Tax on Excess Tax-Exempt Organization Executive Compensation; Correction
Published date | 05 May 2021 |
Citation | 86 FR 23865 |
Record Number | 2021-09425 |
Section | Rules and Regulations |
Court | Internal Revenue Service |
Federal Register, Volume 86 Issue 85 (Wednesday, May 5, 2021)
[Federal Register Volume 86, Number 85 (Wednesday, May 5, 2021)] [Rules and Regulations] [Page 23865] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2021-09425] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 53 [TD 9938] RIN 1545-BO99 Tax on Excess Tax-Exempt Organization Executive Compensation; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Correcting amendments. ----------------------------------------------------------------------- SUMMARY: This document contains corrections to final regulations (Treasury Decision 9938) that were published in the Federal Register on Tuesday, January 19, 2021. The Treasury Decision provided final regulations implementing an excise tax on remuneration in excess of $1,000,000 and any excess parachute payment paid by an applicable tax- exempt organization to any covered employee. DATES: Effective date: These final regulation corrections are effective on May 5, 2021. FOR FURTHER INFORMATION CONTACT: William McNally at (202) 317-5600 or Patrick Sternal at (202) 317-5800 (not toll-free numbers). SUPPLEMENTARY INFORMATION: Background The final regulations (TD 9938) that are the subject of this correction are issued under section 4960 of the Internal Revenue Code. Need for Correction As published on January 19, 2021 (86 FR 6196) the final regulations (TD 9938) contain errors that need to be corrected. List of Subjects in 26 CFR Part 53 Excise taxes, Foundations, Investments, Lobbying, Reporting and recordkeeping requirements. Correction of Publication Accordingly, 26 CFR part 53 is corrected by making the following correcting amendments: PART 53--FOUNDATION AND SIMILAR EXCISE TAXES 0 Paragraph 1. The authority citation for part 53 continues to read in part as follows: Authority: 26 U.S.C. 7805 * * * 0 Par. 2. Section 53.4960-0 is amended by revising the entry for Sec. 53.4960-1(b)(3) to read as follows: Sec. 53.4960-0 Table of contents. Sec. 53.4960-1 Scope and definitions. * * * * * (b) * * * (3) [Reserved] * * * * * Crystal Pemberton, Senior Federal Register Liaison, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration). [FR Doc. 2021-09425 Filed 5-4-21; 8:45 am] BILLING CODE 4830-01-P