95-30734. Effective Date of Temporary Backup Withholding Regulations

[Federal Register Volume 60, Number 245 (Thursday, December 21, 1995)]
[Proposed Rules]
[Pages 66243-66244]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-30734]



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DEPARTMENT OF THE TREASURY
26 CFR Part 31

[IA-33-95]
RIN 1545-AT77


Effective Date of Temporary Backup Withholding Regulations

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 relating to 
the effective date of the Temporary Employment Tax Regulations under 
the Interest and Dividend Tax Compliance Act of 1983, relating to 
backup withholding, statement mailing requirements, and due diligence. 
The text of those temporary regulations also serves as the text of 
these proposed regulations.

DATES: Written comments and requests for a public hearing must be 
received by March 20, 1996.

ADDRESSES: Send submissions to: CC:DOM:CORP:R (IA-33-95), room 5228, 
Internal Revenue Service, POB 7604, Ben Franklin Station, Washington, 
DC 20044. In the alternative, submissions may be hand delivered between 
the hours of 8 a.m. and 5 p.m. to: CC:DOM:CORP:R (IA-33-95), Courier's 
Desk, Internal Revenue Service, 1111 Constitution Avenue, NW, 
Washington, DC.

FOR FURTHER INFORMATION CONTACT: Concerning the regulations, Renay 
France, [phone]; concerning submissions, Michael Slaughter, 
[phone] (not toll-free numbers).

SUPPLEMENTARY INFORMATION:

Background

    Temporary regulations in the Rules and Regulations section of this 
issue of the Federal Register amend the Temporary Employment Tax 
Regulations under the Interest and Dividend Tax Compliance Act of 1983 
(26 CFR part 35a). The temporary regulations contain rules relating to 
the effective date of Secs. 35a.9999-1, 35a.9999-2, 35a.9999-3, 
35a.9999-3A, 35a.9999-4T, and 35a.9999-5.
    The text of those temporary regulations also serves as the text of 
these proposed regulations. The preamble to the temporary regulations 
explains the temporary regulations.

Special Analyses

    It has been determined that this notice of proposed rulemaking is 
not a significant regulatory action as defined in EO 12866. Therefore, 
a regulatory assessment is not required. It has also been determined 
that section 553(b) of the Administrative Procedure Act (5 U.S.C. 
chapter 5) and the Regulatory Flexibility Act (5 U.S.C. chapter 6) do 
not apply to these regulations, and therefore, a Regulatory Flexibility 
Analysis is not required. Pursuant to section 7805(f) of the Internal 
Revenue Code, this notice of proposed rulemaking will be 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 comments (a signed original 
and eight (8) copies) that are submitted timely to the IRS. All 
comments will be available for public inspection and copying. A public 
hearing may be scheduled if requested in writing by any person that 
timely submits written comments. If a public hearing is scheduled, 
notice of the date, time, and 

[[Page 66244]]
place for the hearing will be published in the Federal Register.

Drafting Information

    The principal author of the regulations is Renay France, Office of 
Assistant Chief Counsel (Income Tax and Accounting), IRS. However, 
other personnel from IRS and Treasury Department participated in their 
development.

List of Subjects in 26 CFR Part 31

    Employment taxes, Income taxes, Penalties, Pensions, Railroad 
retirement, Reporting and recordkeeping requirements, Social security, 
Unemployment compensation.

Proposed Amendments to the Regulations

    Accordingly, 26 CFR part 31 is proposed to be amended as follows:

PART 31--EMPLOYMENT TAXES AND COLLECTION OF INCOME TAX AT SOURCE

    Paragraph 1. The authority citation for part 31 continues to read 
in part as follows:

    Authority: 26 U.S.C. 7805 * * *

    Par. 2. Section 31.9999-0 is added to read as follows:


Sec. 31.9999-0  Effective date.

    [The text of this proposed section is the same as the text of 
Sec. 35a.9999-0T published elsewhere is this issue of the Federal 
Register].
Margaret Milner Richardson,
Commissioner of Internal Revenue.
[FR Doc. 95-30734 Filed 12-20-95; 8:45 am]
BILLING CODE 4830-01-U