Reduced 2009 Estimated Income Tax Payments for Individuals with Small Business Income
Federal Register: March 1, 2010 (Volume 75, Number 39)
Proposed Rules
Page 9141-9142
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
DOCID:fr01mr10-27
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.
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
