Department of Treasury July 28, 2009 – Federal Register Recent Federal Regulation Documents

The Department of the Treasury invites the general public to submit information pertinent to a report it will issue on Section 529 college savings plans. Such information could include data, research studies, opinions citing hard data, or references thereof. The report is an initiative of the Middle Class Task Force chaired by Vice President Joe Biden and was announced in an April 17th press release that can be found at https://www.whitehouse.gov/thepressoffice/ Middle-Class-Task-Force-Holds-Meeting-on-College-Affordabilit y/. The report will examine how people save using 529 plans and whether they are taking appropriate steps to manage risk. In addition, the report will identify options and best practices for making the 529 plans more effective.

This document proposes modifications of the regulations governing practice before the Internal Revenue Service (Circular 230). These proposed regulations affect individuals who practice before the IRS. The proposed amendments modify the rules relating to contingent fees under Circular 230. This document also provides notice of a public hearing on the proposed regulations.

This temporary rule amends the regulations administered by the Alcohol and Tobacco Tax and Trade Bureau, to reflect the repeal of certain special (occupational) taxes by section 11125 of the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users. The repeal involves such taxes on alcohol beverage producers and dealers, tax-free alcohol users, denatured spirits users and dealers, and persons claiming drawback for the manufacture of nonbeverage alcoholic products. In place of the special (occupational) tax requirement, the amended law requires recordkeeping and registration by dealers in distilled spirits, wines, and beer, and by manufacturers of nonbeverage products who claim drawback. We also are soliciting comments from all interested parties on these regulatory amendments through a notice of proposed rulemaking published elsewhere in this issue of the Federal Register.