Treasury Retrospective Review Plan Status Report

July 2015

1

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

IRS Interim 

Guidance on 

the Failure to 

Deposit 

Penalty

under

Section 6656 

for 

Taxpayers 

Unable to get 

a Bank 

Account

SBSE04-0615-

0045

Almost all businesses are required to 

pay tax obligations by electronic 

funds transfer using the Electronic 

Federal Tax Payment System 

(EFTPS). There are some small 

businesses who are unable to obtain 

a bank account and not able to make 

arrangements for depositing their 

taxes through the EFTPS. As such, 

the penalty under section 6656 for 

not depositing electronically would 

apply to those businesses unless they 

can show reasonable cause. This 

guidance provides a streamlined 

process for these businesses in which

they can provide a signed statement 

explaining their efforts to get a bank 

account and include any 

corroborating documentation. As a 

result, the IRS will not impose or

will abate the penalty. 

New since 

previous 

report.

June 9, 2015; 

available at: 

http://www.irs.

gov/pub/foia/ig/

spder/SBSE-04-

0615-

0045%5B1%5

D.pdf

Streamlined requirements. We received public 

comments about the 

need to address this 

issue in a 

streamlined way for 

these taxpayers.

IRS Simplified 

Procedure 

for Use by 

Small 

Businesses 

in Applying 

the Repair 

Regulations

Rev. 

Proc. 

2015-20

To ease the administrative burden 

face by small business taxpayers in 

applying the tangible property 

regulations, IRS announced a new 

simplified procedure that allowed

small businesses to change a method 

of accounting under the final 

tangible property regulations on a 

prospective basis for the first taxable 

year beginning on or after Jan. 1, 

2014; and also waived the 

requirement to complete and file a 

Form 3115 for small business 

taxpayers that choose to use this 

simplified procedure for 2014.

Completed Feb. 13, 2015 Streamlined requirements. This simplified 

procedure was 

requested by many 

small businesses 

and tax 

professionals. 
Treasury Retrospective Review Plan Status Report

July 2015

2

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

IRS De Minimis 

Safe-Harbor 

Threshold 

for Small 

Businesses 

Rev. 

Proc. 

2015-20

The tangible property regulations 

provided a de minimis safe harbor 

threshold for deducting (rather than 

capitalizing) certain expenses that 

are less than $500, for taxpayers 

without an applicable financial 

statement. IRS requested comments 

on whether this de mininis safe 

harbor limit should be raised to an 

amount greater than $500 to provide 

small businesses with increased 

administrative convenience. 

New 2015 Safe harbor exemptions. Public comments 

were sought and 

received, and are 

being used to 

inform the 

appropriate 

increased amount 

for the safe harbor.

IRS Online 

Payment and 

Installment 

Agreement 

for 

Individuals 

and 

Businesses

The IRS implemented an online 

installment agreement option, 

allowing individuals and businesses 

to apply online for an installment 

agreement if they cannot pay their 

taxes in full. This online capability 

provides a convenient option for 

taxpayers, as an online installment 

option can be established any time of 

day, at the convenience of the 

taxpayer. 

Ongoing Public feedback on 

the existing 

capabilities has and 

will inform our 

improvements, 

modifications and 

any added features. 

This web-based application allows 

eligible taxpayers or their authorized 

representatives to self-qualify, apply 

for, and receive immediate 

notification of approval, saving them 

time and providing them with a 

convenient avenue for meeting their 

tax obligations.
Treasury Retrospective Review Plan Status Report

July 2015

3

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

IRS Form 1098-T 

Penalty 

Abatement/

Waiver 

Colleges and Universities are 

required to report to the IRS on 

Form 1098-T information on student 

tuition, and the form must include 

the student’s taxpayer identification 

number (TIN). If the Form 1098-T 

does not include the student’s TIN, 

the college or university I is subject 

to penalties unless they have 

reasonable cause. Currently, colleges 

and universities request reasonable 

cause after the Form 1098-T is filed 

and after a penalty notice is received 

by the institution. Congress recently 

changed the law relating to 

reasonable cause for missing TINs 

on the Form 1098-T to allow 

institutions to request reasonable 

cause at the time the forms are filed. 

IRS will publish guidance to 

implement this provision that will be

effective for Forms 1098-T due after 

December 31, 2015. These new 

rules reduce burden by eliminating 

the need to respond to penalty 

notices and streamline the process 

for requesting reasonable cause 

New 2015-2016 Streamline requirements Public comment 

and analysis will be 

used to identify 

improvements.
Treasury Retrospective Review Plan Status Report

July 2015

4

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

IRS Taxpayer 

Assistance 

Centers –

Appointment 

Service 

Center

For Filing Season 2015, the IRS 

tested face-to-face service delivery 

by appointment in 44 select 

Taxpayer Assistance Centers 

(TACs). In collaboration with the 

National Treasury Employees Union, 

pre-decisional input on test 

parameters was secured in nearrecord time. Within a few months, 

the IRS developed criteria, 

procedures, and an appointment 

scheduling tool; re-established 

telephone messaging capabilities in 

the TACs; trained employees to 

schedule appointments; and 

established a dedicated toll-free line 

for select test TACs. Using a phased 

approach, the first appointments 

were scheduled in the 10 large TACs 

for the week of February 23; the 

remaining 14 medium and 20 small 

TACs were fully operational the 

week of March 9. 

Ongoing Pilot projects and streamlined 

processes

Third party 

assessments and 

public comment. 

Providing service by appointment 

reduced unnecessary taxpayer visits to 

the TACs. For example, appointment 

schedulers promoted the web-first 

strategy by educating taxpayers on 

alternative ways to obtain service, 

which has led to over 22,000 

taxpayers opting to use the web and 

not schedule an appointment. For 

taxpayers who chose to walk into the 

TAC to get an appointment, assistors 

also educated them of alternative 

service options, which led to nearly 

18,000 choosing one of these 

alternative methods over an 

appointment. Since the launch of the 

test, the IRS has scheduled over 

159,000 appointments at test locations 

and, overall, the length of time 

taxpayers waited for service has 

improved.
Treasury Retrospective Review Plan Status Report

July 2015

5

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

Departmental 

Offices 

Reporting of 

International 

Capital and 

ForeignCurrency 

Transactions 

and Positions

TBD The International Investment and Trade 

in Services Survey Act (22 U.S.C. 

3101 et seq.) (the Act) provides for the 

collection of comprehensive and 

reliable information concerning 

international investment while 

minimizing the reporting burden on 

respondents. The Act specifies that 

regular data collection programs and 

surveys, as outlined in the Act, or as 

deemed necessary by the Secretary of 

the Treasury pursuant to E.O. 11961, 

shall be conducted to secure 

information on international capital 

flows and other information related to 

international portfolio investment, 

including information that may be 

necessary for computing and analyzing 

the U.S. balance of payments. The 

regulations (31 CFR part 128) 

implement certain provisions of the Act 

governing the reporting of portfolio 

capital positions and transactions for 

balance of payments purposes. These 

regulations implement the reporting 

requirements provided in 22 U.S.C. 

286f and E.O. 10033, whereby the 

Treasury is directed to collect 

information with respect to capital 

movements which are between persons 

within the United States and foreign 

countries and which pertain to the 

monetary reserves of the United States, 

except information pertaining to direct 

investment transactions, U.S. 

government foreign lending operations, 

and claims and liabilities of U.S. 

Government agencies. 

These regulations were last updated in 

1993 and are under review currently to 

determine if streamlining or other 

revisions are appropriate. 

New Interim final 

rule anticipated 

in 2015.

TBD Public comment. TBD
Treasury Retrospective Review Plan Status Report

July 2015

6

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

Financial 

Crimes 

Enforcement 

Network 

(FinCEN)

Reports of 

Foreign 

Financial 

Account 

(FBAR)

1506-

AB26

Treasury and FinCEN propose to 

take a fresh look at the FBAR 

regulation and suggest a way to 

adjust reporting burden more 

rationally among the impacted 

parties, we are also increasing the 

amount of information made 

available to law enforcement by

eliminating current filing exemptions 

for persons/entities with 25 or more 

foreign accounts. The NPRM 

expands the number of exemptions 

for persons with signature authority 

but no financial interest. 

Ongoing NPRM 2015 FinCEN proposes a fresh look 

at the FBAR regulation and 

suggest a way to adjust burden 

more rationally among the 

impacted parties, while also 

increasing the amount of 

information to law enforcement 

while streamlining 

requirements

Public comments. The latest completed/posted filing 

year, 2013, individuals filed 

approximately 830,000 reports and 

entities filed 57,000. The FBAR 

filling process/system is electronic 

only, which reduces the filing burden 

from the previous paper only process.

Alcohol and 

Tobacco Tax 

and Trade 

Bureau (TTB)

Reducing 

Alcohol 

Beverage 

Formulas

TBD TTB requires formulas for certain 

beverage alcohol products to ensure 

that such products are properly 

classified for labeling and tax 

purposes and to ensure that the 

ingredients used in the production of 

these products are approved for such 

use. TTB is currently evaluating 

ways to reduce or eliminate certain 

regulatory requirements for formula 

submissions for beverage alcohol 

products that do not pose a revenue 

or safety risk. Formula requirements 

that can be removed through the 

issuance of guidance short of 

rulemaking will be addressed first, 

with those requiring rulemaking to 

follow. 

Ongoing. NPRM – date 

not yet 

determined.

By reducing the circumstances 

under which beverage alcohol 

formulas must be filed with 

TTB, this initiative will give 

industry members more 

flexibility to make their 

products in accordance with 

new or clarified TTB rules 

rather than seeking formula 

approval for each product.

Internal analysis to 

identify formula 

requirements that

may be no longer 

necessary for 

revenue collection 

or consumer safety

purposes. This 

initiative may 

involve rulemaking 

upon which the 

public may 

comment. 

The changes are expected to result in 

reduced regulatory burdens for the 

beverage alcohol industry, which in 

many cases must obtain formula 

approval from TTB prior to 

production, and also may result in the 

industry being able to bring products 

to market more quickly. In recent 

years, there has been rapid growth in 

the areas of the alcohol beverage 

industry where formula approval is 

required, with TTB receiving 14,007 

formula applications in FY 2014, 

representing an 11 percent increase as 

compared to FY 2013 and a nearly 20 

percent increase since FY 2012. 

Anticipated or realized savings are not 

yet available at this early stage of the 

initiative.
Treasury Retrospective Review Plan Status Report

July 2015

7

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

TTB Revision to 

Specially 

Denatured 

and 

Completely 

Denatured 

Alcohol 

Regulations

1513-

AB03

TTB has proposed changes to 

regulations for specially denatured 

alcohol (SDA) and completely 

denatured alcohol (CDA) that would 

reclassify certain SDA formulas as 

CDA formulas and would establish 

new general-use formulas for articles 

made with SDA so that industry 

members would less frequently need 

to seek formula approval from TTB.

Ongoing.

NPRM 

published 

June 27, 

2013 

(Notice No. 

136, 78 FR 

38628). 

Final rule 

anticipated late 

2015.

The initiative proposes to 

reclassify certain denatured 

alcohol formulas and to 

establish new general-use 

formulas for articles, which 

will give industry members the 

flexibility to manufacture 

articles based on their specific 

needs (subject to general 

parameters set forth in the 

regulations) rather than seeking 

formula approval for each 

article.

The NPRM 

solicited public 

comment, and TTB 

is analyzing the 

comments to 

identify 

improvements that 

will be addressed in 

the final rule.

TTB estimates that these proposed 

changes would result in an 80 percent 

reduction in the formula approval 

submissions currently required from 

industry members and would reduce 

total annual paperwork burden hours 

on affected industry members by 955 

hours, from 1,194 to 239 hours. 

The reduction in formula submissions 

is expected to reduce processing times

of remaining denatured alcohol 

formulas overall and enable TTB to 

redirect its resources to address 

backlogs that exist in other areas of 

TTB’s mission activities, such as 

analyzing compliance samples for 

industrial/fuel alcohol and working 

with industry to test and approve new 

and more environmentally friendly 

denaturants. Other proposed changes 

would remove unnecessary regulatory 

burdens and update the regulations to 

align them with current industry 

practice. 
Treasury Retrospective Review Plan Status Report

July 2015

8

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

TTB Revisions to 

Distilled 

Spirits Plant 

Operations 

Reports and 

Regulations

1513-

AB89

TTB originally proposed to revise 

regulations in 27 CFR Part 19 to 

replace the current four report forms 

used by distilled spirits plants to 

report their operations on a monthly 

basis with two new report forms that 

would be submitted on a monthly 

basis (plants that file excise taxes on 

a quarterly basis would submit the 

new report on a quarterly basis). 

TTB published the reports for 

comment. TTB intends to publish a 

Supplemental NPRM that will 

include new proposals to address 

comments received in response to 

the initial NPRM. 

Ongoing.

NPRM 

published 

December 

5, 2011 

(Notice No. 

124, 76 FR 

75836) . 

The 

comment 

period was 

re-opened 

in Feb. 

2012 for 

public 

comment 

on the 

revised 

forms. 

Supplemental 

NPRM 

publication 

anticipated in 

late 2015.

The supplemental NPRM will 

propose streamlined reporting 

requirements for proprietors of 

distilled spirits plants that 

choose to file their tax returns 

quarterly.

The NPRM 

solicited public 

comment, and TTB 

is analyzing the 

comments to 

identify 

improvements that 

will be addressed in 

the supplemental 

NPRM.

This project, which was included in 

the President’s FY 2012 budget for 

TTB as a cost saving item, will reduce 

the number of monthly plant 

operations reports that must be 

completed and filed by industry 

members and processed by TTB. 

TTB preliminarily estimates that this 

project will result in a reduction of 

paperwork burden hours for industry 

members, as well as savings in 

processing hours and contractor time 

for TTB. In addition, TTB estimates 

that this project will result in 

additional savings in staff time, based 

on the more efficient and effective 

processing of reports and the use of 

report data to reconcile industry 

member tax accounts.

TTB Selected 

Revisions to 

Export and 

Import 

Regulations 

Related to 

the 

International 

Trade Data 

System 

(ITDS)

TTB is currently preparing for the 

implementation of the ITDS and, 

specifically, the transition to an allelectronic import and export 

environment. TTB has completed its 

review of the regulatory 

requirements and identified those 

that it intends to update to account 

for the new all-electronic 

environment. TTB is currently 

preparing rulemaking documents to 

implement these updates. 

Ongoing. The target 

publication date 

for the Final 

Rule regarding 

imports is 

September 30, 

2015. The 

target 

publication date 

for the NPRM 

regarding 

exports is 

September 30, 

2015. 

The proposed regulatory 

amendments will streamline 

the reporting requirements by 

eliminating requirements to 

submit forms to U.S. Customs 

and Border Protection upon 

entry and by eliminating the 

use of one TTB form entirely. 

TTB plans to seek 

public comment as 

part of the 

rulemaking process.

This initiative supports the ITDS 

goals of facilitating and streamlining 

the import and export process. TTB’s 

rulemaking efforts will reduce 

burdens by eliminating requirements 

to submit paper forms. TTB is also 

reviewing existing requirements and 

processes to determine where 

modifications could better take 

advantage of the all-electronic 

capability while reducing burden. 

Estimates of burden reduction are 

currently being developed.
Treasury Retrospective Review Plan Status Report

July 2015

9

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

United States 

Mint

Coin 

Redemption 

Rates and 

Procedures

N/A Updating regulations at 31 CFR Part 

100, subpart C, relating to the 

exchange of uncurrent, bent, partial, 

fused, and mixed coins to clarify 

certain ambiguities in the 

regulations, reflect redemption 

values for new coins issued since the 

regulation was last amended, and 

revise existing redemption processes.

Ongoing.

NPRM 

published 

July 16, 

2014

Comment 

period 

closed 

September 

15, 2014

Final rule 

anticipated in 

2015.

No. Public comments. We anticipate the benefits of the 

revised procedures to include—(1) 

more accurate and consistent 

redemption values based on the 

current coin weights for each 

denomination; (2) elimination of 

public confusion over redemption 

criteria by clarifying that the bureau 

will not accept fused or mixed coins 

for redemption; and (3) elimination of 

public confusion over redemption 

procedures for uncurrent coins by 

instructing the public to deposit 

uncurrent coins with a financial 

institution that will accept them, or 

with a depository institution that has a 

direct relationship with a Federal 

Reserve Bank, which will redeem 

them based on the policies described 

in the Federal Reserve’s Operating 

Circular 2.

Bureau of 

Engraving and 

Printing

Exchange of 

Mutilated 

Paper 

Currency

Interim regulations to update 

mutilated currency procedures and 

eliminate references to obsolete 

practices and terms.

Ongoing.

Interim rule 

published 

on May 29, 

2014 (79 

FR 30724).

Final rule 

anticipated in 

2015.

The regulations were selected for 

retrospective review because they 

were promulgated in 1982 and have 

not been modified since 1991.
Treasury Retrospective Review Plan Status Report

July 2015

10

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

Internal 

Revenue 

Service (IRS)

Modifications 

to Minimum 

Present Value 

Requirements 

for Partial 

Annuity

Distribution 

Options 

Under 

Defined 

Benefit 

Pension Plans

1545–

BJ55

Regulations would change the 

regulations regarding the minimum 

present value requirements for 

defined benefit plan distributions to 

permit plans to simplify the 

treatment of certain optional forms 

of benefit that are paid partly in the 

form of an annuity and partly in a 

more accelerated form.

Ongoing.

NPRM 

published 

on 

February 3, 

2012 

Final rule 

anticipated 

2015.

Public comments. The regulation would affect 

employers who sponsor defined 

benefit plans. It would simplify the 

calculation of the amount of the 

residual annuity that is to be paid in 

the case of a defined plan that offers a 

blended optional form of benefit 

consisting of a partial lump sum and a 

partial annuity. Simplifying this 

calculation could encourage more 

employers to offer this type of option, 

which in turn should lead to more 

employees having lifetime retirement 

income.

IRS Claims for 

Credit or 

Refund

1545-

BI36

Proposed regulations making 

corrections to the section 6402 

regulations to reflect the proper 

place for filing claims for refund or 

credit. 

Completed

TD9727

published 

July24, 

2015 (FR). 

Final rule July 

24, 2015. 

Public comments. The regulations provide all taxpayers 

information to enable them to file a 

claim for refund or credit. The 

regulations update the existing 

regulations that contain outdated 

information. The regulations reduce 

taxpayer burden by making it easier to 

file a claim for refund because the 

regulations no longer contain outdated 

information.
Treasury Retrospective Review Plan Status Report

July 2015

11

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

IRS Amount of 

the Penalty 

Under 

Section 

6707A, as 

Amended by 

the Small 

Business 

Jobs Act of 

2010 

1545-

BK62

Section 6707A imposes a penalty 

on any taxpayer (individual, trust, 

estate, partnership, corporation, etc.)

who fails to include any information 

required to be disclosed under 

section 6011 with respect to a 

reportable transaction on any return 

or statement. Regulations issued 

under section 6011 require taxpayers 

to attach a disclosure statement 

reporting specific information to the 

taxpayer’s tax return for each tax 

year that the taxpayer participated in 

a reportable transaction. Congress 

revised the amount of the penalty 

under section 6707A in the Small 

Business Jobs Act of 2010, and these 

proposed regulations provide 

guidance on how the penalty is 

calculated. 

Ongoing. Final rule 

anticipated 

2015.

Public comments. In response to Treasury’s 2011 Plan 

for Retrospective Analysis of Existing 

Rules, the Department received a 

comment from the Chamber of 

Commerce that supported review of 

the implementation of the penalty 

under IRC section 6707A.

IRS Related 

Party 

Transactions 

and 

Partnerships

1545-

BI49

These proposed regulations remove 

regulations under section 267(b) that 

were made obsolete by legislative 

changes to sections 267(b) and 

707(b).

Ongoing TBD Public comments. By proposing to eliminate outmoded 

rules, these proposed regulations 

would eliminate existing ambiguities 

in the regulations and their interaction 

with later legislation. 

IRS Form 1040-

X E-File

This proposal will allow individual 

taxpayers the option to electronically 

file their amended tax returns. 

Ongoing. 2016 Anticipated savings of 800,000

paperwork burden hours with a 

monetize value of $12,000,000. This 

would affect any individual taxpayer 

who has to file an amended federal 

income tax return.
Treasury Retrospective Review Plan Status Report

July 2015

12

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

Departmental 

Offices--

Customs 

Revenue 

Function (U.S. 

Customs and 

Border 

Protection 

(CBP)

Customs and 

Border 

Protection’s 

Bond 

Program

1515-

AD56 

[formerly 

1505-

AB54]

There is a prohibition in 19 CFR 

113.35(b)(2) and 19 CFR 

113.35(b)(3) that married women 

cannot serve as individual sureties if 

the state in which the bond is 

executed prohibits her from acting in 

that capacity. The final rule removes 

the prohibition in existing 19 CFR 

113.35(b)(2) and (3) against married 

women serving as individual 

sureties, and it updates certain 

provisions within Part 113.

Ongoing.

NPRM was 

published 

on January 

5, 2010 (75 

FR 266). 

Final rule 

anticipated 

2015.

N/A Public comments. These amendments eliminate the 

prohibition in 19 CFR 113.35(b)(2) 

and 19 CFR 113.35(b)(3) that married 

women cannot serve as individual 

sureties. The amendments also update 

certain provisions within Part 113 to 

centralize the filing, review, and 

approval of continuous bonds. This 

will modernize and simplify the way 

CBP interacts with the importing 

trade. 
Treasury Retrospective Review Plan Status Report

July 2015

13

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

Departmental 

Offices--

Customs 

Revenue 

Function (U.S. 

Customs and 

Border 

Protection 

(CBP)

Automated 

Commercial 

Environment 

(ACE) 

Required for 

Electronic 

Entry/Entry 

Summary 

(Cargo 

Release and 

Related 

Entry) 

Filings

1515-

AE03

The final rule amends CBP 

regulations (Parts 12, 24, 128, 141, 

143, 174, 178) to allow for the 

electronic submission of entry data 

through an approved electronic data 

interchange system.

Ongoing. Final rule 

anticipated 

2015.

N/A Public comments. These amendments are in furtherance 

of the CBP International Trade Data 

System (ITDS) initiatives as provided 

in the Security and Accountability for 

Every Port Act (SAFE) of 2006 to 

achieve the vision of an electronic 

information exchange capability, or 

‘‘single window,” for the Government 

and trade community by automating 

and enhancing the interaction between 

international trade partners, CBP, and 

partner government agencies by 

facilitating electronic collection, 

processing, sharing, and review of 

trade data and documents required by 

Federal agencies during the cargo 

import process. The initiatives will 

streamline and modernize the entry 

process by allowing importers and 

brokers to file their entry 

documentation electronically and 

reduce costs over the manual, paperbased interactions that have been in 

place. Consistent with E.O. 13659, 

these amendments will enable 

technology to make the movement of 

goods across our national borders 

more efficient by modernizing and 

simplifying the way CBP interacts 

with the importing trade. 
Treasury Retrospective Review Plan Status Report

July 2015

14

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

Departmental 

Offices--

Customs 

Revenue 

Function (U.S. 

Customs and 

Border 

Protection 

(CBP)

Liberalizatio

n of Certain 

Documentar

y Evidence 

Required as 

Proof of 

Exportation 

on Drawback 

Claims

1515-

AE02

The final rule amends CBP 

regulations by removing some of the 

requirements for documentation used

to establish proof of exportation for 

drawback claims.

Ongoing. Final Rule 

anticipated 

2015.

N/A Public comments. These amendments ease the burden on 

drawback claimants by eliminating the 

requirements that a claimant must 

submit original documentation or 

certified copies of the original 

documents establishing exportation. 

Eliminating these requirements will 

streamline the drawback process and 

modernize it by making the process 

more efficient as it will reduce the 

overall administrative burden on the 

importing trade as well as CBP. 

CDFI Fund CDFI 

Programs 

Regulations

TBD The CDFI Fund will be undertaking 

regulatory amendments as 

appropriate to all assistance program 

regulations to incorporate the 

requirements of the OMB Uniform 

Administrative Requirements, Cost 

Principles, and Audit Requirements 

for Federal Awards; Final Rule (2 

CFR Chapter I, Chapter II, Part 200, 

et al.).

Ongoing. Anticipated 

completion 

2015

TBD TBD
Treasury Retrospective Review Plan Status Report

July 2015

15

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

Departmental 

Offices (DO)

Government 

Securities 

Act 

Regulations: 

Large 

Position 

Reporting 

Rules

Regulations to improve the 

information available to Treasury 

about supply and demand dynamics 

for certain Treasury securities.

Completed.

NPRM 

published 

on June 10, 

2014 ((79 

FR 33145);

Final rule 

published on 

December 10, 

2014 (79 FR 

73407). 

Effective March 

10, 2015.

The final rule retains the “ondemand” reporting system 

(rather than a regular, ongoing 

system of reporting) which 

provides Treasury with the 

information necessary to 

understand supply and demand 

dynamics in the Treasury 

securities market, while 

minimizing the potential 

impact on the market’s 

efficiency and liquidity and the 

cost to taxpayers of funding the 

federal debt. It also minimizes 

the cost and burden to those 

reporting entities affected by 

the large position rules.

Every other year we 

conduct educational 

workshops for 

market participants 

where we provide 

an overview of the 

large position rules 

and solicit feedback 

on ways to clarify 

the reporting 

requirements. 

Following each call 

for large position 

reports, which are 

typically conducted 

once annually, we 

call a number of 

market participants 

to solicit feedback 

on ways to 

streamline the 

reporting process 

and clarify the large 

position rules.

Although the regulations will increase 

the amount of information to be reported, 

they will simplify the reporting process 

for many reporting entities. The revised 

report format may be easier for many 

reporting entities to understand because 

it may align more closely with the way 

they typically maintain records.
Treasury Retrospective Review Plan Status Report

July 2015

16

Bureau -

Office

Title of the 

Initiative /

Rule / ICR

RIN or 

Control 

Number

Summary of Initiative

Status of 

Initiative 

New, 

Ongoing, or 

Completed

Target 

Completion 

Date

(if completed, 

please add the 

publication date 

and cite)

Does the initiative include 

regulatory flexibilities such as 

pilot projects, safe harbor 

exemptions, sunset provisions, 

trigger provisions, streamlined 

requirements, state flexibilities, 

or other similar strategies?

What methods will 

you engage in to 

identify 

improvements 

(public comment, 

analyses, third party 

assessments, etc.)?

Please identify all 

that apply

If available, anticipated or realized 

savings in costs or burdens and 

anticipated or realized changes in 

benefits

IRS Revising 

Rules 

Regarding 

Agency for a 

Consolidated 

Group

1545-

BH31

Generally, the common parent 

corporation of a consolidated group 

of corporations files the group’s 

consolidated Form 1120 to report the 

group’s consolidated income tax 

liability. Thus, the common parent 

generally acts as the group’s single 

point of contact (i.e., the “agent”) in 

dealings with the IRS related to that 

tax year. In some cases, final 

regulations under §1.1502-77 permit 

a member of the group other than the 

common parent to be the group’s 

agent. These final regulations would 

revise the existing rules under 

§1.1502-77 to make it much less 

likely that a group would find itself 

without an agent. The final 

regulations accomplish this by 

designating default replacement 

agents, permitting the IRS to 

designate a replacement agent where 

none exists or the agent is not 

fulfilling its obligations, and provide 

procedures under which an agent 

may resign if it designates a 

replacement agent and the IRS does 

not object.

Completed.

NPRM 

published 

May 30, 

2012 (77 

FR 31786). 

Final rule 

published on 

April 1, 2015 

(80 FR 17314).

Public comments. The agent of a consolidated group is 

the only person that is able to file tax 

returns, make tax elections, and claim 

tax refunds for any member of a 

consolidated group. The purpose of 

these final regulations is to minimize 

the situations in which the 

consolidated federal income tax 

liability of a consolidated group of 

corporations cannot be efficiently 

determined or collected by the 

members of the group or the IRS, and 

to minimize instances in which 

members of the group cannot 

efficiently make claims for tax 

refunds. For example, if the group’s 

agent terminated without a 

replacement, the administrative 

burden on taxpayers and the IRS 

would increase immeasurably because 

individual members of the group 

could not engage with the IRS directly 

but only an agent for the group can 

deal with the IRS. In extreme cases, 

the IRS is permitted to “break agency” 

and deal directly with individual 

group members to determine the 

group’s consolidated income tax 

liability, but this is extremely 

burdensome on taxpayers and the IRS.

These final regulations would revise 

the existing rules under §1.1502-77 to 

make it much less likely that a group 

would find itself without an agent. 

The final regulations also permit 

agents for prior tax years to resign if 

the resigning agent designates a 

replacement agent and the IRS does 

not object. The purpose of this 

provision is to reduce the 

administrative burden on an agent for 

a prior year of maintaining records 

and acting on behalf of a group of 

which it is no longer a member.
Treasury Retrospective Review Plan Status Report

July 2015

17

Notes:

* Every year, Treasury and the IRS identify guidance projects that are priorities for allocation of the resources during the year in the Priority Guidance Plan (PGP). The plan 

represents projects that Treasury and the IRS intend to actively work on during the year. To help facilitate and encourage suggestions, Treasury and the IRS have developed an 

annual process for soliciting public input for guidance projects. The annual solicitation is done through the publication of a Notice inviting recommendations from the public for 

items to be included on the PGP for the upcoming year. We also invite the public to continue throughout the year to provide us with their comments and suggestions for guidance 

projects. Treasury and the IRS, in selecting projects for the plan, specifically consider whether the recommended guidance involves regulations that are outmoded, ineffective, 

insufficient, or excessively burdensome and that should be modified, streamlined, expanded, or repealed. The current PGP, last updated on April 28, 2015, contains Treasury’s and 

IRS’ current guidance priorities. Comments received on the retrospective review plan are considered in developing the office’s current priorities. To the extent that a comment on 

the retrospective review plan suggested a project that is currently not reflected on the PGP, that project is not a priority that the office is working on during the current plan year.