Department of Treasury 2020 – Federal Register Recent Federal Regulation Documents

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Rollover Rules for Qualified Plan Loan Offset Amounts
Document Number: 2020-16564
Type: Proposed Rule
Date: 2020-08-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document sets forth proposed regulations relating to amendments made to section 402(c) of the Internal Revenue Code (Code) by section 13613 of the Tax Cuts and Jobs Act, Public Law 115-97 (131 Stat. 2054) (TCJA). Section 13613 of TCJA provides an extended rollover period for a qualified plan loan offset, which is a type of plan loan offset. These regulations affect participants, beneficiaries, sponsors, and administrators of qualified employer plans.
Certain Outbound Property Transfers by Domestic Corporations; Certain Stock Distributions by Domestic Corporations; Correcting Amendment
Document Number: 2020-16354
Type: Rule
Date: 2020-08-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to a Treasury Decision 9614, which was published in the Federal Register on Tuesday, March 19, 2013. Treasury Decision 9614 contained final regulations that apply to transfers of certain property by a domestic corporation to a foreign corporation in certain nonrecognition exchanges, or to distributions of stock of certain foreign corporations by a domestic corporation in certain nonrecognition distributions.
Agency Information Collection Activities: Information Collection Revision; Comment Request; Licensing Manual
Document Number: 2020-18153
Type: Notice
Date: 2020-08-19
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
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 revision to a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and respondents are not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning a revision to its information collection titled ``Licensing Manual.''
Guidance Under Section 1061
Document Number: 2020-17108
Type: Proposed Rule
Date: 2020-08-14
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations that provide guidance under section 1061 of the Internal Revenue Code (Code). Section 1061 recharacterizes certain net long-term capital gains of a partner that holds one or more applicable partnership interests as short-term capital gains. An applicable partnership interest is an interest in a partnership that is transferred to or held by a taxpayer, directly or indirectly, in connection with the performance of substantial services by the taxpayer, or any other related person, in any applicable trade or business. These proposed regulations also amend existing regulations on holding periods to clarify the holding period of a partner's interest in a partnership that includes in whole or in part an applicable partnership interest and/or a profits interest. These regulations affect taxpayers who directly or indirectly hold applicable partnership interests in partnerships and the passthrough entities in which the applicable partnership interest is held, directly or indirectly.
Base Erosion and Anti-Abuse Tax; Correcting Amendment
Document Number: 2020-16383
Type: Rule
Date: 2020-08-14
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final regulations (TD 9885) that were published in the Federal Register on Friday, December 6, 2019. The final regulations implementing the base erosion and anti- abuse tax, designed to prevent the reduction of tax liability by certain large corporate taxpayers through certain payments made to foreign related parties and certain tax credits.
Minority Depository Institutions Advisory Committee
Document Number: 2020-17741
Type: Notice
Date: 2020-08-13
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
The Office of the Comptroller of the Currency (OCC) announces a meeting of the Minority Depository Institutions Advisory Committee (MDIAC).
Agency Information Collection Activities: Information Collection Renewal; Comment Request; Licensing Manual
Document Number: 2020-17704
Type: Notice
Date: 2020-08-13
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
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 continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and respondents are not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled ``Licensing Manual.''
Open Meeting of the Taxpayer Advocacy Panel Taxpayer Communications Project Committee
Document Number: 2020-17671
Type: Notice
Date: 2020-08-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Taxpayer Communications 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.
Open Meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Lines Project Committee
Document Number: 2020-17668
Type: Notice
Date: 2020-08-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Toll-Free Phone Lines 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.
Open Meeting of the Taxpayer Advocacy Panel Joint Committee
Document Number: 2020-17667
Type: Notice
Date: 2020-08-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel Joint Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel's Tax Forms and Publications Project Committee
Document Number: 2020-17666
Type: Notice
Date: 2020-08-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's (TAP) Tax Forms and Publications Project Committee will be conducted. The TAP is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Open Meeting of the Taxpayer Advocacy Panel's Notices and Correspondence Project Committee
Document Number: 2020-17665
Type: Notice
Date: 2020-08-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Notices and Correspondence 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.
Open Meeting of the Taxpayer Advocacy Panel's Special Projects Committee
Document Number: 2020-17664
Type: Notice
Date: 2020-08-13
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel's Special Projects Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Collective Investment Funds: Prior Notice Period for Withdrawals
Document Number: 2020-17322
Type: Rule
Date: 2020-08-13
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
OCC regulations permit a national bank or Federal Savings association (collectively, a bank) administering a collective investment fund (CIF) that is invested primarily in real estate or other assets that are not readily marketable to require a prior notice period, not to exceed one year, for withdrawals from the fund. The OCC interprets this notice provision as requiring the bank to withdraw an account within the prior notice period or, if permissible under the CIF's written plan, within one year after prior notice was required (standard withdrawal period). The OCC is issuing an interim final rule to codify the standard withdrawal period and create a limited exception that allows a bank, with OCC approval, to withdraw an account from the CIF up to one year beyond the standard withdrawal period, with opportunities for further extensions, provided that certain conditions are satisfied. The exception is intended to enable a bank to preserve the value of the CIF's assets for the benefit of fund participants during unanticipated and severe market conditions, such as those resulting from the current national health emergency concerning the coronavirus disease (COVID-19) outbreak.
Rules Regarding Certain Hybrid Arrangements; Correcting Amendment
Document Number: 2020-15842
Type: Rule
Date: 2020-08-12
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final regulations Treasury Decision 9896 that were published in the Federal Register on Wednesday, April 8, 2020. The final regulations providing guidance regarding hybrid dividends and certain amounts paid or accrued pursuant to hybrid arrangements, which generally involve arrangements whereby U.S. and foreign tax law classify a transaction or entity differently for tax purposes.
Open Meeting: Community Development Advisory Board
Document Number: 2020-17493
Type: Notice
Date: 2020-08-11
Agency: Community Development Financial Institutions Fund, Department of Treasury, Department of the Treasury
This notice announces an open meeting of the Community Development Advisory Board (the Advisory Board), which provides advice to the Director of the Community Development Financial Institutions Fund (CDFI Fund). This meeting will be conducted virtually. A link to register to view the meeting can be found at the top of www.cdfifund.gov/cdab.
Treatment of Payments to Charitable Entities in Return for Consideration
Document Number: 2020-17393
Type: Rule
Date: 2020-08-11
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under sections 162, 164, and 170 of the Internal Revenue Code (Code). First, the final regulations update the regulations under section 162 to reflect current law regarding the application of section 162 to taxpayers that make payments or transfers for business purposes to entities described in section 170(c). Second, the final regulations provide safe harbors under section 162 to provide certainty with respect to the treatment of payments made by business entities to entities described in section 170(c). Third, the final regulations provide a safe harbor under section 164 for payments made to an entity described in section 170(c) by individuals who itemize deductions and receive or expect to receive a State or local tax credit in return. Fourth, the final regulations update the regulations under section 170 to reflect past guidance and case law regarding the application of the quid pro quo principle under section 170 to a donor who receives or expects to receive benefits from a third party. These regulations affect taxpayers who make transfers to entities described in section 170(c) for business purposes, and taxpayers who receive State or local tax credits in exchange for transfers to such entities or who receive other third-party benefits in exchange for transfers to such entities.
Guidance Involving Hybrid Arrangements and the Allocation of Deductions Attributable to Certain Disqualified Payments Under Section 951A (Global Intangible Low-Taxed Income); Correction
Document Number: 2020-15857
Type: Proposed Rule
Date: 2020-08-11
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains a correction to a notice of proposed rulemaking that was published in the Federal Register on April 8, 2020. The proposed regulations that adjust hybrid deduction accounts to take into account earnings and profits of a controlled foreign corporation that are included in income by a United States shareholder.
Prices of First Spouse and End of World War II 75th Anniversary Gold Coins on the 2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products Grid
Document Number: 2020-17226
Type: Notice
Date: 2020-08-07
Agency: United States Mint, Department of Treasury, Department of the Treasury
The United States Mint announces pricing for the First Spouse and End of World War II 75th Anniversary Gold Coins on the 2020 Pricing of Numismatic Gold, Commemorative Gold, Platinum, and Palladium Products Grid.
Certain Non-Government Persons Not Authorized To Participate in Examinations of Books and Witnesses as a Section 6103(n) Contractor
Document Number: 2020-16912
Type: Proposed Rule
Date: 2020-08-07
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document withdraws a notice of proposed rulemaking (REG- 132434-17) published in the Federal Register on March 28, 2018, which contained proposed regulations that addressed the participation of persons described under section 6103(n) of the Code in the interview of a summoned witness and excluded certain non-government attorneys from participating in an IRS examination. This document also contains new proposed regulations to implement section 7602(f) of the Internal Revenue Code (Code), which was added to the Code by the Taxpayer First Act of 2019. The new proposed regulations implement new section 7602(f) regarding the persons who may be provided books, papers, records, or other data obtained pursuant to section 7602 for the sole purpose of providing expert evaluation and assistance to the IRS, and continue to propose limitations on the types of non-governmental attorneys to whom, under the authority of section 6103(n), any books, papers, records, or other data obtained pursuant to section 7602 may be provided. The new proposed regulations also propose to prohibit any IRS contractors from asking a summoned person's representative to clarify an objection or assertion of privilege. The regulations affect these persons.
Quarterly Publication of Individuals, Who Have Chosen To Expatriate, as Required by Section 6039G
Document Number: 2020-17176
Type: Notice
Date: 2020-08-06
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This notice is provided in accordance with IRC section 6039G of the Health Insurance Portability and Accountability Act (HIPPA) of 1996, as amended. This listing contains the name of each individual losing United States citizenship (within the meaning of section 877(a) or 877A) with respect to whom the Secretary received information during the quarter ending June 30, 2020. For purposes of this listing, long- term residents, as defined in section 877(e)(2), are treated as if they were citizens of the United States who lost citizenship.
Open Meeting of the Taxpayer Advocacy Panel Joint Committee
Document Number: 2020-17141
Type: Notice
Date: 2020-08-06
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
An open meeting of the Taxpayer Advocacy Panel Joint Committee will be conducted. The Taxpayer Advocacy Panel is soliciting public comments, ideas, and suggestions on improving customer service at the Internal Revenue Service.
Effect of Section 67(g) on Trusts and Estates; Hearing Cancellation
Document Number: 2020-17126
Type: Proposed Rule
Date: 2020-08-05
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document cancels a public hearing on proposed regulations that proposed regulations clarifying that certain deductions allowed to an estate or nongrantor trust are not miscellaneous itemized deductions and thus are not affected by the suspension of the deductibility of miscellaneous itemized deductions for taxable years beginning after December 31, 2017 and before January 1, 2026. The proposed regulations also provide guidance on determining the character, amount, and allocation of deductions in excess of gross income succeeded to by a beneficiary on the termination of an estate or non-grantor trust.
Small Business Taxpayer Exceptions Under Sections 263A, 448, 460 and 471
Document Number: 2020-16364
Type: Proposed Rule
Date: 2020-08-05
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations to implement legislative changes to sections 263A, 448, 460, and 471 of the Internal Revenue Code (Code) that simplify the application of those tax accounting provisions for certain businesses having average annual gross receipts that do not exceed $25,000,000, adjusted for inflation. This document also contains proposed regulations regarding certain special accounting rules for long-term contracts under section 460 to implement legislative changes applicable to corporate taxpayers. The proposed regulations generally affect taxpayers with average annual gross receipts of not more than $25 million (adjusted for inflation). Additionally, this document contains a request for comments regarding the application of section 460 (or other special methods of accounting) to a contract with income that is accounted for in part under section 460 (or other special method) and in part under section 451.
Proposed Collection; Comment Request for Form 944, Form 944(SP), Form 944-X, and Form 944-X(SP)
Document Number: 2020-16973
Type: Notice
Date: 2020-08-04
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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. Currently, the IRS is soliciting comments concerning Form 944, Employer's Annual Employment Tax Return, Form 944(SP), Declaracion Federal Anual de Impuestos del Patrono o Empleador, and Form 944-X, Adjusted Employer's Annual Federal Tax Return or Claim for Refund, and 944-X(SP), Ajuste a la Declaraci[oacute]n Federal ANUAL del Patrono o Reclamaci[oacute]n de Reembolso.
Proposed Collection; Comment Request for Form 15597
Document Number: 2020-16972
Type: Notice
Date: 2020-08-04
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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. Currently, the IRS is soliciting comments concerning Form 15597, Foreclosure Sale Purchaser Contact Information Request.
Proposed Collection; Comment Request for the General Business Credit
Document Number: 2020-16970
Type: Notice
Date: 2020-08-04
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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. Currently, the IRS is soliciting comments concerning Form 3800, General Business Credit.
Rules Regarding Certain Hybrid Arrangements; Correction
Document Number: 2020-15940
Type: Rule
Date: 2020-08-04
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains corrections to final regulations Treasury Decision 9896 that were published in the Federal Register on Wednesday, April 8, 2020. The final regulations providing guidance regarding hybrid dividends and certain amounts paid or accrued pursuant to hybrid arrangements, which generally involve arrangements whereby U.S. and foreign tax law classify a transaction or entity differently for tax purposes.
Proposed Information Collections; Comment Request (No. 79)
Document Number: 2020-16619
Type: Notice
Date: 2020-07-31
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
As part of our continuing effort to reduce paperwork and respondent burden, and as required by the Paperwork Reduction Act of 1995, we invite comments on the proposed or continuing information collections listed below in this notice.
Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds
Document Number: 2020-15525
Type: Rule
Date: 2020-07-31
Agency: Commodity Futures Trading Commission, Agencies and Commissions, Federal Deposit Insurance Corporation, Federal Reserve System, Securities and Exchange Commission, Department of Treasury, Office of the Comptroller of the Currency
The OCC, Board, FDIC, SEC, and CFTC (together, the agencies) are adopting amendments to the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity or nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund (covered funds). These final amendments are intended to improve and streamline the regulations implementing section 13 of the BHC Act by modifying and clarifying requirements related to the covered fund provisions of the rules.
Excise Taxes; Transportation of Persons by Air; Transportation of Property by Air; Aircraft Management Services
Document Number: 2020-15504
Type: Proposed Rule
Date: 2020-07-31
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations relating to the excise taxes imposed on certain amounts paid for transportation of persons and property by air. Specifically, the proposed regulations relate to the exemption for amounts paid for certain aircraft management services. The proposed regulations also amend, revise, redesignate, and remove provisions of existing regulations that are out-of-date or obsolete and generally update the existing regulations to incorporate statutory changes, case law, and other published guidance. In addition, the proposed regulations withdraw a provision that was included in a prior notice of proposed rulemaking that was never finalized and re-propose it. The proposed regulations affect persons that provide air transportation of persons and property, and persons that pay for those services.
Proposed Collection; Comment Request for Forms 943, 943-PR, 943-A, and 943A-PR and 943 (Schedule R)
Document Number: 2020-16449
Type: Notice
Date: 2020-07-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Form 943, Employer's Annual Tax Return for Agricultural Employees, 943-PR, Planilla Para La Declarcion Annual De La Contribucion Federal Del Patrono De Empleados Agricolas, 943-A, Agricultural Employer's Record of Federal Tax Liability, and 943A-PR, Registro De La Obligacion Contributiva Del Patrono Agricola, and 943 (Schedule R), Allocation Schedule for Aggregate Form 943 Filers.
Recapture of Excess Employment Tax Credits Under the Families First Act and the CARES Act
Document Number: 2020-16302
Type: Rule
Date: 2020-07-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document amends the regulations under sections 3111 and 3221 of the Internal Revenue Code with the addition of temporary regulations issued under the regulatory authority granted by the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act to prescribe such regulations as may be necessary for reconciling advance payments of refundable employment tax credits provided under these acts and recapturing the benefit of the credits when necessary. Consistent with this authority, these temporary regulations authorize the assessment of any erroneous refund of the credits paid under sections 7001 and 7003 of the Families First Coronavirus Response Act, including any increases in such credits under section 7005 thereof, and section 2301 of the Coronavirus Aid, Relief, and Economic Security Act. The text of these temporary regulations also serves as the text of the proposed regulations (REG-111879-20) set forth in the notice of proposed rulemaking on this subject in the Proposed Rules section of this issue of the Federal Register.
Recapture of Excess Employment Tax Credits Under the Families First Act and the CARES Act
Document Number: 2020-16300
Type: Proposed Rule
Date: 2020-07-29
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
In the Rules and Regulations section of this issue of the Federal Register, the IRS is issuing temporary regulations pursuant to the regulatory authority granted under the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act to prescribe such regulations as may be necessary for reconciling advance payments of refundable employment tax credits provided under these acts and recapturing the benefit of the credits when necessary. These proposed regulations affect businesses and tax- exempt organizations that claim certain credits under the Families First Coronavirus Response Act for qualifying sick and family leave wages and that claim certain employee retention credits under the Coronavirus Aid, Relief, and Economic Security Act. The text of those temporary regulations serves as the text of these proposed regulations.
Small Dollar Loan Program
Document Number: 2020-16213
Type: Notice
Date: 2020-07-27
Agency: Community Development Financial Institutions Fund, Department of Treasury, Department of the Treasury
The Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the Small Dollar Loan Program (SDLP).
Notice of Information Collection and Request for Public Comment
Document Number: 2020-16196
Type: Notice
Date: 2020-07-27
Agency: Community Development Financial Institutions Fund, Department of Treasury, Department of the Treasury
The Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is extending the public comment period concerning the Community Development Financial Institutions ProgramCertification Application, which Applicants will submit through the CDFI Fund's Awards Management Information System (AMIS). The original Federal Register document announcing the comment period was published on May 7, 2020. With this extension, the comment period ends on November 5, 2020.
Agency Information Collection Activities; Proposed Collection: Comment Request; Extension of Comment Period; Annual Certification and Data Collection Report Form (ACR) and the Certification Transaction Level Report (CTLR)
Document Number: 2020-16195
Type: Notice
Date: 2020-07-27
Agency: Community Development Financial Institutions Fund, Department of Treasury, Department of the Treasury
The Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is extending the public comment period concerning the Annual Certification and Data Collection Report Form (ACR) and the Certification Transaction Level Report (CTLR). The original Federal Register document announcing the comment period was published on May 7, 2020. With this extension, the comment period ends on November 5, 2020.
Proposed Collection; Comment Request Concerning Time and Manner of Making Certain Elections Under the Technical and Miscellaneous Revenue Act of 1988, and the Redesignation of Certain Other Temporary Elections
Document Number: 2020-15948
Type: Notice
Date: 2020-07-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning time and manner of making certain elections under the technical and miscellaneous revenue act of 1988, and the redesignation of certain other temporary elections.
Guidance Under Sections 951A and 954 Regarding Income Subject to a High Rate of Foreign Tax
Document Number: 2020-15351
Type: Rule
Date: 2020-07-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains final regulations under the global intangible low-taxed income and subpart F income provisions of the Internal Revenue Code regarding the treatment of income that is subject to a high rate of foreign tax. The final regulations affect United States shareholders of foreign corporations. This guidance relates to changes made to the applicable law by the Tax Cuts and Jobs Act, which was enacted on December 22, 2017.
Guidance Under Section 954(b)(4) Regarding Income Subject to a High Rate of Foreign Tax
Document Number: 2020-15349
Type: Proposed Rule
Date: 2020-07-23
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document contains proposed regulations under the subpart F income and global intangible low-taxed income provisions of the Internal Revenue Code regarding the treatment of certain income that is subject to a high rate of foreign tax. This document also contains proposed regulations under the information reporting provisions for foreign corporations to facilitate the administration of certain rules in the proposed regulations. The proposed regulations would affect United States shareholders of controlled foreign corporations.
National Banks and Federal Savings Associations as Lenders
Document Number: 2020-15997
Type: Proposed Rule
Date: 2020-07-22
Agency: Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
The Office of the Comptroller of the Currency (OCC) is proposing a regulation to determine when a national bank or Federal savings association (bank) makes a loan and is the ``true lender'' in the context of a partnership between a bank and a third party, such as a marketplace lender. Under this proposal, a bank makes a loan if, as of the date of origination, it is named as the lender in the loan agreement or funds the loan.
Proposed Collection; Comment Request for Certificate of Foreign Contracting Party Receiving Federal Procurement Payments
Document Number: 2020-15829
Type: Notice
Date: 2020-07-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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. Currently, the IRS is soliciting comments concerning Certificate of Foreign Contracting Party Receiving Federal Procurement Payments.
Proposed Collection; Comment Request for the General Business Credit
Document Number: 2020-15828
Type: Notice
Date: 2020-07-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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. Currently, the IRS is soliciting comments concerning Form 3800, General Business Credit.
Proposed Agency Information Collection Activities; Comment Request
Document Number: 2020-15788
Type: Notice
Date: 2020-07-22
Agency: Federal Deposit Insurance Corporation, Agencies and Commissions, Federal Reserve System, Office of the Comptroller of the Currency, Department of Treasury, Department of the Treasury
In accordance with the requirements of the Paperwork Reduction Act of 1995 (PRA), the OCC, the Board, and the FDIC (the ``agencies'') may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, has approved the agencies' publication for public comment of a proposal to revise and extend the Consolidated Reports of Condition and Income (Call Reports) (FFIEC 031, FFIEC 041, and FFIEC 051) and Regulatory Capital Reporting for Institutions Subject to the Advanced Capital Adequacy Framework (FFIEC 101), which are currently approved collections of information. The FFIEC has also approved the Board's publication for public comment, on behalf of the agencies, of a proposal to revise and extend the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002) and the Report of Assets and Liabilities of a Non-U.S. Branch that is Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S), which also are currently approved collections of information. The agencies are requesting comment on revisions to the Call Reports, FFIEC 101, and FFIEC 002 related to interim final rules and a final rule issued in response to disruptions related to the Coronavirus Disease 2019 (COVID-19) that revise the agencies' capital rule, the Board's regulations on reserve requirements and insider loans, and the FDIC's assessments regulations as well as certain sections of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) for which the agencies received emergency approvals from OMB. In addition, the agencies are proposing changes to the Call Report and the FFIEC 002 related to U.S. generally accepted accounting principles (GAAP). Further, the agencies are proposing revisions to the Call Report to reflect the expiration of the temporary exception for estimated disclosures on international remittance transfers and certain amendments to the Remittance Rule recently finalized by the Consumer Financial Protection Bureau (Bureau), which is a member of the FFIEC.
Credit for Carbon Oxide Sequestration; Hearing
Document Number: 2020-15237
Type: Proposed Rule
Date: 2020-07-22
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
This document provides a notice of public hearing on proposed regulations regarding the credit for carbon oxide sequestration under section 45Q of the Internal Revenue Code (Code).
Proposed Collection; Comment Request for Form 15597
Document Number: 2020-15593
Type: Notice
Date: 2020-07-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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. Currently, the IRS is soliciting comments concerning Form 15597, Foreclosure Sale Purchaser Contact Information Request.
Proposed Collection; Comment Request for Forms 706 and Schedule R-1 (Form 706)
Document Number: 2020-15584
Type: Notice
Date: 2020-07-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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. The IRS is soliciting comments concerning Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return and Schedule R-1 (Form 706), Generation-Skipping Transfer Tax.
Proposed Collection; Comment Request Concerning Representation of Taxpayers Before the Internal Revenue Service
Document Number: 2020-15573
Type: Notice
Date: 2020-07-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning representation of taxpayers before the Internal Revenue Service.
Proposed Collection; Comment Request Concerning Source of Compensation for Labor or Personal Services
Document Number: 2020-15572
Type: Notice
Date: 2020-07-20
Agency: Internal Revenue Service, Department of Treasury, Department of the Treasury
The Internal Revenue Service, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning source of compensation for labor or personal services.
Proposed Modification of the Boundaries of the Santa Lucia Highlands and Arroyo Seco Viticultural Areas
Document Number: 2020-14579
Type: Proposed Rule
Date: 2020-07-20
Agency: Alcohol and Tobacco Tax and Trade Bureau, Department of Treasury, Department of the Treasury
The Alcohol and Tobacco Tax and Trade Bureau (TTB) proposes to modify the boundaries of the ``Santa Lucia Highlands'' viticultural area and the adjacent ``Arroyo Seco'' viticultural area in Monterey County, California. The proposed boundary modifications would remove approximately 376 acres from the Santa Lucia Highlands viticultural area and would also remove 148 acres from the Arroyo Seco viticultural area and place them entirely within the Santa Lucia Highlands viticultural area. The proposed viticultural areas and the proposed modification areas are located entirely within the established Monterey and Central Coast viticultural areas. 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.