Department of Treasury 2005 – Federal Register Recent Federal Regulation Documents

Pursuant to the authority contained in 31 U.S.C. 5318A, the Secretary of the Treasury, through his delegate, the Director of the Financial Crimes Enforcement Network, finds that reasonable grounds exist for concluding that Banco Delta Asia SARL (Banco Delta Asia) is a financial institution of primary money laundering concern.

The OCC, 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 a proposed information collection, as required by the Paperwork Reduction Act of 1995. Currently, the OCC is soliciting comments concerning an information collection titled ``Bank Secrecy Act/Money Laundering Risk Assessment.''

The Department of the Treasury has submitted the public information collections described in this notice to the Office of Management and Budget (OMB) for review and approval under the Paperwork Reduction Act of 1995, Public Law 104-13.

The Department of the Treasury (``Department'' or ``Treasury'') called for the submission of Large Position Reports by those entities whose reportable positions in the 4\3/8\% Treasury Notes of August 2012 equaled or exceeded $2 billion as of close of business September 12, 2005.

This document contains proposed amendments to the regulations relating to a taxpayer's right to a hearing under section 6320 of the Internal Revenue Code of 1986 after the filing of a notice of Federal tax lien (NFTL). The proposed regulations make certain clarifying changes in the way collection due process (CDP) hearings are held and specify the period during which a taxpayer may request an equivalent hearing. The proposed regulations affect taxpayers against whose property or rights to property the Internal Revenue Service (IRS) files a NFTL on or after January 19, 1999. This document also contains a notice of public hearing on these proposed regulations.

This document contains final regulations that provide guidance regarding the satisfaction of the continuity of interest requirement for corporate reorganizations. The final regulations affect corporations and their shareholders.

On July 15, 2005, the Community Development Financial Institutions Fund (the ``Fund'') announced in a NOAA for the New Markets Tax Credit Program (70 FR 41075) that the deadline for electronic allocation applications is 5 p.m. ET on September 21, 2005. The NOAA also announced that paper allocation applications must be postmarked on or before September 21, 2005 and received by the Fund at the address cited in the NOAA by 5 p.m. ET on September 30, 2005. Due to the recent occurrence of certain natural disasters, the Fund will consider extending these deadlines, on a case-by-case basis, for applicants that have been directly affected by said disasters. In general, to be eligible for an application deadline extension, an applicant must demonstrate that it cannot submit its application by September 21, 2005 because: 1. Its principal place of business is located in a county for which the Federal Emergency Management Agency (FEMA) has: a) issued a ``major disaster declaration'' since July 15, 2005; and b) made a determination that such county is eligible for both ``individual and public assistance''; or 2. There exist mitigating factors directly attributable to the disaster-related conditions in a county for which FEMA has: a) issued a ``major disaster declaration'' since July 15, 2005; and b) made a determination that such county is eligible for both ``individual and public assistance.'' If you would like to request an application deadline extension, you must send your request via e-mail to grantsmanagement@cdfi.treas.gov with the subject line ``Deadline Extension Request: 2006 NMTC Allocation Application.'' If you are unable to file your request by e- mail, you may contact the Fund by telephone at (202) 622-8226 or by facsimile at (202) 622-6453. These are not toll free numbers. Be sure to indicate in your telephone message or fax that you are requesting an extension of the 2006 NMTC Allocation Application deadline. In your request, you must explain why the application deadline extension is necessary, citing the specific circumstances preventing your organization from completing and/or submitting the application materials by the deadlines set forth in the NOAA. You must address, at a minimum, whether: your offices were closed and/or were without electricity for significant periods of time; staff members were not available to work on the application materials during critical periods; and/or other application partners (e.g., investors, consultants, community partners) were not available to provide materials critical to the compilation of a complete application. To ensure full consideration of your request prior to the September 21, 2005 Allocation Application deadline, you should submit your extension request as soon as feasible and by no later than 5 p.m. ET, Monday, September 19, 2005. The Fund reserves the right, in its sole discretion, to request additional supporting documentation before rendering a final determination. Please also note that the Fund is not at this time accepting any requests to extend deadlines pertaining to the issuance of qualified equity investments by prior allocatees planning to apply for allocations in the CY 2006 round of the NMTC Program (see section III.A.2.(a) of the NOAA). The Fund may issue, in its sole discretion, additional guidance on this matter at a later date. All other information and requirements set forth in the July 15, 2005 NOAA shall remain effective, as published.

The Office of Foreign Assets Control (``OFAC'') of the U.S. Department of the Treasury is amending the Iraqi Sanctions Regulations, 31 CFR part 575, to unblock debt in which the Government of Iraq has an interest.

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 REG-110311-98 (Final), Corporate Tax Shelter Registration.

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 Notice 99-43, Nonrecognition Exchanges under Section 897.

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 5305-SEP, Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement.

This document contains corrections to a notice and request for comments, which was published in the Federal Register on Monday, August 22, 2005 (70 FR 49010). This notice relates to the Department of the Treasury's invitation to the general public and other Federal agencies to take the opportunity to comment on proposed and/or continuing information collections.

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

This Treasury decision expands by 30,200 acres the existing Russian River Valley viticultural area in Sonoma County, California, to a total of 126,600 acres. 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.

On August 24, 2005, TTB published a notice of proposed rulemaking in the Federal Register regarding the certification requirements for imported natural wine. We also published a temporary rule on the same subject in the same issue. In that notice of proposed rulemaking, a cross reference contains an incorrect CFR section number. This document corrects that error.

An open meeting of the Taxpayer Advocacy Panel Earned Income Tax Credit Issue Committee 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.

This document contains final regulations relating to certain changes made to the law by the Tax Reform Act of 1984. These final regulations are necessary to update, clarify, and reorganize the rules and procedures for making payments of estimated income tax by individuals. These final regulations do not impose any new requirements for taxpayers.

An open meeting of the Area 4 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.

As a part of its review of regulations under section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (Pub. L. 104-208, Sept. 30, 1996) (EGRPRA), the Office of Thrift Supervision (OTS) is issuing a final rule, which reduces regulatory burden on savings associations by updating and revising various application and reporting requirements. Specifically, the final rule: modifies the branch office and agency office application and notice requirements, harmonizes publication and public comment procedures for various applications and notices, and revises the meeting procedures. The final rule also eliminates various obsolete rules.

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