Department of Treasury July 1, 2008 – Federal Register Recent Federal Regulation Documents

This document contains final regulations relating to employment tax adjustments and employment tax refund claims. The final regulations modify the process for making interest-free adjustments for both underpayments and overpayments of Federal Insurance Contributions Act (FICA) and Railroad Retirement Tax Act (RRTA) taxes and Federal income tax withholding (ITW) under sections 6205(a) and 6413(a), respectively, of the Internal Revenue Code (Code). These regulations also modify the process for filing claims for refund of overpayments of employment taxes under sections 6402 and 6414. This document contains final regulations relating to the return requirements under section 6011 to reflect the changes to the adjustment and refund processes, and to reflect additional statutory and process updates. This document also contains final regulations under section 6302 to clarify deposit obligations with respect to interest-free adjustments of underpayments and the effect of adjustments and refunds on the deposit schedule of a Form 943 filer.

In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing final and temporary regulations relating to the simplification of procedures for automatic extensions of time to file certain returns. These simplified procedures are aimed at reducing overall taxpayer burden. The text of the temporary regulations also serves as the text of these proposed regulations.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is removing the name of one individual from the list of Specially Designated Nationals and Blocked Persons whose property and interests in property have been blocked pursuant to Executive Order 13224 of September 23, 2001, Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism. The individual, MOHAMMED, Lokman Amin, was designated pursuant to Executive Order 13224 on December 5, 2005.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is removing the names of two persons from the list of Specially Designated Nationals and Blocked Persons whose property and interests in property have been unblocked pursuant to Executive Order 13382 of June 28, 2005, ``Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters.'' The entities, China Great Wall Industry Corporation and G.W. Aerospace, Inc, were designated pursuant to Executive Order 13382 on June 13, 2006.

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 Foreign Assets Control (``OFAC'') within the Department of the Treasury is soliciting comments concerning OFAC's Travel Service Provider and Carrier Service Provider information collection.

For the period beginning July 1, 2008, and ending on December 31, 2008, the prompt payment interest rate is 5\1/8\ per centum per annum.

This document provides notice of the availability of application packages for the 2009 Community Volunteer Income Tax Assistance (VITA) Matching Grant Program.