Department of Treasury May 1, 2007 – Federal Register Recent Federal Regulation Documents

The Financial Crimes Enforcement Network (``FinCEN'') is issuing this notice to communicate a delay in the dates for using the revised Suspicious Activity Report (``SAR'') forms. The revised SAR forms that support joint filing were originally scheduled to become effective on June 30, 2007 and mandatory on December 31, 2007. FinCEN will establish new dates for using the revised SAR forms in a future notice.

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 8655, Reporting Agent Authorization for Magnetic Tape/Electronic Filers.

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 Revenue Procedure 2001-37, Extraterritorial Income Exclusion Elections.

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 proposed regulation, REG-145987-03 (NPRM), Qualified Severance of a Trust for Generation-Skipping Transfer (GST) Tax Purposes.

This document contains a Notice that the IRS has made available a supplemental period within which organizations in Colorado may apply for a Low Income Taxpayer Clinic (LITC) matching grant for the remainder of the 2007 grant cycle (the 2007 grant cycle runs January 1, 2007, through December 31, 2007). The supplemental application period shall run from April 27, 2007, to May 25, 2007. The LITC grant program is now in its ninth year and continues to expand. To date in 2007, the LITC Program Office has awarded LITC grants to 154 organizations in 49 states, the District of Columbia, Puerto Rico, and Guam. Currently there are no LITCs in the state of Colorado. The IRS has approximately $55,000 available in matching grant funds to award to qualifying organizations in Colorado. In order to be considered for a supplemental 2007 Low Income Taxpayer Clinic grant, a qualifying organization must be in a position to provide qualified services to taxpayers in Colorado. Qualifying organizations that provide representation for free or for a nominal fee to low income taxpayers involved in tax controversies with the IRS or that provide education on taxpayer rights and responsibilities to taxpayers for whom English is a second language or who have limited English proficiency can apply for matching grants for the remainder of the 2007 grant cycle. Examples of qualifying organizations include: (1) Clinical programs at accredited law, business or accounting schools, whose students may represent low income taxpayers in tax controversies with the IRS, and (2) organizations exempt from tax under I.R.C. Sec. 501(a) which represent low income taxpayers in tax controversies with the IRS or refer those taxpayers to qualified representatives.