Department of Treasury October 2011 – Federal Register Recent Federal Regulation Documents

The Charter for the Internal Revenue Service Advisory Council (IRSAC), has been renewed for a two-year period beginning October 20, 2011.

This document proposes to amend provisions in Customs and Border Protection (CPB) regulations to increase the informal entry limit from $2,000 to $2,500. Section 662 of the Customs Modernization provisions of the North American Free Trade Agreement Implementation Act raised the statutory limit by which the Secretary of the Treasury is authorized to prescribe rules and regulations for the declaration and entry of, among other things, imported merchandise when the aggregate value of the shipment does not exceed an amount specified, but not greater than $2,500. The current limit of $2000 was established in 1998 and while that dollar amount has been unchanged, inflation over the intervening years has reduced the value of that amount in real terms. Consequently, CBP proposes to raise the current informal entry amount to its maximum statutory limit in response to inflation that has occurred and thereby to reduce the administrative burden on importers and other entry filers. Moreover, CBP proposes to remove the language requiring formal entry for certain articles, because with the elimination of absolute quotas under the Agreement on Textiles and Clothing, CBP no longer needs to require formal entries for these articles. This document also makes non-substantive editorial and nomenclature changes.

This document establishes the 4,570-acre ``Pine Mountain- Cloverdale Peak'' viticultural area in portions of Mendocino and Sonoma Counties, California. The Alcohol and Tobacco Tax and Trade Bureau designates viticultural areas to allow vintners to better describe the origin of their wines and to allow consumers to better identify wines they may purchase.

This document contains final regulations relating to disregarded entities and excise taxes. These regulations also make conforming changes to the tax liability rule for disregarded entities and the treatment of entity rule for disregarded entities with respect to employment taxes. These regulations affect disregarded entities in general and, in particular, disregarded entities that pay or pay over certain federal excise taxes or that are required to be registered by the IRS.

This document withdraws the proposed regulation seeking to clarify that if a bank is an S corporation within the meaning of section 1361(a)(1), its status as an S corporation does not affect the applicability of the special rules for banks under the Internal Revenue Code.

This is Supplement No. 2 to the Treasury Department Circular 570, 2011 Revision, published July 1, 2011, at 76 FR 38892.

This document cancels a public hearing on notice of proposed rulemaking by cross-reference to temporary regulations relating to whether an exchange for purposes of Sec. 1.1001-1(a) occurs for the nonassigning counterparty when there is an assignment of certain derivative contracts.

The U.S. Department of the Treasury's Office of Foreign Assets Control (``OFAC'') is publishing the names of three individuals and two entities whose property and interests in property have been unblocked pursuant to Executive Order 12978 of October 21, 1995, ``Blocking Assets and Prohibiting Transactions With Significant Narcotics Traffickers''.

The President's Advisory Council on Financial Capability (``Council'') will convene for a public meeting on November 8, 2011 at the Department of Treasury, 1500 Pennsylvania Avenue, NW., Washington, DC, beginning at 10:30 a.m. Eastern Time. The meeting will be open to the public. The Council will: (1) Receive a report from the Council's subcommittees (Financial Access, Research and Evaluation, Partnerships, and Youth) on their progress; (2) review membership and composition of the subcommittees, (3) review the comments the Council received on its proposed themes and principles that were posted for public comment on September 1, 2011, and (4) hear from outside experts about youth financial capability and the use of technology in improving financial capability.

This document adopts as a final rule, without change, interim amendments to the Customs and Border Protection (``CBP'') regulations which were published in the Federal Register on January 6, 2011, as CBP Dec. 11-01 to implement the preferential tariff treatment and other customs-related provisions of the United StatesOman Free Trade Agreement entered into by the United States and the Sultanate of Oman.

The United States Mint is announcing the re-pricing of the 2011 American Eagle Silver Proof and Uncirculated Coins. The price of the 2011 American Eagle Silver Proof Coins will be lowered from $68.45 to $58.95, and the price of the 2011 American Eagle Silver Uncirculated Coins will be lowered from $60.45 to $50.95.

This document contains final regulations regarding the distribution of stock of a controlled corporation acquired in a transaction described in section 355(a)(3)(B) of the Internal Revenue Code (Code). This action is necessary in light of amendments to section 355(b). These final regulations will affect corporations and their shareholders.

This document contains a correction to a notice of proposed rulemaking and notice of public hearing (REG-140280-09) that would modify existing regulations related to the tax return preparer penalties under section 6695 of the Internal Revenue Code. The document was published in the Federal Register on Tuesday, October 11, 2011 (76 FR 62689).

In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations relating to deductions for the costs of producing film and television productions. Those temporary regulations reflect changes to the law made by the Tax Extenders and Alternative Minimum Tax Relief Act of 2008, and affect taxpayers that produce films and television productions within the United States. The text of those temporary regulations also serves as the text of these proposed regulations.

The Treasury Department's Office of Foreign Assets Control (``OFAC'') is publishing the name of one entity whose property and interests in property are 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.''

This notice announces the appointment of the members of the Public Debt Performance Review Board (PRB) for the Bureau of the Public Debt (BPD). The PRB reviews the performance appraisals of career senior executives who are below the level of Assistant Commissioner/Executive Director and who are not assigned to the Office of the Commissioner in BPD. The PRB makes recommendations regarding proposed performance appraisals, ratings, bonuses, pay adjustments, and other appropriate personnel actions.

Section 313(p) of Title 31 of the United States Code, as codified by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203) (the ``Dodd-Frank Act'') requires the Federal Insurance Office (the ``FIO'') to conduct a study on how to modernize and improve the system of insurance regulation in the United States. The study must be submitted to Congress not later than 18 months after the date of the Dodd-Frank Act's enactment. To assist the FIO in conducting the study and formulating its recommendations, the FIO is issuing this request for comment.

The OCC, Board, FDIC, FCA, and NCUA (collectively, the Agencies) are finalizing two new questions and answers, one relating to insurable value and one relating to force placement, and withdrawing one question and answer regarding insurable value. The two final questions and answers supplement the ``Interagency Questions and Answers Regarding Flood Insurance'' (Interagency Questions and Answers), which were published on July 21, 2009 (74 FR 35914). Based on comments received, the Agencies also have significantly revised two questions and answers regarding force placement of flood insurance that were initially proposed on July 21, 2009, and are proposing revision to a previously finalized question and answer. These three revised questions and answers are being proposed for comment.

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 Guidance Regarding the Treatment of Certain Contingent Payment Debt Instructions with one or more Payments that are Denominated in, or Determined by Reference to, a Nonfunctional Currency.

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 the Implementation of Form 990.

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 8894, Request to Revoke Partnership Level Tax Treatment Election.

The Alcohol and Tobacco Tax and Trade Bureau proposes to establish the approximately 3,800 square-mile ``Wisconsin Ledge'' viticultural area in northeast Wisconsin. TTB designates viticultural areas to allow vintners to better describe the origin of their wines and to allow consumers to better identify wines they may purchase. TTB invites comments on this proposed addition to its regulations.

An open meeting of the Taxpayer Advocacy Panel Tax Forms and Publications Project Committee will be conducted. 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 Taxpayer Advocacy Panel Notice Improvement Project Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas and suggestions on improving customer service at the Internal Revenue Service.