[Federal Register Volume 75, Number 39 (Monday, March 1, 2010)]
[Proposed Rules]
[Pages 9141-9142]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-4125]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[REG-117501-09]
RIN 1545-BI67
Reduced 2009 Estimated Income Tax Payments for Individuals With
Small Business Income
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of proposed rulemaking by cross-reference to temporary
regulations.
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SUMMARY: In the Rules and Regulations section of this issue of the
Federal Register, the IRS is issuing temporary regulations that provide
guidance as to qualified individuals with small business income who
certify that they satisfy the gross income requirement for purposes of
claiming a reduction in their required 2009 estimated income tax
payments. The temporary regulations implement section 1212 of the
American Recovery and Reinvestment Act of 2009, which amended section
6654(d) of the Internal Revenue Code (Code) to provide for reduced 2009
estimated income tax payments for certain qualified individuals. The
text of the temporary regulations also serves as the text of these
proposed regulations.
DATES: Written or electronic comments and requests for a public hearing
must be received by June 1, 2010.
ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-117501-09), Room
5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station,
Washington, DC 20044. Submissions may be hand-delivered Monday through
Friday between the hours of 8 a.m. and 4 p.m. to: CC:PA:LPD:PR (REG-
117501-09), Courier's Desk, Internal Revenue Service, 1111 Constitution
Avenue, NW., Washington, DC, or sent electronically via the Federal
eRulemaking Portal at http://www.regulations.gov/ (IRS REG-117501-09).
FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,
Adrienne Mikolashek at (202) 622-4940; concerning submission of
comments and a request for a public hearing, Regina Johnson at (202)
622-7180 (not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Background
Temporary regulations in the Rules and Regulations section of this
issue of the Federal Register amend the Income Tax Regulations (26 CFR
part 1) relating to section 6654. Section 6654 imposes an addition to
tax in the case of an individual taxpayer's underpayment of estimated
tax. The temporary regulations provide guidance on reduced estimated
income tax payments for qualified individuals with small business
income for any taxable year beginning in 2009. The text of those
regulations also serves as the text of these proposed regulations. The
preamble to the temporary regulations explains the temporary
regulations and these proposed regulations.
Proposed Effective Date
The regulations, as proposed, apply to any taxable year that begins
in 2009 or after the date of publication of the Treasury decision
adopting these rules as final regulations in the Federal Register.
Special Analyses
It has been determined that this notice of proposed rulemaking is
not a significant regulatory action as defined in Executive Order
12866. Therefore, a regulatory assessment is not required. It also has
been determined that section 553(b) of the Administrative Procedure Act
(5 U.S.C. chapter 5) does not apply to these regulations, and because
the regulations do not impose a collection of information on small
entities, the Regulatory Flexibility Act (5 U.S.C. chapter 6) does not
apply. Pursuant to section 7805(f) of the Code, these regulations have
been submitted to the Chief Counsel for Advocacy of the Small Business
Administration for comment on its impact on small business.
Comments and Requests for a Public Hearing
Before these proposed regulations are adopted as final regulations,
consideration will be given to any written (a signed original and eight
(8) copies) or electronic comments that are submitted timely to the
IRS. The IRS and the Treasury Department request comments on the
substance of the proposed regulations, as well as on the clarity of the
proposed rules and how they can be made easier to understand. All
comments will be available for public inspection and copying. A public
hearing will be scheduled if requested in writing by any person that
timely submits comments. If a public hearing is scheduled, notice of
the date, time and place for the public hearing will be published in
the Federal Register.
Drafting Information
The principal author of these proposed regulations is Adrienne
Mikolashek, Office of the Associate Chief Counsel, Procedure and
Administration.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Proposed Amendments to the Regulations
Accordingly, 26 CFR part 1 is proposed to be amended as follows:
PART 1--INCOME TAXES
Paragraph 1. The authority citation for part 1 continues to read in
part as follows:
Authority: 26 U.S.C. 7805 * * *
Section 1.6654-2 also issued under 26 U.S.C. 6654(d) * * *
Par. 2. Section 1.6654-2 is amended by revising paragraph (a)
introductory text, and paragraphs (a)(1)(ii) and (f) to read as
follows:
Sec. 1.6654-2 Exceptions to imposition of the addition to the tax in
the case of individuals.
(a) [The text of the proposed amendment to Sec. 1.6654-2(a) is the
same as the text of Sec. 1.6654-2T(a) published elsewhere in this
issue of the Federal Register].
(1)(i) * * *
(ii) [The text of the proposed amendment to Sec. 1.6654-
2(a)(1)(ii) is the same as the text of Sec. 1.6654-2T(a)(1)(ii)
published elsewhere in this issue of the Federal Register].
* * * * *
(f) [The text of the proposed amendment to Sec. 1.6654-2(f) is the
same
[[Page 9142]]
as the text of Sec. 1.6654-2T(f) published elsewhere in this issue of
the Federal Register].
Steven T. Miller,
Deputy Commissioner for Services and Enforcement.
[FR Doc. 2010-4125 Filed 2-26-10; 8:45 am]
BILLING CODE 4830-01-P