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March 9, 2022 The Honorable Ron Wyden The Honorable Richard Neal Subject: Department of the Treasury, Internal Revenue Service: Guidance on the Transition from Interbank Offered Rates to Other Reference Rates Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of the Treasury, Internal Revenue Service (IRS) entitled “Guidance on the Transition from Interbank Offered Rates to Other Reference Rates” (RIN: 1545-BO91). We received the rule on January 3, 2022. It was published in the Federal Register as final regulations on January 4, 2022. 87 Fed. Reg. 166. The effective date is March 7, 2022.[1] According to IRS, the final rule provides guidance on the tax consequences of the transition away from the use of certain interbank offered rates in debt instruments, derivative contracts, and other contracts. IRS stated that the final rule is necessary to address the possibility that a modification of the terms of a contract to replace such an interbank offered rate with a new reference rate could result in the realization of income, deduction, gain, or loss for federal income tax purposes, or could have other tax consequences. IRS also stated that the final rule will affect parties to contracts that reference certain interbank offered rates. Enclosed is our assessment of IRS’s compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398.  Shirley A. Jones Managing Associate General Counsel Enclosure cc: Carrie E. Mudd ENCLOSURE REPORT UNDER 5 U.S.C. § 801(a)(2)(A) ON A MAJOR RULE (i) Cost-benefit analysis In its submission to us, IRS indicated that it did not prepare an analysis of the costs and benefits of this final rule. (ii) Agency actions relevant to the Regulatory Flexibility Act (RFA), 5 U.S.C. §§ 603–605, 607, and 609 IRS certified that this final rule will not have a significant economic impact on a substantial number of small entities. (iii) Agency actions relevant to sections 202–205 of the Unfunded Mandates Reform Act of 1995, 2 U.S.C. §§ 1532–1535 IRS determined that this final rule does not include any federal mandate that may result in expenditures by state, local, or tribal governments, or by the private sector in excess of $100 million or more in 1995 dollars, adjusted for inflation. (iv) Other relevant information or requirements under acts and executive orders Administrative Procedure Act, 5 U.S.C. §§ 551 et seq. IRS published a proposed rule on October 9, 2019. 84 Fed. Reg. 54068. IRS stated that it received eight public comments on the proposed rule. IRS provided a summary of and responded to the comments in the final rule. Paperwork Reduction Act (PRA), 44 U.S.C. §§ 3501–3520 In its submission to us, IRS stated that this final rule does not contain a collection of information requiring approval by the Office of Management and Budget (OMB) under the PRA. Statutory authorization for the rule IRS promulgated this final rule pursuant to sections 148, 860G, 988, 1275, 7701, and 7805 of title 26, United States Code. Executive Order No. 12866 (Regulatory Planning and Review) IRS stated that this final rule has been designated by the Office of Information and Regulatory Affairs as economically significant under the Order pursuant to the Memorandum of Agreement (April 11, 2018) between the Department of the Treasury and OMB regarding review of tax regulations. Executive Order No. 13132 (Federalism) IRS stated that this final rule does not have Federalism implications and does not impose substantial direct compliance costs on state and local governments or preempt state law within the meaning of the Order.
DEPARTMENT OF THE TREASURY – INTERNAL REVENUE SERVICE (IRS)No interaction with the federal government is more certain than US taxpayers’ dealings with the Internal Revenue Service (IRS), whether through voluntary compliance, examinations, or tax enforcement. Leading companies and global market leaders need to know how to interface productively with this powerful governmental agency, including how to:
Latham’s Tax Practice maintains consistent contact with IRS officials to help clients achieve their goals vis-à-vis the agency. For instance, Latham lawyers regularly approach the IRS and the Treasury Department on private letter rulings and regulatory comments, while also maintaining close professional relationships with federal tax officials. The team recognizes the value of understanding the government’s views on current tax issues, and is well positioned to advise clients on related matters. In addition, the firm’s Washington, D.C. Tax Controversy Practice provides critical advice on tax compliance issues, including the astute handling of IRS inquiries, examinations, and administrative appeals, as well as “eggshell” investigations and voluntary correction of non-compliance. When litigation must occur, the team draws on its track record of success in handling complex tax litigation at trial and on appeal. News & InsightsIs the Department of Treasury the same as the IRS?The Internal Revenue Service (IRS) is the largest of Treasury's bureaus. It is responsible for determining, assessing, and collecting internal revenue in the United States.
What is International revenue Services?Founded in 1862, the Internal Revenue Service (IRS) is a U.S. federal agency responsible for the collection of taxes and enforcement of tax laws. Most of the work of the IRS involves income taxes, both corporate and individual; it processed nearly 240 million tax returns in 2020.
Does the Department of Treasury send checks?The Treasury Department will announce every week the number of checks that are being mailed out for that week, and the amount of tax relief that is being sent to taxpayers.
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The Check Is In the Mail.. What to do if you received a payment from the US Department of the Treasury and do not know what it is for?Find Information About a Payment
If you received a check or EFT (Electronic Funds Transfer) payment from Treasury and do not know why it was sent to you, the regional financial center (RFC) that sent the payment can provide more information.
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