to 5 U.S.C. app. I section 10(d), of the Federal Advisory Committee Act, and 5 U.S.C. section 552b, the Government in the Sunshine Act, a report summarizing the closed meeting activities of the Art Advisory Panel during 2004 has been prepared. A copy of this report has been filed with the Assistant Secretary of the Treasury for Management.

This document contains final regulations amending the regulations under the gift tax special valuation rules to provide that a unitrust or annuity interest payable for a specified term of years to the grantor, or to the grantor's estate if the grantor dies prior to the expiration of the term, is a qualified interest for the specified term. The final regulations also clarify that the exception treating a spouse's revocable successor interest as a retained qualified interest applies only if the spouse's annuity or unitrust interest, standing alone, would constitute a qualified interest that meets the requirements of Sec. 25.2702-3(d)(3), but for the grantor's revocation power.

This document contains final regulations that clarify that qualified REIT subsidiaries, qualified subchapter S subsidiaries, and single owner eligible entities that are disregarded as entities separate from their owners are treated as separate entities for purposes of any Federal tax liability for which the entity is liable. These regulations affect disregarded entities that are liable for Federal taxes with respect to tax periods during which they were not disregarded or because they are successors or transferees of taxable entities.

In accordance with the requirements of the Privacy Act of 1974, as amended, 5 U.S.C. 552a, the Department of the Treasury, Internal Revenue Service, gives notice of a proposed new system of records entitled ``Treasury/IRS 00.009Taxpayer Assistance Center (TAC) Recorded Quality Review Records.''

This document contains amendments to regulations relating to the capitalization of interest expense incurred in sale and leaseback transactions under the Economic Recovery Tax Act of 1981 (ERTA) safe harbor leasing provisions. The regulations affect taxpayers that provide purchase money obligations in connection with these transactions.

An open meeting of the Earned Income Tax Credit Committee of the Taxpayer Advocacy Panel will be conducted (via teleconference). The Committee will be discussing issues pertaining to the IRS administration of the Earned Income Tax Credit.

This document withdraws a notice and request for comments that was published in the Federal Register on February 2, 2005 (70 FR 5510) that solicited comments on proposed regulations (REG-154000-04) relating to Diesel Fuel and Kerosene Excise Tax and Dye Injection (OMB No. 1545-1418).

On December 3, 2004, the Community Development Financial Institutions Fund (the ``Fund'') announced in a Notice of Funds Availability (``NOFA'') for the Technical Assistance Component of the CDFI Program (69 FR 70307) that the deadline for applications for Technical Assistance grants for the FY 2005 funding round of the Technical Assistance Component was 5 p.m. ET on January 25, 2005. This notice is to announce that the Fund has established a new application deadline for the FY 2005 funding round of the Technical Assistance Component of the CDFI Program: Technical Assistance Component applications may be submitted up to 5 p.m. ET on March 7, 2005. Interested parties should review the December 3, 2004 NOFA for details on the FY 2005 funding round of the Technical Assistance Component and the application process. The December 3, 2004 NOFA, the Technical Assistance Component application, and other related documents may be found on the Fund's Web site at https://www.cdfifund.gov. Interested parties also must note the following information that is specific to applications that are submitted in response to this NOFA amendment: Any entity that submitted a Technical Assistance Component application in response to the December 3, 2004 NOFA may not submit another application in response to this notice unless the application was rejected by the Fund for reason of incompleteness or lateness. If the Fund rejected the application due to incompleteness or lateness, it may be submitted in response to this notice and will be reviewed for funding so long as it meets the Fund's requirements as set forth in the December 3, 2004 NOFA. The Fund will review applications in accordance with the policies, procedures and requirements set forth in the December 3, 2004 NOFA. Applications that were submitted in response to the December 3, 2004 NOFA will be reviewed first. Applications submitted in response to this notice will be reviewed after applications submitted in response to the December 3, 2004 NOFA are reviewed. The Fund will make its funding decisions for applications submitted in response to this notice after funding decisions are made regarding applications made in response to the December 3, 2004 NOFA, subject to funding availability. If an applicant under this notice is required to submit a ``Certification of Material Change Form,'' it must do so by February 28, 2005. Refer to the December 3, 2004 NOFA for further information. All other information and requirements set forth in the December 3, 2004 NOFA for the FY 2005 funding round of the Technical Assistance Component shall remain effective, as published.

An open meeting of the Area 2 Taxpayer Advocacy Panel will be conducted (via teleconference). 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 Joint Committee of the Taxpayer Advocacy Panel will be conducted via teleconference. The Taxpayer Advocacy Panel is soliciting public comment, ideas, and suggestions on improving customer service at the Internal Revenue Service.

This notice advises all interested persons of a public meeting of the President's Advisory Panel on Federal Tax Reform.

An open meeting of the Area 1 Taxpayer Advocacy Panel will be conducted (via teleconference). The Taxpayer Advocacy Panel is soliciting public comments, ideas and suggestions on improving customer service at the Internal Revenue Service.

On December 20, 2004, the federal banking agencies (Board, FDIC, OCC, and OTS, collectively referred to as ``the Agencies'') published a proposal for public comment to standardize and expand the data collected from regulated institutions in order to improve the efficiency and effectiveness of Shared National Credit (SNC) examinations. By standardizing and expanding the collection of data, the Agencies will be able to use advanced credit risk analytics that will be beneficial to the reporting banks and the Agencies. The Agencies are extending the comment period to give the public additional time to submit comments on the proposal.

An open meeting of the Area 6 committee of the Taxpayer Advocacy Panel will be conducted (via teleconference). The Taxpayer Advocacy Panel (TAP) is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service. The TAP will use citizen input to make recommendations to the Internal Revenue Service.

An open meeting of the Ad Hoc Committee of the Taxpayer Advocacy Panel will be conducted (via teleconference). The TAP will be discussing issues pertaining to lessoning the burden for individuals. Recommendations for IRS systemic changes will be developed.

This document contains final regulations that authorize the Commissioner to provide exceptions to the requirements of section 6031(a) of the Internal Revenue Code for certain partnerships by guidance published in the Internal Revenue Bulletin. The regulations adopt the rules of the temporary regulations without any changes.

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, Pub. L. 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 Special Form of Assignment for U.S. Registered Definitive Securities and U.S. Bearer Securities.

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 Disclaimer and Consent with Respect to United States Savings Bonds/ Notes.